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Marine insurance companies insure boat operators and firms engaged in various types of maritime activities against financial loss. The Marine insurance jobs typically found at these firms include that of sales agents, underwriters, actuaries and adjusters. In many instances, insurance firm employees receive some or all of their wages in the form of commissions and bonuses rather than salaries. Typically, insurance firms are regulated at a regional or national level which means that people employed in marine insurance jobs are only able to work with clients based in certain regions.
Among the various types of marine insurance jobs, people employed as sales agents are often the highest paid employees since their wages are based upon policy sales; typically, there are no caps on the commission. Laws in most countries require sales agents to have passed a national or regional licensing exam. Agents must proactively market insurance policies to businesses and private individuals. Marine insurance firms normally sell policies that protect both vessels and crewmembers. Policies are paid for with annual premiums from which the agent’s commission is paid.
Underwriters, review new insurance applications. As with adjusters, underwriters are sometimes employed in entry-level positions. Typically, junior underwriters report to a manager or senior underwriter and this individual normally has completed a college degree in finance or a related field. Underwriters use actuarial tables to determine the risk associated with ensuring particular vehicles or individuals. The insurance companies own financial interests are protected by underwriters because these individuals have the authority to reject applications from high-risk applicants.
While many Marine insurance jobs are open to individuals who do not possess college degrees, actuaries are typically individuals who have completed degrees in mathematics, accounting or related topics. Actuaries review information pertaining to past motor accidents and other types of maritime incidents. Using history as a guide, these individuals calculate the probability of future incidents and the likelihood of the firm having to make insurance payouts. Insurance firms use these actuarial reports to determine risk based pricing for insurance policies.
Adjusters or assessors are individuals who investigate insurance claims. At some firms, these Marine insurance jobs are entry-level positions although new recruits must undergo some on-the-job training which may last for weeks or months. Adjusters must inspect damaged boats, oilrigs and other types of vessels to determine the cause of the damage and the estimated cost of repair or replacement. Insurance companies rely on adjusters to expose instances involving insurees who are trying to commit fraud by making claims damages that are not covered by the terms of the insurance agreement.