MarineAware Operations equips insurance teams with critical intelligence - Riskaware

MarineAware Operations equips insurance teams with critical intelligence

Insurers throughout the maritime landscape must be continuously aware of threats, challenges, and potential hazards throughout ongoing incidents.

Liable for clean-up costs, insurance teams are often the first on the scene to evaluate damages and possible responses. By taking advantage of MarineAware Operations, insurance teams are armed with the very latest intelligence, as well as projections of future outcomes. As a result, insurers can:

  • Reduce clean-up costs with prepared and optimised strategic responses
  • Navigate questions of responsibility by providing accurate reconstructions of events
  • Assess the potential extent of environmental damage caused by oil pollution to mitigate impact and related expense

Mitigating clean-up costs and preparing optimised responses

MarineAware Operations provides the critical intelligence needed to support oil spill incident responses, enabling insurance teams to effectively manage operations and lessen clean-up expenses.

Capable of inferring the trajectory of oil up to 48 hours ahead of time, users in the insurance sector can take advantage of greater preparedness and better handle oil spills by knowing the optimal positioning of booms and other tools in advance.

This foresight is vital for users who wish to minimise the cost of incidents. Responsible for compensation, insurers can engage in a collaborative approach to liaise with local authorities and communities throughout.

Responsibility and liability protection

In busy shipping lanes such as the Strait of Malacca, where more than 300 vessels pass through every day, determining which operator is accountable for which incident can be a challenging and complex task for any insurer.

Using MarineAware’s capabilities (source term estimation, for example) can give insurers the most probable source of an incident. As a result, suspected vessels may be cleared of liability and saving operators millions in reparations for damages or legal challenges they didn’t cause.

With a range of viewpoints and datasets, insurers can drill down on the insights that matter, to facilitate intelligence and responsive decision-making.

The importance of these capabilities was demonstrated in full effect during a 25,000-gallon oil spill off the coast of Huntington Beach, California.

Using STE, it could have been determined much quicker that a vessel dragging its anchor was at fault, which could lead to oil company Amplify Energy being ‘exonerated’ before they encounter too many legal challenges?

Understanding the extent of the environmental impact

Increased global public awareness of the climate crisis, as well as increased governance around environmental protection and resolution, is putting key players under pressure to show their commitment to high environmental and social standards.

MarineAware can provide insurers with timely insights into the environmental risks posed by an oil spill. By mapping the oil spill trajectory using weather and ocean data, users can identify the areas at a high risk of being impacted should a spill occur. The platform’s environmental sensitivity data layers can additionally highlight and specifically identify the likely impact of highly vulnerable areas.

This intelligence offers advanced situational awareness, empowering insurers with the intelligence to understand the extent of pollution damage and inform effective mitigation and response strategies. As a result, insurers may prevent pollution, protect marine assets, and limit financial exposure.

The system is capable of offering further insights to support an organisation’s social corporate responsibility. It achieves this by making it easier to communicate with locally impacted communities, estimating the risks involved, and lessening environmental and economic burdens throughout.

MarineAware Operations is a highly visual, intuitive system for increasing preparation and response time for oil spills at sea.

Extremely accessible, MarineAware Operations increases preparation and oil spill response times for diverse stakeholders at sea by democratising access to highly complex trajectory models for any user.

To learn more about MarineAware Operations, and to discover how it can empower your teams in a range of sectors, download our full product sheet here.

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