DOT Offers Insurance For Commercial Ship Owners

Friday, January 18, 2002
Maritime Administrator William G. Schubert today announced that the Maritime Administration (MARAD) is now accepting applications for war risk insurance to cover commercial ship operations in the Middle East. President Bush authorized the Department of Transportation (DOT) to provide the insurance at the request of Transportation Secretary Norman Y. Mineta. U.S.-flag vessels are eligible, as are ships owned by U.S. companies. Other vessels may be covered if their cargoes are considered to be in the security interests of the United States. The insurance covers cargoes as well as the ships and crews. It is underwritten by DOT in return for a premium from shipowners. “War Risk Insurance, which protects vessel operators and seafarers against losses resulting from war or war-like actions, will be provided only if commercial insurance is not available to them on reasonable terms,” said Administrator Schubert.

Schubert added that applications must be made on an individual-vessel basis, and that each case will be considered separately. Additionally, applicants must provide full details from insurance brokers or underwriters of the amounts, terms, and rates of the commercial insurance and justification for the conclusion that the rates are not fair or reasonable. The insurance is available only for areas currently excluded in commercial war risk trading warranties: the Persian or Arabian Gulf and adjacent waters, Israel, Lebanon, Gulf of Aqaba and the Red Sea, Yemen, Pakistan, Oman, Syria, and Egypt.

Interested shipowners should apply to or request additional information from: Maritime Administration, U.S. Department of Transportation, Attn: Edmond J. Fitzgerald, Director, Office of Insurance and Shipping Analysis, MAR-780, Room 8117, 400 Seventh Street SW, Washington, DC 20590-0001, Phone: 202/366-2400, fax 202/366-7901. MARAD suggests that applications be submitted by courier or by fax, and that delivery be confirmed by telephone.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Fuels & Lubes

Total Lubmarine Resumes Full Service in Tianjin

Marine lubricants and greases provider Total Lubmarine informs it has resumed all services based out of the Port of Tianjin following the deadly explosions that rocked the port August 12.

LNG-fueled Box Ship a 'Momentous Step Forward'

On Saturday, August 29, 2015, the world’s first series of energy efficient containerships welcomed its second LNG-powered vessel in San Diego, fueling the U.S.

ZIM Transitions Fleet to StowMan(s) Software

ZIM Integrated Shipping Services Ltd, Israel  has decided to enhance its stowage planning for its containership fleet (currently 93 ships) in the future by using

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators
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: 0.3688 sec (3 req/sec)