Marsh Secures Role in Royal Australian Navy's Maritime Insurance Program
Marsh Secures Role in Royal Australian Navy's Maritime Insurance Program
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Marsh, a leading global insurance broker and risk advisor, has been appointed by the Australian Government to oversee the insurance and risk advisory components of the Royal Australian Navy's Maritime Insurance Program (MIP).
This program is integral to the Navy's extensive fleet expansion and infrastructure development initiatives.
Under this appointment, Marsh will coordinate risk placement and provide advisory services for the Navy's shipbuilding projects. The scope of the MIP includes coverage for the construction and sustainment of various naval assets, such as:
Six Hunter-class frigates
Three Hobart-class air warfare destroyers
Eleven proposed multi-role frigates
Six optionally crewed large surface vessels
This collaboration underscores the Australian Government's commitment to enhancing national defense capabilities through substantial investments in naval infrastructure. By engaging Marsh's expertise, the Navy aims to effectively manage the complex risks associated with large-scale shipbuilding and modernization efforts.
For stakeholders in the marine industry, including boat owners and operators, this development highlights the critical role of comprehensive risk management in maritime operations. The partnership between Marsh and the Royal Australian Navy serves as a benchmark for implementing robust insurance and risk advisory strategies in large-scale maritime projects.
In conclusion, Marsh's appointment to the Royal Australian Navy's Maritime Insurance Program represents a significant advancement in managing the risks associated with naval expansion. This collaboration is poised to contribute to the successful execution of the Navy's ambitious shipbuilding and sustainment plans.
Published:Saturday, 3rd Jan 2026 Source: Paige Estritori
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Insurance Deductible: the amount that an insured is required to contribute toward an insurance claim as stipulated in an insurance policy. Otherwise known as the "policy excess".
