30 August 2018
New professional body for global Marine Warranty Surveyors
The Society of Offshore Marine Warranty Surveyors (SOMWS), a new professional body for individuals in this specialist field, is to launch on 18 September. This follows work by London’s Joint Rig Committee (JRC) to standardise insurers’ approach to the appointment of marine warranty surveyors (MWS), and to raise the profile of MWS in the wider upstream oil and gas industry. The initial focus of SOMWS is on upstream construction projects, but it will expand to include Mobile Offshore Drilling Units’ marine operations, renewables, and project cargo.
The SOMWS Board of Directors comprises representatives from seven global MWS companies, and two insurance-market representatives from the JRC.
Individual MWS practitioners will gain SOMWS certification by meeting the requirements of the non-profit Society’s formal admission process. This new professional qualification will provide a benchmark and confidence for energy underwriters appointing MWS. SOMWS accreditation will allow insurers to pre-qualify MWS efficiently, knowing they have the necessary experience and capabilities.
The JRC has published various Codes of Practice (COP) and Scopes of Work for offshore operations, that will be updated as necessary. Within the updated COPs, MWS will be expected to demonstrate an equivalent standard to that of SOMWS; it would therefore facilitate the appointment process to ensure MWS are already accredited.
SOMWS will be launched at a JRC-hosted presentation on 18 September, 15:15-16:30, at Lloyd’s Old Library. There the JRC, in conjunction with the SOMWS Board, will provide more detail on the function of SOMWS and its links with the insurance market.
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Notes to Editors
Please register your interest for membership of SOMWS via the secretariat (firstname.lastname@example.org)
Please register your interest in future Joint Rig Committee (JRC) communications by clicking subscribe on the JRC webpage.
For further information please contact:
James Milne, Head of Communications
Lloyd’s Market Association
T 020 7327 8405
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £32billion per annum.
About the IUA
The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2016 was £22.725bn. Gross premium written in London totalled £16.034bn while a further £6.691bn was identified as written in other locations but overseen by London operations.
For more information visit: www.iua.co.uk