Insurance policy covers repatriation costs for stranded seafarers

Author:
Updated:
Original:

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.

Related

NMMA to Hold State of the Industry Webinar

The March 4 webinar takes place at 11 a.m. and includes the presentation of the Marine Industry Customer Satisfaction Index Awards and the Alan J. Freedman Award.

Sanlorenzo Reports 2020 Financials

Gains in the Asia-Pacific and Americas markets offset losses for the Italian builder’s superyacht division.

Into the High Season

Our monthly Pulse Report survey asks dealers about restocking inventory and more, as the new season looms.

It Takes Two to Tango

The boom in boat sales we’re enjoying is a result of the combined efforts of the National Marine Manufacturers Association and the Recreational Boating and Fishing Foundation.

Besenzoni - for over 50 years ambassador of made in Italy in the world - designs and produces accessories for pleasure and commercial boating characterized by simple and functional design

Besenzoni constantly assists its customers in 90 countries with 187 representative points and a direct assistance network consisting of 164 operating units around the world coordinated by the headquarters.

Sea Tow Saves Cold-Stunned Turtles

Its Corpus Christi outfit is rescuing turtles that were affected by the deep freeze in Texas.