Hull underwriters and classification societies

Simon Stonehouse, Marine Hull Underwriter at Brit Insurance, recently delivered the Institute of Marine Engineering, Science and Technology (IMarEST) Stanley Gray Lecture in London. Mr Stonehouse addressed several issues in his lecture: the International Union of Marine Insurance’s (IUMI) statistics, the current shipping climate, the implications for hull insurance and the insurance market and, regarding the edited extract below, how classification (or class) societies and marine insurers can work together to improve safety at sea. Mr. Stonehouse’s underyling message is that hull insurance is not purely a financial transaction but a partnership between the insurer and the shipowner. He is the current chairman of the Joint Hull Committee which represents the hull insurance community in London. He is also a member of the Joint War Committee and a vice president of the Insurance Institute of London