Thema: Praktikumsbericht Englisch Kontrolle

Hallo,

ich mache zurzeit ein Auslandspraktikum bei einer Versicherung in London und muss monatlich einen Bericht fuer die Hochschule schreiben und wollte Euch bitten, den einmal zu lesen und ggf. zu verbessern.

Danke!!


First week:
I spent the first week with David Warne, who is my contact for the entire time.
David is broker in the Hull / P&I subdivision.
He introduced me to a couple of people of different syndicates at the Lloyd’s, so I was able to spend a day with Aspen Syndicate to see what their work is like.
I spent the day seeing war and piracy risks being placed and was explained how their company works, besides the history of Lloyd’s with its old Loss Book, the Lutine Bell as well as the Adam Room.
During the first week we had 2 policy renewals of Yachts, one of them was a Luerssen Yacht where some clauses in the policy had to be changed.
On the other day we met someone from Yachtline who would probably have some business for us. Unfortunately it was an old fleet of Reefers which were quite difficult to place, as Reefers are not being built anymore.
I learned how to use and write spreadsheets of vessels to present the fleet (age, dwt, flag, class, value), deductible, rate and the premium to the underwriters, as well as using sea-web, which is some kind of review of all vessels, ship-owner / agencies etc. showing losses / claims, information about size of the vessel, building year, owner.
I saw RSA, an insurance company outside the Lloyd’s and learned about contingent risks and companies having a captive insurance.
Second week:
The second week I spent with the Technical Team where I was shown a lot of paperwork and all the things to do at the system, like set up a new quote number or case reference trough our system brokerwip, how to write endorsements and amendments and what to do with it.
I sent a lot of E-Mails to clients in respect of their certificates of policies, closed files (dead quotes) and was shown how to calculate premiums and put them into the system trough brokasure.
In addition I read a lot of MEL applications. Some of them had to be declined right from the beginning, because the employees worked at oil spill related operations (LSW675a form).


Third week:
During my third week at NMB I have been at the Cargo division.
We went to Tokyo Marine to place respectively extend a policy for some people in America selling Computer Chips. When they started their business, they had many losses because of theft during their transport, so the underwriters told them to give more responsibility to their carrier concerning losses. Since then losses decreased and they have been claim free for about 4 years now. Now, that their records are clean the American market offered them a cheap quote to get the order. We were trying to make a good offer as well to keep them as clients.
Furthermore there is a client who is shipping crude oil with a policy expiring and wants to renew it. Unfortunately he had a claim last year which wasn’t that small and in addition some kind of weird – as per paper there should have been the same amount of crude oil loaded onto the tanker as there was in the truck before, which never is the case, because crude oil is too thick. After discharging they claimed a loss, which isn’t their fault, but of the surveyors.
I spent some time at Lloyd’s with XL and Liberty Syndicate. I learned that underwriters avoid writing total losses, even though if it is one and they pay for one, because if you certify a total loss the ownership devolves to you. If it’s the matter of a sunken tanker which starts leaking after some time for example, you are responsible for the pollution. Additionally Liberty Syndicate as an American company is not allowed to do business with or helping the Iran or North Korea.


Fourth week:
The fourth week I stayed at the claims subdivision where I was explained how they handle incoming claims.
During the time I spent at this division, we dealt with a Hull & Machinery claim where a fire broke out in the engine room of a bulk carrier of a 211 vessel fleet which we insure.
Due to this fire the main engine collapsed so the vessel floated without power in heavy waters near Taiwan, for which reason they sought tug assistance while trying to repair the engine.
So the claim came in and we set up a new claim file in our internal system. Afterwards we set up a file in an external system where underwriters will have a look on. In case of a small claim which isn’t that urgent, the only contact between us and the underwriters would be the electronic one, which means a response may last for about 5 days. It used to be more face-to-face, but sadly it’s changing in the computer age.
However, in this case we saw the leading underwriter, because normally they wouldn’t pay for tug assistance, so we had to explain the vessel’s being in heavy water.
Another claim we handled was about a client producing computer hard- and software. In this case a conference room has been flooded by rain after they had given a presentation and all their equipment was destroyed, but that wasn’t the first claim we had on this client. There have been claims before, like a truck on fire or a stolen truck, which makes underwriters quite unhappy and leads them to advice the client to assign another carrier.
If there occur claims where the underwriters don’t want to pay or want to claim their money back - from the carrier for example - they do it on their own, respectively their lawyer. It’s not up to us, we don’t have to proof or verify anything but acting in terms of our client.