THE UK P&I Club says it is committed to reducing the number and size of insurance claims they receive because the smaller the level of claims, the healthier it becomes and this has a knock-on effect on the cost of insurance.

Following trials with a number of shipowners, the marine mutuals provider has started offering a risk management scheme utilising a "BowTie" approach to identify areas of risk and minimise the occurrence of incidents.

Club loss prevention director Karl Lumbers said the method identifies threats, consequences and controls, through the development of BowTie reports on individual vessels.


"These causal events can normally be traced back to failures in one or more areas of ship operation. We sometimes refer to them as accidents waiting to happen," said Mr Lumbers.


The approach aims to offer guidance to owners and operators on tackling the root cause of expensive claims. Using quantified real-life case examples owners/operators will be able to invest proportionately in risk management and loss prevention activity.

The detailed reports and reviews enable information to be shared across the fleet and operational departments enhancing credibility, cooperation and effectiveness, a statement said.