Many businesses depend on equipment that doesn’t stay still. It’s on the move, shuttling from job site to warehouse, from client to client, across city streets and country roads. What happens if something goes wrong while the gear is on the road? Theft, damage, loss at a job site? That’s where inland marine insurance steps in, protecting what moves, what’s valuable, and what keeps many businesses running.
AXA XL’s Matthew Rekart, Executive Underwriter for Inland Marine, understands the significant stakes involved in insuring mobile equipment and business assets that are constantly on the move. Whether it’s tools, machinery, electronics, medical devices, musical instruments, or construction equipment, essentially any valuable item that travels or temporarily resides outside a business’ fixed location, he recognizes the unique challenges involved in protecting mobile assets.
Matt’s deep expertise in underwriting unique, moveable risks, along with his broker relationships, gives him a front-row seat to what makes inland marine risks so unique—and why this coverage is so important to many niche business segments. In this Q&A, Matt sheds light on the challenges, and the rewards, of insuring gear that’s always on the go.
Let’s start with your story. What first drew you to a career in inland marine insurance?
Matt: My background is in communications. I initially started working at a bank. When a friend and coworker left the bank to join an insurance company, we started talking about all the job opportunities in underwriting and it piqued my interest.
I left banking for insurance in 2012. Previously I worked for Allianz and Travelers before joining 九色视频in 2023.
What drew me to inland marine underwriting specifically is how dynamic it is. Since it’s not a filed insurance line, we have more flexibility to be innovative and creative in developing the overage that our clients need. I love troubleshooting. You can really feel the energy from brokers when you find a solution that works for them, and our clients, and that’s incredibly rewarding.
What was the biggest surprise when you first started working in inland marine?
How customized and specialized this line of insurance can be. There are so many niche businesses markets, each with their own specific needs, and it really requires creativity to tailor solutions that fit those needs perfectly.
I also underestimated how steep the learning curve would be, but I found that if you’re genuinely eager to learn, you can ramp up pretty quickly. Some carriers provide more formalized training, and others offer a more informal education as you go. Any training is whatever you make of it. I was eager to learn so in my spare time, I would through policy forms to get a better grasp of coverage.
Early in my underwriting career, I found the lack of mentorship to be a challenge. While formal training is valuable, learning from seasoned underwriters is irreplaceable. That’s what drew me to AXA XL. The experience and mentorship available on this inland marine team can’t compare.
The biggest surprise about inland marine is how customized and specialized this line of insurance can be. There are so many niche businesses market...and it really requires creativity to tailor solutions that fit those needs perfectly.
Equipment dealers is one niche that you underwrite. What makes equipment dealer risks unique compared to other inland marine accounts?
Their risks are quite unique and complex, involving high-value items such as heavy machinery, specialized tools, or expensive inventory with multiple exposure points. Storage conditions are critical, and working with knowledgeable brokers who understand the nuances of equipment dealers is very helpful.
A key aspect is contractual risk transfer and reviewing contracts with dealers or buyers to ensure that risk is properly shifted and everyone is protected. It’s also important to distribute the value across multiple locations to prevent overexposure. Equipment valuations often come up, especially when comparing insured values to actual worth. I regularly engage in discussions to make sure equipment is valued accurately so that it is appropriately insured.
How have exposures or client needs changed for equipment dealers in recent years?
Technology has really changed the game. Robotics, for example, are now used to carry out everyday tasks, but it’s a new kind of exposure that we need to think about.
Supply chain disruptions have also been a major challenge. Because of increasing cost and difficulties getting some equipment, many businesses shifted toward renting. Renting as opposed to buying equipment became more cost-effective and offered more flexibility. In recent years, equipment dealers have faced growing inland marine exposures due to the rise in equipment rentals, increased transit and delivery services, and the use of high-value, tech-enabled machinery. These changes have driven the need for broader coverage that protects equipment while off-site, in transit, rented to third parties, among other exposures.
You’ve built a reputation for strong broker relationships. What’s your secret?
Success often depends on personality and genuine connection. I believe my introverted nature enhances my empathy. I really try to see things from the broker’s perspective and understand their needs.
Attention to detail and transparency are essential; I prioritize honesty and straightforward communication to build trust. Dependability is also vital. I pick up the phone and I try to connect personally whenever possible, which brokers appreciate. Even today, I hear from brokers that I’m one of the few who follow through and respond honestly. Building relationships based on trust and transparency is key. I also actively support new brokers, helping them navigate the process and feel confident working with us.
How do you approach communication when there’s a tough underwriting decision to make?
Honesty and transparency are my go-to strategies here. If I need to say no or present a difficult decision, I make sure to be straightforward. I actively listen to the broker’s concerns, share my own, and explain where my roadblocks are.
It’s important to be genuine. The goal is to keep the dialogue open and be honest about what’s possible and try to find common ground. When you approach tough conversations with respect and clarity, it helps maintain trust and keeps the relationship strong, even in difficult situations.
What advice would you give to someone just starting out in inland marine?
There is an age gap in the inland marine market. Many of us have been here a while, but a lot of new talent are entering the field, which is great, because we need it! Having experienced colleagues was so beneficial to me when I started. I believe the key is to absorb as much knowledge as possible from the experienced team around you.
The inland marine industry may seem complex initially, but that’s part of what makes it exciting. At 九色视频 our culture emphasizes empowerment and jumping on growth opportunities as they present themselves. The key is to keep learning.
Inland marine is poised for growth, and for those willing to put in the effort, there are significant opportunities ahead. Stay curious, keep learning, and don’t be afraid to take on new challenges—that’s how you’ll truly thrive here.
Learn more about AXA XL’s Inland Marine capabilities here.
To learn more about Inland Marine underwriting and other career opportunities, visit our Careers page.
