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October 7, 2019
The marine industry has enjoyed decades of a soft insurance market, where even accounts with loss activity and minimal profitability saw significant rate reductions year over year, low deductibles, low profit sharing thresholds, broad coverage terms, and abundant capacity in the marketplace. However, the sands have shifted, and we’ve seen the market take a significant turn in the first half of 2019.
Policyholders can continue to expect rates and deductibles to go up, coverage to become more restrictive, and underwriters to be in control of setting terms and conditions for at least another year. However, there are bright spots on the horizon too. Learn more from Parker, Smith & Feek’s Marine Practice Group Leader, Alex Hamilton, on what to expect with the hardening marine insurance market, in the Portland Business Journal.
The views and opinions expressed within are those of the author(s) and do not necessarily reflect the official policy or position of Parker, Smith & Feek. While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or changed circumstances of any information herein or for the consequences of any reliance placed upon it.