Marine Underwriter

Evaluate and decide on boat insurance applications.

What does a Marine Underwriter do?

Like other Underwriters, Marine Underwriters evaluate applications for insurance on behalf of an insurance company, then provide coverage to clients they deem worth the risk. Of course, the difference is Marine Underwriters underwrite boats instead of mortgage loans or automobiles.

That’s a very important job. Just ask Davy Jones, Robinson Crusoe, or Tom Hanks’ favorite volleyball, Wilson: A lot can go wrong when you’re out at sea. And when it does, it’s the job of Marine Underwriters to make sure their company is financially protected.

Simply put, when you’re a Marine Underwriter, people who own and operate boats and need insurance come to you to buy it. At that point, you evaluate their application, then either approve or reject it based on perceived risk. Just like Underwriters who insure cars, homes, and people, your goal is to choose customers who will pay premiums but avoid filing expensive claims. It’s a gamble, and you’re paid to play the odds.

In the world of marine insurance – which covers ships, cargo, and terminals – you base your decision on several factors. They include the size and type of vessel being insured, what the vessel will be used for, and what type of cargo and/or passengers it will carry. They also include the age of the vessel, the routes it will travel, the seasons it will travel in, and the countries it will dock in. In addition, they include the industry and history of the company operating the vessel.

If you make good choices, your company stays afloat. If you make bad choices, however, it might just sink along with your client’s ship!