Reinsurance News

New professional body launched by the LMA’s Joint Rig Committee

5th September 2018 - Author: Staff Writer

The London Market Association’s Joint Rig Committee (JRC) is to launch The Society of Offshore Marine Warranty Surveyors (SOMWS), a non-profit professional body with a variety of objectives across the field, on September 18.

SOMWS is to initially focus on upstream construction projects but will expand to include mobile offshore drilling units’ marine operations, renewables, and project cargo.

This announcement follows efforts from JRC to standardise insurers’ approach to the appointment of marine warranty surveyors (MWS), whilst raising their profile in the wider upstream oil and gas industry.

The SOMWS Board of Directors includes 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.

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SOMWS accreditation will allow insurers to pre-qualify MWS efficiently, knowing they have the necessary experience and capabilities.

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