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The differences between marine underwriters and commercial underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a marine underwriter has an average salary of $77,871, which is higher than the $59,051 average annual salary of a commercial underwriter.
The top three skills for a marine underwriter include profitable business, risk analysis and loss ratio. The most important skills for a commercial underwriter are real estate, customer service, and financial analysis.
| Marine Underwriter | Commercial Underwriter | |
| Yearly salary | $77,871 | $59,051 |
| Hourly rate | $37.44 | $28.39 |
| Growth rate | -4% | -4% |
| Number of jobs | 16,546 | 31,908 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 75% |
| Average age | 44 | 44 |
| Years of experience | - | - |
A marine underwriter provides insurance cover to necessary clients. The responsibilities of this position include providing insurance for naval vessels such as boats and ships and providing valuation for a vessel or cargo. To provide this valuation, they weigh in the value of the freight, the price of the vessel, and the area where the vessel operates. The valuation will ensure a client is adequately covered in cases of unforeseen losses.
A commercial underwriter is responsible for processing commercial loan applications, evaluating payment agreements and terms of service, validating customers' information, and requesting additional documents as needed. Commercial underwriters analyze the credit qualifications of an applicant, including financial history, account statements, and outstanding loan applications, if any. They identify potential credit risks for the loan request and advice the applicants for alternative loan options according to their needs and qualifications. A commercial underwriter responds to the applicants' inquiries and concerns regarding their loan applications and provides timely decisions for their requests.
Marine underwriters and commercial underwriters have different pay scales, as shown below.
| Marine Underwriter | Commercial Underwriter | |
| Average salary | $77,871 | $59,051 |
| Salary range | Between $53,000 And $113,000 | Between $41,000 And $84,000 |
| Highest paying City | - | Olympia, WA |
| Highest paying state | - | Washington |
| Best paying company | - | J.P. Morgan |
| Best paying industry | - | Finance |
There are a few differences between a marine underwriter and a commercial underwriter in terms of educational background:
| Marine Underwriter | Commercial Underwriter | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 75% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between marine underwriters' and commercial underwriters' demographics:
| Marine Underwriter | Commercial Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 59.5% Female, 40.5% | Male, 48.7% Female, 51.3% |
| Race ratio | Black or African American, 8.1% Unknown, 2.5% Hispanic or Latino, 10.5% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4% | Black or African American, 9.9% Unknown, 2.5% Hispanic or Latino, 9.3% Asian, 5.5% White, 72.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |