Standard Bulletin, Loss Prevention methodology, 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:

1. publications and safety initiatives;
2. risk assessment programme;
3. the club’s Safety and Loss Advisory Committees;
4. 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.