The MIP encompasses coverage for ship construction and sustainment, reflecting a core component of the government's broader national defense goals. Under the agreement, Marsh will be responsible for coordinating risk placement and advising on insurance for the Navy's shipbuilding projects.

Assets potentially covered under the program include:

• A fleet of six Hunter-class frigates
• Three Hobart-class air warfare destroyers
• Eleven proposed multi-role frigates
• Six optionally crewed large surface vessels

This appointment coincides with Marsh McLennan's broader expansion within the Australian public sector. Its consultancy unit, Oliver Wyman, has recently established a presence in Canberra to complement Marsh's existing operations and provide advisory services across government portfolios.

For individuals interested in marine investments, such as jet skis, this development underscores the importance of comprehensive insurance coverage in the marine sector. As the industry evolves, staying informed about insurance trends and options can aid in making well-informed decisions regarding personal watercraft financing and protection.