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Ship Risk Review
We conduct ship risk reviews (SRR) to determine the condition of individual ships within members’ fleets and better understand the risks of insuring them.
Club rules require all members to submit newly entered ships for an entry SRR if they are over 12 years old. We also conduct routine SRRs on about 10% of existing entered tonnage each year to sample the quality of fleets. Ships are selected based on members’ loss records, vessel age and type, port state control detentions, carriage of persistent oils and vessel trading area.
We also analyse our large survey database to determine which ships pose a higher risk and are more likely to have survey deficiencies. This results in a smaller overall number of annual routine surveys but focused on where they will assist members most.
What does an SRR involve?
We undertake 10−15% of SRR surveys in-house. The remainder are carried out through an approved panel of external surveyors, with great care being taken to ensure that the chosen surveyor has the appropriate skill set for the ship.
All surveys follow the club’s SRR framework, which specifies the areas to be assessed and ensures consistent classification of risks. The framework is assessed annually to ensure it remains up to date with all new regulations, potential risk factors and the requirements of the International Group of P&I Clubs.
After reviewing each survey report, we liaise with the member’s relationship team and, if specific deficiencies are found, formulate a recommended course of action. When we consider repairs are urgently required to reduce the risk to the member and the club, evidence of repairs and a follow-up survey are usually requested.
Continuity of club cover may depend on repairs being completed within an appropriate and agreed timeframe.
Director of Loss Prevention
140 Cecil Street
#16-03/04 PIL Building