Two top marine insurers are offering hull cover for as little as 0.07% of vessel values, according to veteran underwriter Jonathan Jones.
He is accusing the Gard and Norwegian Hull Club protection-and-indemnity (P&I) mutuals of offering “suicidally” low rates, suggesting the low premium indicates a hidden cross-subsidy.
The Athens-based underwriting agent points out that a 0.07% rate means an underwriter would have to insure a vessel for more than 1,400 years to cover a total-loss payout.
Jones
