Learn about actual and potential costs
How much should I pay for Marine Insurance?
What is the average price of Marine Insurance?
This procurement report includes pricing information to help you purchase Marine Insurance. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Marine Insurance been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Marine Insurance yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Marine Insurance?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Marine Insurance with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
Among the estimated 100 marine insurers, the top four operators account for less than 30.0% of total market revenue, signaling a low level of concentration. The vast majority of insurers are small in size, which prevents them from amassing a considerable share of market revenue. Overall, a low degree of... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
Experience and Expertise
How long have you provided these products to your longest-tenured client?
What qualifications does your staff have and what measures do you take to keep those qualifications up to date?
What industry do you most commonly supply this product for?
To what extent will ordering multiple products from your firm allow me to save on costs?
What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?
Supply Chain Risk
Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?
Has the availability of raw materials tightened due to the coronavirus outbreak?
Over the past three years, what percentage of your revenue has been dedicated to labor?
How have fluctuations in input prices affected the prices of your products during the past three years?
How do you mitigate sudden price increases in raw materials?
When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?
How, if at all, has your supply chain been affected by import tariffs levied in 2018?
How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?
How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?
What ongoing training procedures do you provide for your staff?
Have you ever been found to be noncompliant with regulatory frameworks?
Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?
How many vessels, on average, does your typical client insure in a policy?
What is the average volume of vessels that you insure?
How long have you provided marine insurance?
What percentage of your clients are marine insurance buyers?
What type of vessels do you particularly insure?
Do you source materials with a high exposure to market disruptions resulting from the coronavirus? How are you coping with these disruptions?
How has the coronavirus outbreak affected your ability to pay claims on time?
Amid widespread health concerns, what contingency plans are in place to mitigate the risk to your clients and employees?
Do you offer clients any flexible exceptions, such as contract suspensions?
Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle increased or reduced demand?
Will an account manager be assigned to my company? How many customer service representatives will be available to me?
What are the hours of your claims department?
What is the process to submit a claim, endorsement or amendment? Can these be done online?
Do you provide risk management support to help me with loss control?
If you are not an insurance carrier, what services can you provide on my policy?
What is your client renewal rate?
How does your financial strength fair when rated by external entities such as AM Best or Standard & Poor's credit rating?
How do you determine how much claims reserve to have? Have you met the necessary reserve amount?
What is your loss ratio, combined ratio, expense ratio and operating ratio?
How has your financial position affected your ability to pay claims?
What types of vessels do you provide coverage for?
Do you have an age limit for vessels when providing coverage?
Can the vessel currently be in transit to receive coverage?
Can the vessel have origins or destinations outside of the United States?
In what regions are you admitted as an insurance provider?
What is your average turnaround time for policy processing and claims processing?
On average, how long does it take for a policy to be approved by an underwriter and to receive a certificate of insurance?
Once a claim is approved, how quickly is a payout received?
How quickly do you send claims administrators to assess damage?
How is the premium rate determined?
Do you have discounts based on the volume of vessels?
Is the premium rate fixed for the policy term? In particular, can I renegotiate the rate if I add additional vessels in the middle of a policy term?
Do you provide discounts if I invest in risk management?
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Key elements for every RFP
What should my RFP include?
Buyers should request a detailed breakdown of insurers’ premium rates, deductibles, etc.
Buyers should outline any other costs for which insurers are responsible (e.g. mailing documents).
Buyers should evaluate insurers based on their costs.
Buyers should evaluate the quality of insurers' policies (e.g. level and adequacy of coverage).
Buyers should evaluate insurers' experience and financial performances.
For other selection criteria requirements, buyers should reference the Buying-Decision Scorecard section of this report.
Buyers should include the date proposals are due and any other relevant dates (e.g. presentations or final interviews) prior to the contract award.
Buyers should include the date the contract begins and ends, as well as any options for contract renewal.
Evaluate major factors to mitigate risk
How risky is the supply chain?
The level of supply chain risk in the market for marine insurance is moderate. Vendors of marine insurance source inputs from a number of upstream suppliers, including copier and office equipment wholesalers, computer equipment wholesalers, portfolio management firms, reinsurance providers and IT consulting firms. Although spikes in some of these... Subscribe to learn more.