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Today, many of the best jobs in finance are nowhere near Wall Street; they’re in the insurance business; 2.5 million American’s work in this trillion-dollar industry.  Working in insurance means assisting companies and individuals in guarding themselves against loss. Risk management is an integral part of the work. Those in the insurance business can expect a stimulating, lucrative environment.

Inland Marine Insurance Careers

Inland marine is group of property insurance coverage designed to insure exposures that cannot be conveniently or reasonably confined to a fixed location or insured at a standard rate under a standard form. It includes coverage for property in transit over land, certain moveable property, property under construction, instrumentalities of transportation and communication (such as bridges, roads, piers, and television and radio towers), legal liability coverage for bailees, fine art, jewelry and computerized equipment. 

There are three primary career paths within the inland marine discipline

Underwriting

Underwriters identify and calculate the risk of loss from policyholders, establish appropriate premium rates, and write policies that cover this risk. Read more...

Insurance companies protect individuals and organizations from financial loss by assuming billions of dollars in risk each year. Underwriters are needed to identify and calculate the risk of loss from policyholders, establish appropriate premium rates, and write policies that cover this risk. An insurance company may lose business to competitors if the underwriter appraises risks too conservatively, or it may have to pay excessive claims if the underwriting actions are too liberal.

To "underwrite" means to accept liability for possible losses by clients. As such, underwriters review new or renew applications for insurance coverage, both for individuals and companies. With the help of computer programs, underwriters determine the risk involved in insuring a particular exposure and calculate the appropriate premiums for the amount of coverage requested. These are important decisions, as insurance companies assume billions of dollars of risk each year - if an underwriter is too conservative, an insurance company may lose business. If he or she is too generous, the company may have to pay excessive claims.

Working with computers and technology is a vital part of underwriting. Computer software systems are used to analyze and rate insurance applications, make recommendations based on risk and adjust premium rates according to this risk. Hide »

Loss Control

Loss control representatives assess the various risks faced by their companies. They visit commercial lines accounts and evaluate the exposure to risk and potential ways to mitigate that risk. Read more...

In the insurance industry, loss control representatives assess the various risks faced by their companies. They visit commercial lines accounts and evaluate the exposure to risk and potential ways to mitigate that risk. Sometimes they are specialists in certain areas, such as Ergonomics, Environmental, Products Liability, etc.

They inspect the business operations of insurance applicants, analyze historical data regarding prior losses/claims and assess the potential for natural hazards, dangerous business practices, and unsafe workplace conditions that may result in injuries or catastrophic physical and financial loss. They might then recommend, for example, that a warehouse add fire safety equipment, that a building be reinforced to withstand environmental catastrophes, or that a job site implement security measures to guard against equipment theft.

Underwriting information concerning an account's operation, size, area served and cooperation with the loss control consultant is developed and submitted in a report to the requesting party.Because the changes they recommend can greatly reduce the probability of loss, loss control representatives are increasingly important to both insurance companies and the insured. Hide »

Claims

Claims professionals investigate, analyze and determine the extent of an insurance company’s liability concerning a property loss or damages, and attempt to affect settlement with the claimant.Read more...

Insurance policies are purchased by businesses in order to safeguard their financial assets. Should such a loss occur, the policyholder must submit a claim or request for payment to the insurance company in order to be compensated for their loss. Primarily employed by property and casualty insurance companies, adjusters, examiners, and investigators handle a broad assortment of claims including those relating to property damage, bodily injury and liability. Their main objective is to investigate the claims, negotiate settlements, and authorize payments to claimants. It is the responsibility of such adjusters, examiners, and investigators to determine whether or not the customer’s insurance policy covers their damages and if so, how much of the loss should be paid to the claimant.

Adjusters are responsible to plan and schedule the work required to process a claim. Other professionals, such as accountants, architects, construction workers, lawyers, engineers, and physicians, who can offer a more expert evaluation of a claim, may also be consulted by the adjuster. A report is then created with the information gathered. Such information may include written or taped statements as well as photographs, all vital to the final evaluation of the claim. If the policyholder’s claim is found to be legitimate, the claims adjuster negotiates with the claimant and settles the claim. When claims are questionable or disputed, adjusters will work with expert witnesses and attorneys to defend the insurer’s position. Hide »