Getting paid...


However, to do so we need to get lots of work and to get paid for it in a timely manner, cash flow being the lifeblood of any company. Without it we are unable to pay our staff, overheads and other obligations. Most clients pay within a month, some better clients even sooner. Unfortunately, there are several out there who do not.


Several companies went to the wall during the Covid-19 situation as many clients were unable to pay. However, the situation still pervades with some companies struggling to survive. So how is this happening?


Some of the less scrupulous clients state that "We cannot pay until we have been paid by our client." These companies act as clearing houses/claims handlers in


By Mike Wall


Many mariners, and others, enter the marine surveying profession for different reasons. There are several, including the job satisfaction, variety of work, continually learning, etc. However, if we are honest with ourselves, the main reason is to make money. The ultimate aim is to build a successful company which will provide an adequate pension when we ultimately retire.


that they act on behalf of the underwriters in appointing surveyors, adjusters, lawyers, etc, and carry out the case handling. Although they appoint the marine surveyor they state in the letter of appointment that they are not responsible for paying the invoice which should be directed to their client. Letters of claim are then bounced back and forward between the two with lack of any action on payment. Another excuse used is that they do eventually pay.


The problem is attibutable to the current system. When the assured pays the premium the underwriter immediately invests it in a long-term high interest bearing entity. Don't get me wrong. This is a common practice in business. The problem is that the excuse for non-payment


140 | ISSUE 109 | SEP 2024 | THE REPORT


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