New Munich Re Wet Risks Endorsement

Duration: 75 minutes 

Civil structures in maritime waters such as harbours, jetties, breakwaters etc. are particularly exposed to wave action. This is especially true for structures under construction or undergoing renovation, as important protection measures may be missing or incomplete.

Munich Re has developed a new wet risks endorsement to define the scope of cover in an all-risk policy for such exposures. The core element of this endorsement is a more modern definition of Normal Action of Sea. In Munich Re’s previously published wet risks endorsement, windspeed was used as a proxy to determine the current state of the respective sea or water body.

We have since revised this concept, now applying significant wave height – a parameter which is also used for the design of these civil structures – as the loss trigger in the new endorsement.

The seminar will offer participants extensive background information on the new loss trigger concept, the data basis, and the architecture of the endorsement. 

• Background
• Loss trigger concept
• Wording structure
• Information on the data basis
• Understanding of the term “significant wave height”
• Scope of coverage

Engineering underwriters and specialists with at least three years of experience in engineering insurance and technical risk assessment. Familiarity with standard wordings and coverage concepts for the engineering lines of business is considered a prerequisite.

English - professional business English skills required

Our seminars are provided to our most valued clients only. If you are interested in participating, please get in touch with your client manager or responsible underwriter at Munich Re.

21 September 2023

Deadline for registration

always 1 business day prior to the seminar
20 September 2023