News

07.12.2007

Eimskip negotiates property insurance for 300 business locations around the world

Hf Eimskipafélag Íslands and insurance companies Sjóva and Royal & Sun Alliance (RSA) have negotiated insurance for Eimskip and associated companies for almost 300 business locations around the world. The insurance covers company property and movables. This is the most comprehensive insurance contract ever signed by an Icelandic insurance company, and it covers Eimskip subsidiaries all over the world.

Risk management is a major part of the agreement, and a comprehensive risk management system will be constructed in connection with the contract. Such a system will secure an even more powerful information system for management, while the company’s clients may rest assured that they will receive coordinated service and protection when doing business with Eimskip. Additionally, Sjóvá and RSA will provide Eimskip with risk management consulting, which will lead to higher quality and more reliable services.

In addition to the Eimskip-Sjóvá-RSA agreement, similar agreements have been made with insurers in other areas, including motor insurance in the UK as well as extensive public liability insurance that covers the company’s business around the world.

The goal of these agreements is the coordination of Eimskip’s insurances all around the world, which will result in greatly increased efficiency and reduce the company’s total insurance expenses by at least 25 per cent.

Managing Director of Hf Eimskipafélags Íslands Mr. Baldur Guðnason:

“This agreement is important to Eimskip and equally to our business partners around the world. Sjóvá and their partners will insure all our business locations in a coordinated manner, thus increasing the cover the company enjoys, and at the same time our clients’ interests will be better protected. We also reached the rationalisation goals we had set, which were to reduce significantly the company’s total insurance premiums. This is a good agreement from which I expect a great deal.”