Since our formation in 1989, the Edge Group book of business has been in continuous growth, won in tough competition with the international broking community. Today our group serves more than 300 clients in 25 countries around the world. We provide risk solutions for our clients in interaction with 115 insurance suppliers in 22 countries, transacting USD 300 million in insurance premiums. Altogether 3,100 ships with a combined sum insured of 65 billion dollars are insured through our intermediary. In 2015, the Edge Group insured a total of USD 2.5 billion of charter hire. Hull and machinery and other shipowner insurances account for more than 60% of our income.
Rather than considering the traditional shipowners’ insurances as ‘products’ or ‘commodities’, we put them into the wider context of deliveries.
We at the Edge Group pride ourselves that we possess first class knowledge and expertise about the shipping industry and the challenges our shipowning clients are up to at any time. The services we offer are therefore not only limited to the pure insurance arrangements; they may also include pre-transaction elements like:
- risk management (what risks are our clients exposed to),
- risk policy (how these risks are dealt with)
- insurance management (what insurance solutions are available)
- insurance strategies (how do we deal with the markets; i.e. aggressive or conservative placing profile; and, how do we tailor-make insurance policies to cover the actual exposure)
Below follows an extract from our catalogue of insurance deliveries, with brief details of their main characteristics:
Hull & machinery insurance is one of the most important shipowners’ insurances. It covers the assured’s economic interest in the ship and its equipment’s capital value by covering total losses and the cost of damage repairs. Hull insurance also contains an element of liability insurance, i.e. the owner’s liability for collision or striking. In addition, hull insurance also covers costs of measures to avert or minimise the loss, including salvage awards and general average.
Hull interest insurance covers the assured’s economic interest in the capital value of the ship. The hull interest insurance also covers excess collision liability.
The freight interest insurance covers the assured’s economic interest in the long term freight interests of the ship.
Loss of Hire insurance covers daily loss of income following a physical damage to the vessel. This loss be caused by events such as damage to the vessel recoverable under the underlying hull & machinery cover, stranding of the vessel, physical obstruction preventing the vessel from leaving port, salvage or removal of damaged cargo and events giving rise to an allowance in General Average. The cover can also be extended to respond to loss of hire as a result of war or war like circumstances, and for non-physical blockage due to intervention by a state power.
War risk insurance covers total loss and damages, collision liability, hull/freight interest, loss of hire, owner’s liability (P&I) including occupational injuries, as a consequence of war like hostilities, civil unrest, sabotage, terrorism, arrest, seizure etc.
Available as may be required.
The Edge Group offer insurance according to all internationally recognised standard conditions and will also cover at conditions tailor made to meet any requirement the customer may have. The basics of our business philosophy is that the best results are achieved in close co-operation between the client and her broker, always in compliance with the Edge Group endline: