PVA Advises On Terrorism Insurance

Monday, October 08, 2001
The Passenger Vessel Association (PVA) recently distributed the following to advise its members regarding terrorism insurance. The shocking events that occurred on September 11 took all of us by surprise. Since then, we've all started to ask ourselves some basic questions that will help us to protect our companies, property, and employees from further harmful situations, if they should occur. One of these important protective elements is insurance. Many vessel operators who need more information about how to protect their businesses have approached the people at Aon Risk Services, the PVA Endorsed Insurance Program. There has been some conflicting information was to whether Terrorism/Malicious Acts are insured under the PVA Insurance Program. This is to confirm that terrorism and Malicious Acts are covered under the Hull & Machinery and P&I Insurances subject to the terms and conditions of the policy. The PVA Insurance Program insurer, ACE Insurance Company (formerly CIGNA) also has agreed to offer additional insurance for "War Risks". Generally, this may be of greater interest to the coastwise operators. However, it is only available to PVA members insured through the PVA Endorsed Insurance Program. The cost for war coverage is estimated as follows:

Hull War: .05% x Vessel Value (100% value subject to $1 mil)

P&I War: .025% x Limit ($1,000,000)

Minimum Premium: $500

For example: $650,000 Insured Value

Hull War Premium: $325

P&I War Premium: $250

Total War Premium: $575

Questions concerning your current coverage or for a quote, please contact your agent or one of the following Aon/PVA Insurance Brokers (Ginny Cernik, Greg Goodrich, Denis Galterio, Jennifer Bell) at 1-800-730-7053.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Canada Seek to contain Oil Spill

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

NASSCO Bags USS Oak Hill Modification Award

General Dynamics NASSCO-Norfolk was awarded a $42 million cost-plus-award-fee modification to a previously awarded contract for the repair and alteration for the USS Oak Hill (LSD-51).

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0566 sec (18 req/sec)