Standard Bulletin, Loss Prevention methodology, August 2015
13 August 2015
The club’s continuing objective is to provide sustainable, good value cover with first-class financial security and excellent service. It aims to grow selectively without compromising its commitment to operating quality and financial stability. The club’s approach to loss prevention is a critical enabler in achieving these objectives and a key part of its service to members.
The objectives of the Loss Prevention team are to:
- ensure the club (and The Standard Syndicate at Lloyd’s) underwrites ships and members of appropriate quality;
- minimise losses to members and to the club;
- provide expert technical and loss prevention advice to members, and to the club’s underwriting and claims teams.
The Loss Prevention team achieves this through its efforts in four areas:
- publications and safety initiatives;
- risk assessment programme;
- the club’s Safety and Loss Advisory Committees;
- daily interaction with underwriting and claims departments.
This special edition of the Standard Bulletin looks at these in more detail. The full pdf is available to download on the right.