New York has been a leading center for the marine insurance industry for two centuries.
Home of Many Major Marine Insurers
New York is home for many major marine insurers, including underwriting and claims operations as well as managers and correspondents for P&I Clubs. These entities underwrite risks and manage and resolve claims worldwide.
Depth and Scope of Expertise
Experienced and efficient service providers supporting the insurance industry are a significant element in the New York commercial landscape. This includes many marine adjusters, surveyors, naval architects and engineers, consultants and others who are involved in marine insurance claims.
Marine Industry Associations
The American Institute of Marine Underwriters and the Inland Marine Underwriters Association are based in New York.
Major and Specialist Brokers and Agents
All of the major international brokers and many specialist marine insurance brokers are active in New York and have immediate access to underwriters and claims operations of marine insurers in New York.
Favorable Regulatory and Legal Environment
New York has a well-developed body of statutory and reasoned decisional insurance law that addresses, for example, issues of bad faith, coverage, attorneys’ fees and jurisdiction and has judges who are readily conversant with marine insurance. Many aspects of marine insurance are exempt from state regulation, in part due to successful lobbying by marine interests over the years.
New York has experienced arbitrators, mediators and experts cognizant of the business of marine insurance and related concerns.