Marine underwriters review and approve insurance policy applications for boats and other marine vessels. They must have experience in the insurance industry and may need to pass an insurance licensing exam. Underwriters use historical data to calculate risk and protect the financial interests of insurance companies. They may have expertise in marine vessels and maritime law.
A marine underwriter works for an insurance company and is responsible for reviewing and approving insurance policy applications. Someone who wants to become a marine underwriter must first gain some experience in the insurance industry and may have to pass an insurance licensing exam. Additionally, some insurance companies require underwriters to have college degrees in accounting, finance or a related field.
In most countries, insurance companies are regulated at a national or regional level. People who market or underwrite insurance products are typically required to attend an insurance industry certification class. Someone who wants to become a marine underwriter must attend a class that focuses on the laws and regulations of insurance for boats and other marine vessels. The training class typically culminates in an exam, and test candidates must achieve a certain score to pass the exam and receive a license or certificate of insurance.
Prior to underwriting, most underwriters have experience as salespeople or administrative staff. Sales personnel complete insurance claims on behalf of customers and perform physical inspections of insured assets such as boats or jet skis. Sales agents are generally paid commissions, so successful sales agents quickly learn what types of policies are likely to be approved and what types of property and risk factors underwriters will refuse to accept. Administrative assistants tend to earn salaries rather than commissions, but these individuals assist agents in preparing insurance claims. Most insurance companies require anyone wishing to become a marine underwriter to have spent a certain amount of time as an agent or assistant, as people in these two roles are able to familiarize themselves with aspects of the underwriting process.
Underwriters are responsible for protecting the financial interests of insurance companies. A marine underwriter must use historical data to calculate the probability that a marine vessel will sink or incur some type of damage that will require an insurance payment. Underwriters can reduce risk levels by charging higher deductibles and up-front premiums for high-risk clients. Due to the calculations involved in writing policies, insurance companies tend to hire people with financial expertise. Someone who wants to become a marine underwriter can complete a college or higher degree in actuarial studies, as a knowledge of this subject is required for anyone needing to do risk assessments.
Insurance companies sell policies on small recreational marine vessels such as speedboats and yachts, as well as large commercial vessels such as cruise ships and oil tankers. Consequently, many insurance companies prefer to hire underwriters with extensive knowledge of marine vessels and maritime law. Underwriters familiar with warranties can more easily tailor insurance policies to the needs of specific customers. Therefore, some underwriters are individuals with previous experience working with transport companies.
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