A REPORT ON THE MARINE INSURANCE INDUSTRY

The purpose of this study was twofold, to investigate and provide statistics on the marine insurance market as a whole, and to examine various particular problems which have a special impact on the U. S. Merchant Marine. The thrust of this report is to examine, from a somewhat critical standpoint, the present structure and practices of the marine insurance market. There is little evidence that there has been any conscious effort by any segment of the marine insurance industry to discriminate against the U. S. Merchant Marine in whole or in part. Without exception the problems that have arisen and have been discussed in the Report have been as a result of the failure of the industry to adapt some of its long-standing practices to meet the changing needs of shippers and owners. The industry has considered these problems and has tried to do something about them but their efforts have been limited and sporadic. Yet the means to resolve these problems, would seem to be available, and rest on the acquisition of information and the ability to adapt underwriting methods to make use of it. The most important single conclusion of this report is that the Government can play an important part in achieving these goals, but that it will require a considerable change in the role that the Maritime Administration has previously played in marine insurance. The results of this change should, however, prove beneficial not only to the U. S. Merchant Marine, and to cargo shippers, but to the marine insurance industry itself.

  • Corporate Authors:

    Maritime Administration

    1200 New Jersey Avenue, SE
    Washington, DC  USA  20590
  • Authors:
    • Kirman, A P
    • Gibney Jr, R L
  • Publication Date: 1970-10

Media Info

  • Features: Figures; Tables;
  • Pagination: 29 p.

Subject/Index Terms

Filing Info

  • Accession Number: 00015224
  • Record Type: Publication
  • Source Agency: Maritime Administration
  • Files: TRIS, USDOT
  • Created Date: May 13 1973 12:00AM