Whether ocean-going tankers, passenger launch, shipyards, offshore wind farms or crewing: the diversity of functions and companies in shipping can hardly be matched by any other sector. Thanks to its many years of experience, Regent Marine has established itself as a reliable partner for a wide variety of segments.
The range of services extends from insurance brokerage for conventional shipping companies to special services for ship managers right through to comprehensive coverage packages for the construction of new ships or ship conversion at the shipyard. Regardless of the type and scope of the insurance, the focus is always on personal consulting and a joint assessment of the possible risks. After all, every sector has its own problem areas. When it comes to selecting insurance companies, too, we make no compromises. Optimal default protection at favourable terms has top priority.
We are specialised in the following segments:
Always on the safe side at sea
In 2016 alone the International Maritime Bureau counted 191 pirate attacks. The positive aspect is that the number of attacks has more than halved since 2010/2011. Risk management and prevention have proven their worth. However, some routes still are very dangerous. And the dimension of the attacks has clearly intensified. In 2016 more seamen have been kidnapped than in the last ten years. For the affected families and companies such an attack may jeopardise their existence.
The risks include costly engine damage as well as the often underestimated risk of collisions, for example due to communication difficulties in international radio traffic. In consultation with its clients Regent Marine determines the basic risks for maritime shipping enterprises and offers optimal insurance packages in each case. The product portfolio encompasses insurance for the vessels themselves as well as insurance against revenue losses, public liability insurance and legal expenses insurance.
Specifically, we insure companies in the following areas of the maritime shipping sector:
- Container shipping
- Bulk cargo shipping
- Special shipping
- Tanker shipping
- Tugboat shipping
- Passenger shipping
Damage risk increases on frequently used waterways
In Germany alone, the German Inland Shipping Association (BDB) counted 970 commercial enterprises with 2,225 motor cargo vessels, self-propelled tanker barges, pushed and towed barges. In addition, there are around 1,000 excursion vessels and another 400 tugboats and push boats. It's getting more and more crowded in the network of waterways nowadays, and due to the high traffic volume collisions and damage to vessels are almost the order of the day.
One of the most frequently underestimated risks is the risk of ship downtimes because of large-scale repair and maintenance work. This often results in financing bottlenecks. Changes in the legal framework with regard to environmental damage and potential costs involved in salvaging a wrecked ship are frequently neglected as well. In many cases these costs exceed the residual value of the ship many times over. Here again Regent Marine develops insurance services geared to your fleet and routes. Companies in the following areas of the inland shipping sector place their trust in the consulting and other services provided by our nautical and insurance experts:
- container shipping
- dry cargo shipping
- special shipping
- tanker shipping
- passenger shipping
Developing coverage and liability concepts for ship managers or charter companies
A successful business model for ship managers, shipping agents or charter companies depends not least of all on the contractual basis. Legally secure agreements with the clients who contract maritime services are therefore essential. Regent Marine meticulously examines your contracts in terms of the insurance aspects and identifies possible weak points.
Part of our consulting service comprises subsequently developing a comprehensive liability and coverage concept. That not only applies to the cargo of other companies, but also encompasses in-house containers, technical equipment and insurance for all persons involved. Our product portfolio includes liability insurance concepts for safety and security enterprises as well. You can safeguard the following aspects of maritime services and companies with us:
- ship managers
- shipping agents
- planning and consulting firms for maritime and inland shipping
- hydraulic engineering
- charter companies
- safety and security enterprises
Offshore projects: safeguarding everything from planning to operation
By 2025 offshore wind farms with a capacity of 11 gigawatts are to be set up in the German North and Baltic Sea alone. Until that goal is reached, however, enormous challenges have to be tackled since there is virtually no other business as complex as this.
Apart from the elementary risks of maritime shipping, the construction of offshore wind turbines entails other problem areas. Shipyards are involved in setting up the facilities as well as in the subsequent storage, onshore and offshore transport by freight forwarders and finally liability for project management. Only a precise analysis of the entire process and insurance from a single source guarantee optimal insurance coverage. As a specialist for companies in the maritime and inland shipping sector, Regent Marine covers the whole spectrum. Clients additionally profit from the cooperation with the main shareholder, Regent Insurance Brokers, which as an independent insurance broker concentrates on the logistics and transport sector. Through our liability and coverage concept a risky undertaking is turned into a calculable business with a good outlook and growth prospects. Specifically, we insure the following areas:
- special vessels
- cable-laying vessels
- supply vessels
- survey vessels
Effectively safeguarding investments in shipbuilding and vessel conversion
Innovation pressure and the necessity to invest: shipping companies have currently placed shipbuilding orders at shipyards for many billion euros. Every new ship and ship conversion faces rising demands, however. Fuel efficiency plays just as important a role as the use of new fuels and individual design of the vessels and watercraft geared to the respective transport needs.
In this conflicting situation shipyards have to safeguard themselves in time. Development of new technology also always means a risk for the company since the tight margins leave no room for mistakes. A major element of risk management is the contractual agreement with the contracted shipping company. Together with you and while focusing on the insurance aspects, the experts at Regent Marine carefully examine the contractual arrangements down to the smallest detail, identify possible risks for your business and develop insurance solutions to safeguard your interests. This applies both to contracts for new ships and to conversion and repair work. In particular modernisation of the existing fleet is becoming a core competence for shipyards as ships tend to be used for longer and longer periods – the German inland shipping fleet, for example, reached an average age of 43.7 years in 2001. In a historical comparison the fleet had never been so old.
However, new technologies also mean that the shipyards themselves should be prepared for claims. Particularly the engineers involved need an insurance that covers property damage.