A Symposium on Marine Insurance

Abstract

The intent of this symposium was to present to the various representatives of the marine profession which comprise the membership of The Society a brief introduction to the marine insurance field. The symposium was conducted by a group of authorities. Unfortunately, the brokerage aspect was not documented, nor a formal paper presented. The adjuster's, surveyor's, and lawyer's papers are presented herewith. The broker was represented by the late Martin L. Matthews of C. A. Sporl and Company of New Orleans. Mr. Matthews described the activities of the broker in bringing together the various parties who would be involved in the coverage of insurance on a piece of marine equipment; more specifically, that equipment covered by a hull policy. Mr. Matthews fashioned a group of characters of whom he, "Bennie the Broker," was writing a policy for "Owen the Owner," and, as a claim or loss might arise, he introduced "Al the Adjuster," "Sam the Surveyor" and "Looie the Lawyer." With this Dramatis Personae, Mr. Matthews established the contractural relationship that Bennie the Broker would make for Owen the Owner after Owen described the risk that he wanted covered and the extent of that coverage. Mr. Matthews reviewed the fine print in marine insurance policies, and the routine of an insurance broker in contacting the insurance market and, as is often the case, spreading the risk over numerous underwriters. After all details of coverage have been agreed upon, and the risk has been underwritten, the parties go about their merry way until that fortuitous loss or claim arises. Bennie the Broker, whistling nervously, refers the loss to Al the Adjuster, who calls Sam the Surveyor. If satisfactory adjustment cannot be made on that level, Al calls Looie the Lawyer, who has been eagerly waiting in the wings. Their stories are presented in the following formal papers. ARTHUR D. DARDEN Chairman, Papers Committee Gulf Section