Loss Mitigation Services: Minimize Risks, Maximize Returns
Improve loss ratios by up to 15% with our targeted Loss Mitigation strategies.
Determining the extent of damage to prevent it from increasing
In the logistics, transportation, and insurance sectors, a variety of claimants, including carriers, shippers, and freight forwarders, carry the crucial responsibility of loss mitigation. This process requires accurately determining the extent of damage to prevent it from escalating. No matter the nature of the claimant, the core principle remains the same: take reasonable steps to minimise further loss.
Failing to evaluate damage appropriately carries significant risks. The inability to accurately assess the extent of the damage can lead to inadequate or ineffective recovery efforts, thereby exacerbating the overall impact of the loss.
This damage assessment goes beyond the physical damage. It also encompasses broader implications of the loss, such as its impact on business operations and the potential for more significant losses if immediate measures are not implemented.
By taking proactive steps to mitigate loss, claimants can minimise the suffering caused by the damage, ultimately helping to control costs and promote a swift resolution. Remember, effective loss mitigation is a shared responsibility, crucial for overall risk management.
Cargo Owners' Victories in Loss Mitigation
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Operational Efficiency
Orchestrating a strategic response to incidents is vital
The absence of a well-defined protocol for handling incidents can lead to unnecessary delays and bloated costs.
Poorly executed or inadequately negotiated salvage operations hinder asset recovery.
Inefficient communication between parties involved can cause misunderstandings and prolong claim resolutions.
A lack of a centralized system for managing claims can create confusion, hampering speedy recovery.
Maximized Recovery
Strategic actions for optimum returns.
Accurately assessing the extent of damage is key to initiating appropriate and effective recovery efforts.
Poor negotiation skills can lead to less favorable settlements from insurers or at-fault parties.
Inadequate storage or handling of damaged goods can decrease their value and recovery potential.
A limited network of legal and industry experts can hinder the ability to effectively manage international claims.
Expert Application
Winning with expert knowledge and strategies
Misinterpretation of insurance policies and contracts can lead to inadequate claims handling.
In-house claims handlers may be insufficient resources for managing complex losses.
Lack of expertise in dealing with regulatory bodies can prolong the claims process and escalate costs.
Insufficient industry knowledge can lead to ineffective mitigation strategies.
Insurance Brokers & Loss Mitigation
Navigating loss mitigation’s maze, insurance brokers stand as dependable guides for cargo owners. However, maintaining this balance is challenging – a misstep can erode client trust, jeopardizing future business. Their roles encompass managing international claims, maintaining precise claim documentation, and negotiating favourable settlements.
Understanding these complexities necessitates deep knowledge of loss mitigation processes. But with specialist insights bolstering their strategies, brokers can adeptly turn challenges into victories.
Shift the Balance from Difficulties to Achievements
Explore Our Exceptional Offerings
We understand the importance of avoiding not only actual conflicts of interest but also perceived conflicts of interest, to maintain credibility, trustworthiness, and impartiality in the assessments.
Loss Mitigations Solutions
Our Loss Mitigation service is primarily tailored for Cargo Owners dealing with transportation damages. It is equally advantageous for Shipowners, Insurance Brokers, and Insurers who aim for efficient management and minimization of claims related to damaged goods for their clients.
Damage Assessment
Our damage assessment service goes beyond the physical damage, examining broader implications of the loss, such as the impact on business operations and the potential for additional losses if immediate actions are not taken. We scrutinize the causes and extent of the damage, with a global practice primarily focusing on hull and machinery, and cargo.
Claims Preparation, Analysis, Presentation and Negotiation
Drawing from the insurance contract, we champion and negotiate the loss for our clients. Our team of experts stands by insurance brokers during the claim process, optimizing efficiency and securing equitable settlements. With MarlinBlue, claim preparation and negotiation are managed with adeptness and dedication.
Broker Consultation
We guide brokers on the most effective loss mitigation strategies for each type of risk. This might include preventive measures, advice on recovery post-incident, and steps to minimize future losses.
Salvage Management
Our salvage management encompasses repairs and replacements, as well as exploring direct or alternative uses for goods. This could involve market research, tendering for collection, and outsourced sales. We also handle the disposal of goods.
We understand that perishable or daily-use goods require maximum efforts during salvage. With MarlinBlue, we will evaluate the best option considering the amount of recoverable product, its lifespan, and available offers. We take care of removal, handling, and transportation (towing), and seek storage options, including dry-docking.
ROUND-THE-CLOCK AVAILABILITY
Provide support to claimants in every time zone 24/7.
FLEXIBILITY
Outsourcing claims handling will solve staff shortages and surge events.
GLOBAL NETWORK
Access professional marine cargo surveyors or marine claims adjusters anywhere.
TIME & COST SAVING
Reduce tedious tasks and fixed expenses by hiring claims outsourcing companies.
IMPROVED CUSTOMER SERVICE
Boost your customer retention rate by reducing your response times.
CONTROL
Take a firm grip on your claims by centralising them.
EXPERTISE
Getting legal advice in other countries is priceless when dealing with local authorities and complex hull insurance claims.
COMPLIANCE
Insurance claims outsourcing grants you access to well-versed professionals to keep abreast of regulatory changes.
Loss Adjusment Consultancy
For insurance companies, the goal is to maximize the salvage value and minimize the total loss. Through our Loss Adjustment service, we offer insurers a way to provide added value to their clients. This service is particularly crucial in situations involving a breach of contract or incidents leading to damage. In these cases, all claimants must avoid negligence and act diligently.
Insurance companies, as defendants, play a pivotal role in guiding this process. They often provide legal advice to assist claimants in understanding their responsibilities and navigating the complex world of loss mitigation. Moreover, post-subrogation, insurance companies can also become claimants themselves, aiming to recover payouts from third parties responsible for the damages.
By availing our Loss Adjustment service, insurers can empower their clients with expert advice and hands-on support, potentially reducing overall losses and fostering stronger client relationships. Additionally, this service may assist insurers in their own recovery efforts post-subrogation, ultimately improving their bottom line.
