Marine insurance companies provide coverage for boat operators and businesses engaged in a variety of maritime activities. Sales agents, underwriters, actuaries, and adjusters are just a few of the Marine insurance jobs available at these companies. Employees of insurance companies frequently earn a portion or all of their pay in the form of commissions and bonuses rather than salaries. Insurance companies are usually regulated at a regional or national level, which means that people working in marine insurance jobs can only work with clients from certain areas.
People employed as sales agents are often the highest paid employees among the various types of marine insurance jobs because their wages are based on policy sales; typically, there are no commission caps. Most countries have laws that require sales agents to pass a national or regional licensing exam. Agents must market insurance policies to businesses and individuals in a proactive manner. Typically, marine insurance companies sell policies that cover both the vessel and the crew. Annual premiums are used to pay for policies, with the agent’s commission deducted.
New insurance applications are reviewed by underwriters. Underwriters, like adjusters, are sometimes hired as entry-level employees. Junior underwriters typically report to a manager or senior underwriter, who has a bachelor’s degree in finance or a closely related field. Actuarial tables are used by underwriters to determine the risk associated with insuring specific vehicles or individuals. Underwriters protect the financial interests of insurance companies because they have the authority to reject applications from high-risk applicants.
While many Marine insurance jobs are open to people without a college diploma, actuaries typically have a bachelor’s degree in mathematics, accounting, or a related field. Actuaries examine data from previous motor vehicle accidents and other types of maritime incidents. These individuals calculate the likelihood of future incidents and the likelihood of the firm having to make insurance payouts using historical data as a guide. These actuarial reports are used by insurance companies to determine risk-based pricing for insurance policies.
Individuals who investigate insurance claims are known as adjusters or assessors. These Marine insurance jobs are entry-level positions at some companies, though new hires must go through some on-the-job training that can last weeks or months. Adjusters must inspect damaged boats, oilrigs, and other vessels to determine the cause of the damage and the estimated repair or replacement cost. Adjusters are used by insurance companies to uncover instances of insurees attempting to commit fraud by claiming damages that are not covered by the terms of the insurance agreement.