Seacurus Welcomes New Lloyd’s Seafarer Abandonment Risk Code

MarineLink.com
Tuesday, May 07, 2013

Specialist  marine insurance intermediary Seacurus has welcomed the decision of Lloyd’s to amend its risk codes to include a new class of insurance covering seafarer abandonment (SA).
 


Lloyd’s provides guidance to underwriters on the classification of business into various categories using a risk coding scheme which provides a common basis for the classification and description of risk. Thomas Brown, managing director of UK-based Seacurus, says, “This new class of insurance is very welcome and very timely. Seafarer Abandonment (SA) is classed as financial guarantee insurance, meaning that any Lloyd’s syndicate wanting to write it will need approval from the Lloyd’s performance directorate to do so. Seacurus, acting as the managing general underwriter for Lloyd’s Brit Syndicate under a fully delegated underwriting authority, has that approval.”
 


Last month, Seacurus launched CrewSEACURE, a new insurance policy to indemnify seafarers in the event of the financial default of their employers which, for the first time, offers recompense in respect of unpaid crew wages. The policy will enable all employers of seafarers to meet their regulatory obligations under the Maritime Labour Convention 2006 (MLC), which enters force on August 20, 2013.



Thomas Brown says, “MLC 2006 recognizes the need to ensure that seafarer recruitment and manning agencies do not supply seafarers to shipowners without the requisite financial protection in place. Such protection provides a financial safeguard to seafarers in the event that they are left abandoned as a result of the financial failure of the shipowner.



“Many of the enquires we have received to date have been from manning and recruitment agents trying to satisfy these obligations. A number of these agents are very concerned about supplying seafarers to vessels without this level of protection in place. Those agents who do refuse to provide seafarers who are not protected in this way will be acting in accordance with the requirements of MLC, and industry will effectively be regulating industry, at the same time encouraging best employment practice.”

 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WSC CEO Koch to Retire in 2015

Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel,

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Insurance

US Obamacare Impacts the Global Marine Industry

The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry,

Even 'Small' Vessels are Getting Bigger

The Shipowners’ Club is a mutual provider of P&I insurance that has throughout its 160 year history been dedicated to serving owners of small and specialist ships.

Danish Investors Investigating OW Bunker Collapse

A group of the largest Danish institutional investors has initiated an investigation of the collapse of ship fuel supplier OW Bunker, they said in a joint statement on Wednesday.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1381 sec (7 req/sec)