To illustrate the breadth of Compass’s services we have detailed below some case studies from clients we act for. In each case Compass has been actively engaged in structuring the programme to ensure that the most cost-effective solution is achieved.
– in response to a new international convention, the Maritime Labour Convention, which impacts all blue water commercial vessels, a client approached Compass to help design a bespoke healthcare product for crew benefits working in close association with the P&I Clubs for worldwide distribution. Uniquely it not only covers the seaman, it covers his whole family despite the fact that they remain in their own country. It also provides cover for abandonment as a result of insolvency, providing a financial guarantee for unpaid wages and repatriation home. It helped organise the creation of a brand new Lloyd’s Risk Code “SA”. Crewsure quickly became the pre-eminent product in its sector.
– events in Europe in recent years have focussed the minds of owners of properties in places like the Ionian Islands and Cyprus. They became aware that political risk was much higher than in the past, with issues like confiscation and bank account protection becoming desirable. Compass developed a unique product with the client which has proved popular with the owners of high-value properties in many parts of the Mediterranean.
– a Compass client came up with an ingenious idea when the government announced the end of SSP, Statutory Sick Pay. Companies were to be compensated with tax relief on their premiums for a replacement product, which accurately copied the concept of SSP.
Please contact us if you have an unusual risk that needs a broker who thinks laterally to place the risk.