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The differences between marine underwriters and underwriting specialists 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 $63,325 average annual salary of an underwriting specialist.
The top three skills for a marine underwriter include profitable business, risk analysis and loss ratio. The most important skills for an underwriting specialist are customer service, underwriting guidelines, and financial statements.
| Marine Underwriter | Underwriting Specialist | |
| Yearly salary | $77,871 | $63,325 |
| Hourly rate | $37.44 | $30.44 |
| Growth rate | -4% | -4% |
| Number of jobs | 16,546 | 25,164 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 73% |
| 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.
An underwriting specialist is responsible for reviewing clients' applications in availing financial services and determining their eligibility by analyzing credit scores and risk potential. Underwriting specialists record all necessary information and may ask for additional requirements for further investigation. They assess policy applications and implement terms and conditions upon approval and ensure that the clients understood the process to prevent miscommunication and payment delays. An underwriting specialist must have extensive knowledge of the loan and insurance disciplines to identify coverage and limitations for efficient contract negotiations.
Marine underwriters and underwriting specialists have different pay scales, as shown below.
| Marine Underwriter | Underwriting Specialist | |
| Average salary | $77,871 | $63,325 |
| Salary range | Between $53,000 And $113,000 | Between $39,000 And $101,000 |
| Highest paying City | - | Boston, MA |
| Highest paying state | - | Massachusetts |
| Best paying company | - | AIG |
| Best paying industry | - | Finance |
There are a few differences between a marine underwriter and an underwriting specialist in terms of educational background:
| Marine Underwriter | Underwriting Specialist | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between marine underwriters' and underwriting specialists' demographics:
| Marine Underwriter | Underwriting Specialist | |
| Average age | 44 | 44 |
| Gender ratio | Male, 59.5% Female, 40.5% | Male, 39.0% Female, 61.0% |
| 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, 8.9% Unknown, 2.5% Hispanic or Latino, 10.0% Asian, 5.8% White, 72.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |