A potential member's first encounter with Skuld is usually with our underwriters as the potential member is in the process of looking for suitable cover for his risks at an acceptable price.
Risk selection and pricing
After initial contact, Skuld will perform a two-step evaluation as follows:
- Risk selection - to assess whether or not to provide cover for the potential member and his fleet
- If the risks are found acceptable and of interest - to calculate and set an adequate premium to cover the risks in question
Risk based selection of vessels is subject to condition surveys for new vessels 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 main focus areas in Skuld for many years.
Skuld’s existing members will normally have frequent contact with their local underwriter concerning policy maintenance (sale & purchase, flag changes, re-issuing of 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 Business Units have local underwriting ability, clear guidelines, pricing tariffs and authority levels ensure a common tight business practice throughout the club.
Please contact your Underwriter for further information.