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ProcurementIQ’s Marine Insurance procurement research is intended to help you save time and money in the initial research stages of the buying process. Our data and analysis explain the characteristics, pricing dynamics, supply chain risks and negotiation tactics of Marine Insurance to help your company negotiate strategically with suppliers. Our report insights also give your company the credibility to work with internal stakeholders and executives to better manage the sourcing process.
doneBenchmark Price
doneRFP/RFQ/Negotiation Questions
done3 Year Price Forecast
doneSupply Chain Analysis
doneSupplier Intelligence
doneSample Buyer Decision Scorecard

Marine Insurance - Recent Price Trend

In the three years to 2018, premiums have been declining at an estimated annualized rate of 8.1%. The market for marine insurance has “softened” during the past three years, whereby insurers have fared with fewer costs for claims and benefits. A lack of maritime disasters has contributed to a falling number of claims filed per year. Additionally, the average amount paid out for these claims has.

Marine Insurance - Total Cost of Ownership

The total cost of ownership for marine insurance is low, wherein buyers can expect to pay less than 50.0% of the benchmark price per year for additional costs. Employee training comprises the bulk of these extra costs, in which buyers must train their staff on suppliers’ processing procedures. In particular, employees need to know how to submit payments and policy change requests to the vendor.

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About this Report

This report is intended to assist buyers of marine insurance, which includes hull and machinery insurance as well as protection and indemnity (P&I) insurance. Marine insurance provides financial protection against collision, loss or damage to a marine vessel, and bodily injury and property damage from owning or operating the vessel. It can also include protection against pollution, piracy and other specialty liabilities. Buyers include marine transportation and services companies, as well as industrial manufacturers. This report does not include inland marine insurance, cargo insurance, onshore or offshore property insurance (e.g. vessel terminals) or recreational marine insurance.

Table of Contents

At a Glance

Executive Summary

Price Environment
 Price Fundamentals
  Benchmark Price
  Pricing Model
 Price Drivers
 Input Cost Drivers
 External Demand Drivers
 Recent Price Trend
 Price Forecast

Product Characteristics
 Product Life Cycle
 Total Cost of Ownership
 Product Specialization
 Related Goods
 Subsitute Goods
 Quality Control
Supply Chain & Vendors
 Supply Chain Dynamics
  Supply Chain Risk
  Geographic Locations
 Competitive Environment
  Market Share Concentration
  Vendor Company Types
 Market Profitability
 Switching Cost

Purchasing Process
 Buying Basics
 Buying Lead Time
  Selection Process
  Buying-Decision Scorecard
 Key RFP Elements

Negotiation Questions

Buyer Power Score Components

Jargon & Glossary

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