North P&I Club, 24Vision sign pact

Global marine insurer, North P&I Club, and specialist marine services provider, 24Vision, have entered into a partnership agreement to provide P&I insurance to charterers and smaller ship operators.

Founded in 2015, 24Vision has a five-member team based in DMCC, Dubai, headed by Frederick de Preter, and the company believes that the new partnership will help raise its profile in the Middle East region in particular, as well as in Europe.

Martin Lanting, founder of 24Vision and chief visionary officer, says, “We think this venture will be very relevant to ship owners and charterers across the Middle East region, which we can serve efficiently from our very convenient base in the Dubai hub. We have a strong belief in the value of fixed premium P&I cover, and rather than going it alone we have decided after lengthy negotiations to team up with North.”

The focus of the venture will be on charterer’s liability and meeting the insurance needs of smaller shipowners. Lanting adds, “We will proceed not through insurers’ broker networks, but through direct contact with the clients. This is vital, as only with this direct access to clients can we achieve what we want – which is to offer a full risk analysis service, and not just issue insurance policies. Risk mapping is essential to getting clients the most appropriate insurance cover.”

The partnership agreement provides for North P&I Club to be the insurance carrier for 24Vision’s marine liability products. “An alliance with North P&I Club puts us in an excellent position to provide our clients with top-rated security,” adds Rocco Bozzelli, managing director of 24Vision Insurance Solutions. “This agreement with North will further strengthen the business in achieving our mission to become a leading specialist and niche service provider with direct access to our clients.”