Running a business in your industry means that you must be continuously aware of the risks that can impact your liabilities and costs. NNPC is an expert in marine insurance products. NNPC identifies that risk patterns in the industry are changing and increasing. Also in respect of items for consideration that go beyond solely the cover of your ship and cargo. Using the NNPC Risk Check, our experts periodically take stock of your business in respect of risks, and help you address any items for consideration that can be used by you to keep risks and costs in your company under control. When asked, we can give you advice about additional insurance products.
The Risk Check is a service for members that is provided on request, without costs. The inventory of the risk factors within your company is a starting point to help you find the right solutions. NNPC offers the following support:
Ship and cargo risks
Every day, charter parties are concluded for ships involving a variety of risks. Small changes in standard contracts may have significant consequences. At your request, NNPC will screen your draft contracts to identify the risks your shipping company may face and compare them with the current cover level of your policies. This also includes an assessment of the risk level of the area you operate in. In addition to these contractual risks, there are risks caused by loss. To give you the most extensive support, NNPC offers, in addition to contract screening, ad hoc legal advice, inspections, workshops, lectures, publications etc.
Other operational risks
The risk patterns within your company go beyond just ship and cargo. Just think about professional liability of staff and management, or cover for liability of companies associated with your business. With the NNPC Risk Check we identify these risks for you and offer solutions with a customised insurance package, such as E&O and D&O insurances.
Personal attention for the entrepreneur
Your personal liabilities are also an item for consideration for us. As a director, officer and employer. On the basis of the NNPC Entrepreneur Risk Check, our advisors will periodically discuss this with you.
The risk patterns and number of submitted claims within the industry are changing and increasing. Consequently, the liabilities for officers and directors are increasing as well. What does this mean for your personal situation? Our advisors discuss with you the risk factors that exist in your specific situation and how you can limit them.
D&O (Directors & Officers) insurance covers the professional liability of officers and directors. For instance, for claims of the company, the customer, a competitor, a receiver or the tax authorities.
With E&O (Errors & Omissions) your company is insured against liability for third party loss resulting from errors or omissions by your staff. Both D&O and E&O are insured in view of the greater liability of employers and employees, and the increase in submitted claims.