Updated: Jun 5, 2020
Nautical Risk Solutions (NRS) was founded in 2018 to address the unfulfilled risk management needs and expectations of vessel owners. Marine insurance provides business protection from the unexpected and mitigates risks for vessel owners. It’s an investment worth making and paying for in exchange for security in advance and peace of mind.
Many vessel owners don’t follow through or sometimes pay their insurance premiums begrudgingly; it’s nobody’s fault. Past experiences and unmet risk management expectations have made a lot of vessel owners feel this way and see insurance and its claims process this way. They’re hesitant and unsure because they believe their insurance won’t respond when it’s needed most. Sure, vessel owners can rely on their captains for another perspective or a different opinion that paints insurance in a more positive light. But in today's litigious times, this simply isn't enough. Procedures have to be strictly followed, and paperwork has to be up-to-date. If not, vessel owners may find themselves non-compliant with authorities, which may void insurance cover. What’s more, vessel owners themselves have the big responsibility of identifying the risks involved in their businesses. These risks need to be acted upon quickly before incidents occur. Any risk that cannot be avoided should be transferred to a reliable insurance solution that will respond when needed as expected. Without effective risk management in place; marine businesses and vessel owners may suffer unnecessary down time. These can cost more than the initial, but worthy, investment of prior planning & an effective insurance solution.
All of these experiences, especially the vessel owners’ hesitation and mistrust, are how untapped opportunities in both the insurance and maritime industries arise. More often than not, insurance brokers offer off-the-shelf policies without understanding and seeing risk management from a vessel owner's point of view. The absence of this crucial viewpoint often leads to insurance policies that are 'same as last year.’
Steve Connolly, the founder of NRS, leverages these opportunities by offering unparalleled, genuine risk management services from the dual perspective of an insurance broker and Captain.
Steve's professional career began in general insurance, and after ten years, he embraced his lifelong passion, the ocean. He held various roles in the marine industry; from dive instructor, charter boat owner, first mate, engineer, to captain. Over the years, he developed his solid reputation and experience by maximising the knowledge and network he learned and accumulated from both industries. As a qualified captain and engineer, he has crewed and captained Superyachts and charter boats around Australia, Asia, and the US/Caribbean. As crew, he has seen most types of incidents at sea; as an insurance broker, he has observed all kinds of responses from insurers. Steve's experiences at sea and as a broker have given Steve a competitive edge to handle marine risks and insurance differently. His ability to efficiently advise vessel owners fills the gaps in today's market.
With NRS, Steve is making a difference for vessel owners who expect nothing but the best kind of full-service risk management. By focusing on risk management for superyachts, charter boats, and commercial vessels, NRS can provide vessel owners and captains with unmatched, exceptional end-to-end risk management, advice, and insurance solutions.
Steve and his team at NRS work with clients to identify any potential risks, listen to their concerns, and help them reduce or remove them. They then present any remaining risks to insurers. When insurers have a clear picture of the risks and see that the clients of NRS have taken measures to reduce these risks, they offer their fairest premium. With this approach in place, clients of NRS have boats that are operating safely. They'll have peace of mind that their insurance will perform as expected. They'll also have someone to call 24/7 to handle everything should an unexpected or unforeseen event happen. As the clients' go-to risk management consultant, NRS manages the often confusing and laborious claims processing and completes the checklist, so all vessels are back on the water as quickly as possible.
Since the team behind NRS has also been arranging insurance for over 20 years, with policies backed 100% by Lloyd's, clients can rest easy knowing that they'll be receiving comprehensive marine insurance from a company they can trust. What's more, NRS is an authorised representative of Insurance Advisernet, one of Australasia's biggest general insurance brokers.
NRS aims to help as many vessel owners as possible to reduce their risk profile and arrange insurance that will respond when needed and as expected. This is what vessel owners want and need too:
Ready to sail with minimal interruption and back at sea.