Underwriting

 
Potential members' first encounter with Skuld is usually with our underwriters. This initial process normally starts with a potential member looking for suitable cover for his risks at an acceptable price.

Risk selection and pricing
After this initial contact, Skuld will perform a two step evaluation as follows:

1. Risk selection - to assess whether or not to provide cover for the potential member and his fleet.
2. If the risks are found acceptable and of interest - to calculate and set an adequate premium to cover the risks in question.

The risk selection process includes a risk based selection of vessels subject to condition surveys as well as routine condition surveys for existing members.

Well functioning risk selection and adequate pricing of risks based on mutual principles, are probably the two most important processes to ensure the financial well being of a P&I Club.  These processes have been the main focus areas in Skuld for the past few years.

Local underwriters
Skuld’s existing members will normally have frequent contact with the club's underwriters concerning policy maintenance (sale & purchase, flag changes, re-issuing certificates etc), annual renewals and discussions concerning risk changes and possible additional covers to the current policies.

Tight business practise
Although most of Skuld’s Syndicates have local underwriting ability, strict guidelines, pricing tariffs and clear authority levels manifest a centralised function, implying a common tight business practice throughout the club.

Please feel free to contact Skuld’s Underwriting Support or your Underwriter for further information.