Welcome from Stelios Magkanaris, Chairman of The Association of Average Adjusters 2026/2027

I am honoured to serve as Chairman of the Association of Average Adjusters for this year and greatly value the trust placed in me by my peers.

 

My own path to adjusting was not a direct one. I began my professional career as a mechanical and marine engineer, working within the shipping industry from a technical perspective. However, I was always intrigued by maritime law. When I first heard about professionals called “adjusters” and asked what they do, I was told by an underwriter that they are “just claim accountants”. I did not find the explanation particularly convincing, and my search for a better answer eventually lead me to the Association of Average Adjusters.

 

Have you ever felt like you have suddenly landed somewhere you were always meant to be? That is how I felt when I first came to understand what average adjusters really do. It was fascinating!

 

I was introduced to adjusting under the mentorship of Keith Jones back in 2010. His pedagogical methods required considerable patience on his part, as well as a metaphorical mental baseball bat, occasionally put to use when I forgot case law, sections of the Marine Insurance Act or digressed into too many “what if” questions.

 

At the time, I was travelling frequently and when heading to a vessel in a remote location with a boiler suit in hand, the sheer size and weight of the legal textbooks did little to ease the journey.

 

I became an Associate in 2011 and attended the Savoy Dinner for the first time that same year. I only knew Keith Jones at the time, and I distinctly remember the first Fellow who approached me, David Pannell, greeting me with a warm “kalimera.” I was genuinely flattered! Very soon, I discovered how welcoming all members of the Association were, even though I was practically a complete stranger.

 

After qualifying as a Fellow in 2017, I devoted myself fully to adjusting. Designing, building, and repairing ships was, for me, almost inevitable. Becoming an adjuster, however, was my rebellious deviation.

 

Following 17 years of working on behalf of insurers, I established my own practice, Maradco in Piraeus, open to the entire shipping community.

 

In practice, the adjuster is an arbitrator within the specialised field of marine insurance claims and general average. The most fascinating aspect of this profession is not the placement of figures into columns, but the brain game involved long before the losses transform into numbers. It is the process of arriving at a fair and reasonable outcome in the aftermath of a catastrophe, where people, companies, insurance policies and, perhaps most challenging of all, professional egos collide.

 

The Association has served the global marine industry for over a century and a half. It has done so in the past, continues to do so in the present, and will undoubtedly do so in the future. With such a long history comes a significant heritage, one that began with a small group of specialised professionals aspiring to bring fairness to marine casualties and which continues today through us.

 

The most difficult question any professional faces is not “how” something is done, but “why” it must be done in a particular way. This is the standard expected of the Fellows of the Association, and this is supported by a rigorous examination programme and support tutoring. In fact, the Association’s educational framework has evolved into a comprehensive and unique structure within the global insurance market.

 

Another cornerstone of the Association is the Advisory and Alternative Dispute Resolution Panel, currently under the direction of Joseph Shead. It is difficult to imagine a more competent and experienced group of professionals to provide guidance on marine insurance and general average claims than the Fellows who serve on this Panel. Opinions on critical issues, such as GPS spoofing and losses arising from contaminated bunkers, to mention only those published in 2025, help shape the understanding and resolution of marine insurance claims.

 

If one does not fully comprehend the importance of the Association, one need only imagine an alternative world without the “Rules of Practice” - the distilled essence of centuries of case law and fair practice – and without the extensive body of guidance produced by the ADR Panel over the past century. It would be interesting to reflect on how quickly and fairly claims would be resolved in such a world.

 

If one should ask why adjusters are essential in marine insurance casualties, I would merely point to the words of Lord Justice Donaldson in The Playa De Las Nieves [1974]  “marine insurance is a technical matter and marine policies on large commercial vessels are not intended for do-it-yourself enthusiasts.”

 

I would like to express my sincere appreciation to the Committee of Management, our Secretary, Judy Houlden and the Examination Committee, led by Keith Martin for their ongoing efforts and dedication. I hope to prove worthy of the trust that my fellow Fellows have placed in me for the forthcoming year.

 

I extend my best wishes to all members of the Association for a rewarding and productive year ahead.

Stelios Magkanaris