Miller’s Marine team had the pleasure of welcoming 55 Shipping Management students from the University of Piraeus, Greece to our London headquarters on 19 February for an afternoon of insight into insurance and the London Market.
The postgraduate students were visiting London as part of an educational trip.
With much change on the horizon for ship-owners, understanding what part insurance plays within the marine industry and current market conditions can empower future decision makers.
Miller’s Peter Townsend provided an overview of the London Market, including;
- The history of Lloyd’s and its role today
- The role of syndicates and a guide to underwriting
- The role of the broker
- Protection and indemnity insurance and the role of the Clubs
Stewart Lawrence, one of our Marine Claims experts, then outlined the types of claims Miller handles, our role as a claims broker and the collection/settlement process, which completed the fundamentals of insurance.
Rounded off with a drinks reception and the opportunity to speak with our brokers, the event was very well received, with a number of students highlighting their renewed understanding of how insurance can protect ship-owners, charterers and other parties’ interests.
Dr Dionisis Polemis, Assistant Professor in the Department of Maritime Studies commented, “Peter’s overview of the industry and background to the history of Lloyd’s was really beneficial for the students as they embark on their upcoming Maritime Insurance Module”
Postgraduate student Spyridon Sofianos said “I particularly found the claims presentation helpful as it allowed me to understand the full lifecycle and not just see it as a transaction; I can see the hard work that goes in to ensuring valid claims are paid for your clients”.
Miller’s Head of Marine, Phil Wheeler, who opened the event with an introduction to Miller, commented “Our team arrange solutions for hundreds of shipping companies across the globe but we never lose sight of the vital role that the next generation has in the maritime industry. We were proud to play a small part in their education and look forward to hearing about their development”.
The students will be spending the rest of the week immersing themselves in the heart of the marine insurance world, including a visit to the International Maritime Organisation (IMO).
Marine insurance - the backbone of our heritage