A major of part of our business includes preparation of claims under marine insurance policies. Claims generally involve loss or damage to marine craft, their cargoes or freight. We also prepare statements of claim against third parties and deal with the division of recoveries from third parties.
Claims by their very nature of arising from accidents do occur and need to be dealt with in a speedy and efficient manner. Underwriters have become more involved in the management of claims and it is no longer sufficient to simply ask Underwriters to pay large sums in the way of claims without them being aware of developments and being given the opportunity to share in decision making when necessary. The way claims are handled is therefore changing and we see our job as being responsible to both the Assured and the Underwriters.
We are aware that costs must be kept to a minimum and this is why we have developed abbreviated forms of dealing with more straight forward matters involving close cooperation between the technical and the claims experts.
MSB is the only company in Bulgaria, which provides Adjusting Services to Shipowners and Insurers as per English law and practice as well as per Bulgarian legislation.
We are constantly being called upon to act as Adjusters for various particular or general average cases. Our Average Adjusters are usually instructed to collect general average or salvage security and to prepare general average statements to effect settlements thereunder.
MSB has developed unique approach to the developing local insurance market, which is welcome by Underwriters and Assureds. In addition to a standard survey, which includes investigation of the nature, cause and extent of damage, we would insert a short adjustment of the claim to produce a final survey-adjustment report and enable quick settlement beneficiary both to the Underwriter and the Assureds.