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Standard Bulletin, Loss Prevention methodology, August 2015
News & Insights 12 August 2015
In the third bulletin in our methodology series, we look at our Loss Prevention department and its part in enabling the club to achieve its key objectives.
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.