Delivering end-to-end confidence in your marine and cargo insurance with efficient claims

Learn why a responsive in-house claims service matters in marine and cargo insurance – and the advantages of a truly integrated broker team.

When it comes to protecting vessels and freight with marine and cargo insurance, a well-crafted policy is only part of the solution. The real test of value comes when you need to make a claim. Whether you’re a shipowner, an organisation moving goods across the globe, or an insurer or broker serving these clients, the speed and quality of claims handling can have a huge impact on operational continuity and financial stability. That’s why finding an expert partner who not only understands the complexities of the marine sector but also offers in-house claims expertise – such as Costero Brokers – is more important than ever.

This article explores why an efficient claims service is mission-critical in today’s marine and cargo environment. We’ll look at recent high-profile incidents, emerging risks in the shipping world, and how Costero’s integrated claims and underwriting team brings clarity, speed and confidence when it’s needed most.

Real-world marine and cargo incidents: The cost impacts

Recent years have shown that shipping incidents aren’t just occasional problems – they’re major, multimillion-dollar disruptions that can send shockwaves through global supply chains.

• March 2025 North Sea collision: In one of the most notable marine incidents of this year so far, the container ship Solong collided with the tanker Stena Immaculate off the eastern coast of England. This caused major structural breaches, explosions and fires, spilling some of the tanker’s cargo of jet fuel, and releasing thousands of tiny plastic pellets or ‘nurdles’, resulting in pollution of nearby waters and coasts. Crews from both vessels were rescued, but one crew member is missing, presumed lost. Total insured losses are expected to fall between $100 million and $300 million. As investigations continue, insurers and brokers are closely watching the case to assess how quickly and effectively the claims are resolved. (Sources: Sky News, Offshore Energy News)

• March 2024 Baltimore bridge collision: Massive disruption resulted when cargo vessel MV Dali struck and brought down the Francis Scott Key Bridge in Baltimore, USA, killing six bridge maintenance workers. The collapse blocked shipping access to the Port of Baltimore for 11 weeks. Estimates of insured losses have ranged up to $4 billion, raising critical questions about liability, third-party claims, and the global insurance market’s readiness to adapt to high-stakes incidents. (Sources: Lockton Re, Reinsurance News)

• March 2021 Suez Canal blockage: The most financially impactful marine and cargo incident so far this decade occurred when the 224,000-ton container ship Ever Given ran aground in the Suez Canal, Egypt. The resulting six-day blockage of one of the world’s busiest trade routes became the most expensive logistical standstill in recent memory. Estimates placed the economic loss at $9.6 billion per day. The fallout included thousands of cargo claims and years of litigation – a harsh reminder of why rapid and expert claims support is indispensable when global trade grinds to a halt. (Source: KSA Insurance)

Understanding today’s risk landscape in marine and cargo

Today’s marine and cargo risk landscape is multifaceted, constantly shifting, and shaped by major drivers such as:

• Climate change and extreme weather: Rising sea levels, more frequent hurricanes, and unpredictable storm patterns are increasing the physical risk to vessels, ports, and cargo.

• Geopolitical instability: Conflicts like the war in Ukraine and attacks on shipping routes in the Red Sea are disrupting trade and adding volatile layers of risk for ship-owners, cargo businesses and insurers alike.

• Cyber attacks: As the maritime sector becomes more digitised, the risk of cyber incidents grows. Whether this involves ransomware attacks on port infrastructure or GPS spoofing of vessels, the potential for loss is significant – and still poorly protected against in many cases.

Together, such factors highlight that having the right insurance cover is only half the battle. When disaster strikes, you need to know that your insurance partner has the ability to act fast, understand the urgency of claims, and stand shoulder to shoulder with you in the complex resolution process ahead.

What Makes a great marine and cargo insurance partner?

In such a high-stakes environment, your insurance partner should be doing more than just offering cover. They should provide:

• Bespoke policy structures tailored to the cargo, routes, and vessels involved.
• Deep technical expertise in marine underwriting – with direct access to Lloyd’s of London and global reinsurance markets.
• A responsive, in-house claims service that understands the urgency of your situation and acts on your behalf to manage surveys, documentation, and settlement from day one.

As Jason Crowhurst, Head of Marine Claims at Costero Brokers, notes:

“Those first few hours or days after a loss incident are the most important. That’s when clients need proactive support, coordination and answers. Whether it’s deploying a surveyor to a port or liaising with underwriters to confirm reserves, we’re hands-on from the start.”

Unlike many brokers that outsource claims handling to third-parties, Costero’s in-house claims team works alongside our underwriting team – ensuring real-time communication, quicker decision-making, and ultimately a smoother claims journey.

Integrating seamless claims with marine and cargo cover

At Costero Brokers, we believe marine and cargo insurance is a dynamic, high-risk space where responsiveness is everything. That’s why our clients benefit from:

A dedicated in-house claims team that handles everything from small cargo losses to major marine liability incidents.

Tight integration with our marine underwriting specialists, allowing for more accurate reserving, quicker settlements, and less friction during renewals.

Global reach via Lloyd’s of London and international reinsurance markets, ensuring comprehensive, competitively priced solutions backed by world-class coverage.

As Costero’s Jason Crowhurst explains:

“When our clients need to make a claim, we don’t hand them off to a third-party. We step up immediately and take action on their behalf. That includes coordinating surveyors, dealing with local brokers, advising underwriters, and reassuring the client every step of the way.”

For cargo owners and ship operators, that means faster return to operations and more confidence in their risk strategy. For brokers and insurers, it means more satisfied clients and better control of exposure.

Peace of mind at all times – and confidence when you need it most

Efficient claims handling isn’t just about ticking boxes – it’s about giving you peace of mind that, when the unexpected happens, your business won’t grind to a halt. A well-handled claim is often what defines your insurance partner’s value, especially when vessels or assets are stuck at sea, delayed in port, or damaged in transit.

Whether you’re a shipowner needing robust cover and true support, an organisation shipping cargo worldwide, an insurer looking to place a complex marine programme, or a broker seeking a reliable wholesale partner, Costero offers more than just policies – we provide a trusted partnership.

Let’s talk about your marine and cargo insurance needs

Ready to create a marine and cargo insurance solution that gives you end-to-end confidence? Speak to the team at Costero Brokers. Our experienced, responsive and in-house claims team works hand-in-hand with our underwriters to deliver cover that works – and support that delivers more for you.

To learn more about our marine and cargo insurance solutions and discuss your goals, please get in touch with our expert Jack Nicholson at Costero Brokers.