Seafarers indemnified against employers
Apr 15 2013
Specialist marine insurance intermediary Seacurus has launched an insurance
policy to indemnify seafarers in the event of the financial default of their
employers.
The policy will enable all employers of seafarers to meet their regulatory
obligations under the Maritime Labour Convention 2006 (MLC), which enters force
on 20th August, 2013.
Called CrewSEACURE, the policy provides up to $10 mill of cover in the event of
an employer's financial default. It includes personal accident protection and
covers medical expenses as well as subsistence and repatriation costs. It will
also respond, unlike any other product currently on the market, in respect of
the non-payment of seafarers' wages, for a period of up to six months, the
company claimed.
CrewSEACURE is underwritten by A-rated global insurers in the Lloyd's and
Company markets in London. It offers an independent round-the-clock claims
service managed by Thomas Miller Claims. It also includes a claims mandate,
which protects the interests of shipowner and seafarer alike to ensure a fair
claims process. A 24-hour helpline is available for seafarers and their
advisers, who are afforded direct access to the insurers' claims adjusters.
In order to deliver the CrewSEACURE product to market, Seacurus will act as
managing general underwriters with access to Lloyd's security led by Brit
Syndicates and companies' market security provided by Aspen Insurance UK.
CrewSEACURE provides cover which meets flag state and port state control
approval and is authenticated by a ship-specific MLC 2006 insurance certificate
to demonstrate compliance with the new convention. Comprehensive cover is
provided at low cost, with premiums of as little as 50 cents per seafarer per
day available.
Thomas Brown, managing director of UK-based Seacurus, said, "CrewSEACURE has
been designed to cover the requirements of MLC. The shipping industry faces
economic challenges. Not all shipowners and operators will survive the current
global recession, and this will inevitably have a knock-on effect on those
seafarers who are caught up in the resulting bankruptcy cases. Just recently,
for example, we saw arrest orders issued by a court in the Far East in respect
of two tankers after crew complained they had not been paid for almost three
months."
Giles Heimann, secretary-general of IMEC (International Maritime Employers
Council Ltd), said, "IMEC and its members believe that the Maritime Labour
Convention is the most significant piece of maritime legislation for many
years. We are committed to supporting our members in the run-up to its
introduction in August 2013, and to working with them to secure effective and
fit-for-purpose provision for seafarers and employers alike. I am pleased to
see that companies such as Seacurus are providing options for the industry, to
support their obligations under MLC."
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