Marsh has been appointed the Defence Department’s “exclusive insurance broker” for maritime acquisition and sustainment programs.

The Maritime Insurable Risk Program covers the continuous shipbuilding operation, involving the next generation of ships, and the maintenance and repair program for vessels owned, operated and chartered by the Commonwealth.

“This represents a game-changing new direction for the Department of Defence’s overall approach to insurance,” Marsh says. The broker will work with the new Maritime Integrated Risk and Insurance Services (MIRIS) unit as part of its appointment.

MIRIS and Marsh will jointly oversee and consolidate insurance for all the Defence Department’s maritime acquisition and sustainment programs, encompassing more than $50 billion in asset values.