At This Stage The Broker Will Come In And Tell The Underwriter
At this stage the broker will come in and tell the underwriter what has happened. We'll send a surveyor out to look at the incident, and if it is a complex collision we might instruct a solicitor to get involved. I've tended to specialise in two areas - oil rigs, and a special consequential loss policy which is loss of hire. There can be claims for enormous sums. A typical claim might be for a platform in the North Sea which has developed a structural fault.
You have to decide whether it was a design fault or maybe the result of being hit by a supply vessel. At around 11.00 am the brokers start to come into the office, and in between receiving new claims you're dealing with old ones, perhaps by going for discussions with the surveyor. Training is on the job.
For the first six months you work under somebody more senior, who shows you how to fill in a narrative form which tells the underwriter about the claim. Gradually you build up a working knowledge of law and practice. You're also encouraged to do the ACii (www.cii.co.uk) exams. Recoveries: This department uses the principle of subrogation to attempt to recover money which underwriters have paid out in settlement of a claim. Austin describes his job: After the insurers have paid the claim they take over the subrogation rights, and we see what we can recover.
For example, say you were transporting 20 cases of tea from A to B and when they arrived there were only 10 cases left. You would claim off your insurance to be reimbursed for 10 cases of tea.