Insurance policy covers repatriation costs for stranded seafarers

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Willis Group Holdings, a London-based global risk adviser, insurance and reinsurance broker, launched a new liability insurance policy to cover the costs associated with repatriating stranded seafarers.

According to the International Labor Organization’s database, there are 184 reported incidents of abandoned vessels and seafarers around the world. As a result of the economic downturn’s effect on global shipping, a record number of vessels — and crews — were abandoned in 2009 and 2010, according to The Mission to Seafarers, the world’s largest charitable port-based welfare service.

“The typical costs of repatriating abandoned seafarers could be in the region of hundreds of thousands of dollars. If any members of the crew have severe injuries, then the costs could be considerably more,” said David Purdy, executive director in Willis’ financial and executive risks practice.

Offered in association with Lodestar Marine Ltd. and The Mission to Seafarers, the new Flag Liability Insurance Against Exposure for Repatriation policy provides:

• Coverage for legal liabilities relating to repatriation and medical costs after an abandonment (due to insolvency), which flag states inherit as a result of the Maritime Labor Convention

• Abandoned seafarers with access to expert advice and services, including medical aid, logistical assistance, wages, provisions and supplies, in partnership with The Mission to Seafarers and Lodestar.

The policy offers $5 million to $10 million of capacity, provided by Liberty Mutual Insurance Europe Ltd.

Click here for the full report by the Insurance Journal.

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