The marine industry is characterised by high start-up costs and a constant risk of change in market conditions. For the shipping companies, all having their capital tied up in the fleet, it is extremely important to get quick response and compensation in case of damage. The very best insurance, however, is persistent preventive work. At Alandia, the motto is to protect, prevent and perform.
Marine insurance has been the core business of Alandia for over 80 years. Since the founding in 1938 Alandia has serviced the needs of the shipping community and are today active in all parts of the Nordic and Baltic States as well as the continental European market.
What is on offer?
While it all started small-scale in Mariehamn many decades ago, Alandia has over the years expanded to become first choice in many segments. The marine insurance team consists of specialists in many professions, such as master mariners, chief engineers, electrical engineers, naval architects, maritime lawyers and technical insurance specialists.
Alandia offers advanced and modern insurance products in five business areas; Protection and Indemnity, Hull and Machinery, Cargo and Liability, Ports and Terminals and finally Statutory Accident Insurance. This covers all aspects of shipping, including all activities related to the industry as well as leisure boats.
“What sets Alandia apart from the other large marine insurance companies is that we also offer insurance for leisure boats for private use. Being a comprehensive partner is our recipe for success. In other words, we insure everything from jet-skis to large RoPax ferries”, explains Jan Limnell, Director Commercial Marine Insurance.
How are premiums calculated?
Watercrafts such as jet-skis have a lot more in common with large ocean-sailing vessels than you may think. The most pressing issue is risk, and the need to promote safety first in all operations. The size of the vessel does not matter when it comes to safety as a priority, but the work needed to ensure it differs.
“When it comes to insurance purposes, calculating risks has all to do with setting correct premiums, which for us is the way to ensure we are able to help our clients in case of any accident at any time, and anywhere in the world”, says Tom Sviberg, Business Area Manager, Hull and Machinery at Alandia.
Within Alandia there is a lot of accumulated knowledge and experience about risk and what lies behind the most common accidents. “Premium prices are based on risk and what trends we can see in global shipping”, Tom continues. “We compare statistics and reports collected from around the world and evaluate risk levels that are relevant to our customers’ activities. That is how the premiums are determined to fit the market, and that is how we can guarantee service around the clock, all year round”.
No higher goal than safety
There is no higher goal than safety at sea. All marine insurers aim to provide guidelines in preventive work, and the main aspect for this is always to provide a higher level of safety.
“At the end of the day, what we do is provide knowledge and expertise needed to protect lives and the environment. Protecting capital is secondary. This is exactly why the preventive work is essential and why we put so much effort into it”, says Jan Limnell.
Alandia’s marine specialists take part in many events during the year, in order to share knowledge about risk and how to prevent accidents at sea. The Donsö Shipping Meet is one such event where Alandia has participated since the inception in 2009 and both Tom Sviberg and Jan Limnell are looking forward to visiting Donsö later this year. “We are very impressed by the professional arrangements behind DSM and the energy and focus on shipping that the Donsö society delivers. We note similarities with the maritime culture on Åland”, concludes Jan Limnell.