| Aquaculture
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 Though aquaculture has been practiced in different forms for
well over a thousand years, the advent of fish farming as a provider of protein to the
world market, has occurred relatively recently, perhaps only in the last forty years or
so. Sunderland Marine is now one of the most established providers of insurance, and
possibly the longest serving to the aquaculture industry, having issued its first policy
in 1986. As aquaculture has grown and evolved worldwide so has the importance of this
class of business to the Company - it currently provides approximately one third of the
Company’s total income.The vision of the ship owners, who over a century ago formed Sunderland Marine, has been realised by the Board’s foresight in directing the Company’s Managers, some twenty years ago, to research the aquaculture industry. The sector was then as it is now, a volatile and relatively high-risk industry, requiring very focused underwriting technique and it was recognised, at the very commencement of operations, that the application of "state of the art" risk control was essential. To this end a wholly owned subsidiary of the Company was formed - Aquaculture Risk (Management) Ltd. The division provides technical support to the Company’s Members worldwide and its surveyors routinely visit many hundreds of aquaculture sites each year. The unique database produced now draws from over 5,000 annual surveys and a current client base of over 2,000 sites worldwide. Currently five highly qualified surveyors are employed by the Company, all with practical aquaculture experience, whose sole purpose is to provide a comprehensive risk management service including risk assessment on existing or planned projects, and loss control support. The main operational office of ARM in Inverness has now extended to branches in Nelson, New Zealand, Puerto Montt, Chile and also the Company’s Head Office in Durham. The transference of risk and the attendant payment of premium is only one element in the insurance of aquaculture risks. It is the Company’s philosophy that its Members should also benefit from a reduction of such risks both in frequency and should they occur, severity. In so doing this will assist in increasing the efficiency of production, reducing production costs and thus creating greater profitability. In the unfortunate event of a loss, our Insured will be comforted by the comprehensive "All Risk" policy provided as standard by the Company, although more limited cover options are available if desired. |
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'A'-rated (Excellent) by A.M.Best Company |
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Strength, Stability, Security
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 The
Company’s strong affiliation with the aquaculture industry involving many
different species, and in many regions of the world, continues its
progressive expansion. Never wishing to lose sight of the basic principles
that have been consistently applied, the Company, throughout its 20 years of underwriting such risks, has
expanded with caution and careful planning. It is also recognised that there is a need for
continued growth within a framework, which does not impinge on the quality of risk
accepted, nor on the service the Company provides to each of its insured Members - upon
which it prides itself. While providing cover for stock, equipment and support craft, our
team offers the services of underwriting, claims and risk control, the latter presenting
invaluable site-specific reports and annual newsletters for our Members.It is important that attention to the Members needs is backed by a strong financial position. The Company achieves this by holding free reserves and maintaining a solvency level in excess of statutory minima. The Company is approved by a number of regulatory authorities within the United Kingdom, European Union countries, USA, Canada, Australia and New Zealand. Additional protection and security is afforded by the provision of Reinsurance with our Reinsurance providers, based predominantly in the UK and Europe. It is an essential requirement of the Company that they carry the highest international insurance rating accreditations. |
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The Future
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