Skip to main content

Insurance policy covers repatriation costs for stranded seafarers

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

MARINE-CONCEPTS

Marine Concepts Names Chief Executive

Industry veteran Terry McNew had a long tenure at MasterCraft, where he led the company through its initial public offering.

CED-MARINE

CED Marine Adds Sales Manager

Mark Sullivan previously spent more than 15 years at Navico and will cover the Southeast.

BWI-CONTEST

Writing Contest Open for Entries

Boating Writers International’s annual competition recognizes achievements in marine journalism, photography and videography.

DEALER-WEEK

MRAA’s Dealer Week Opens Tomorrow

The annual conference includes more than 20 educational sessions to help dealers adapt to the changing marketplace.

CRUISERS

Industry Mourns Cruisers Yachts Owner

K.C. Stock, who was 84, was known for his “commitment to the employees at Cruisers Yachts.”

GRANDBANKS

Grand Banks Purchases Florida Property

The parcel, which is opposite the company’s Stuart yard, has berths for up to nine boats and will increase service capabilities.

LIMESTONE-Q3

Limestone Boat Co. Posts Q3 Results

Unit production was down compared with the second quarter, and revenues decreased 33%.

SIREN-YAMAHA

Yamaha Dealers Now Carry Siren Systems

Siren Marine’s “Connected Boat” technology can be purchased and installed at more than 2,100 Yamaha outboard dealers.

Northpoint

Northpoint Expands Marine Presence

Northpoint Commercial Finance has partnered with Elite Recreational Finance to offer retail financing.