Unpaid Crew Wages: New Seacurus Insurance

Press Release
Tuesday, April 23, 2013
Hazardous Work: Photo courtesy of Seacurus

Seacurus has launched a new insurance policy to indemnify seafarers in the event of the financial default of their employers.

CrewSEACURE is a new insurance product now available to all employers of seafarers required to satisfy new regulatory obligations under the Maritime Labour Convention 2006 and the International Guidelines on Seafarer Abandonment.

The new policy, CrewSEACURE, provides up to USD10m 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, say Seacurus, 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.

Other features of this cover include:
    •    A ship-specific MLC2006 Insurance certificate to demonstrate compliance with the Maritime Labour Convention
    •    An independent 24/7 claims service - managed by Thomas Miller Claims, the world’s leading maritime ‘people claims’ service provider
    •    A claims mandate that protects the interests of the ship owner and seafarer alike to ensure a fair claims process
    •    A 24/7 helpline for seafarers and their advisers, providing direct access to the insurer’s claims adjusters
    •    Cover which meets flag and port state approval
    •    First class A-rated insurance security provided by London-based global insurers
    •    Claims recovery service

History shows that the only way for seafarers to recover unpaid wages in the absence of any form of financial security is to remain on board the ship until the ship is sold. This serves only to make matters worse for the shipowner as well as for the seafarers and their families who suffer further financial loss and hardship as a result of the long delays that can accompany the judicial sale of a vessel.

CrewSEACURE removes the need for seafarers to remain on board an abandoned vessel by ensuring that they receive their unpaid wages before being repatriated home to seek new employment opportunities.

Seacurus says that CrewSEACURE is underwritten by first-class 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 both shipowner and seafarer 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. Seacurus add that they will act as managing general underwriters with access to Lloyd's security led by Brit Syndicates Ltd and companies' market security provided by Aspen Insurance UK Ltd.

 

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

New Products

Keppel Delivers 4th Jackup Rig to Qatar

Keppel FELS Limited (Keppel FELS) has delivered its fourth jackup rig, "Dukhan", to Gulf Drilling International Ltd. q.s.c. (GDI) of Qatar nine days ahead of schedule,

New Product Targets Manhole Safety

SafeEdge from Rustibus is a new and innovative system that provides safety for the crew and equipment when working around open manholes. This product is specifically

New Water-activated Life Raft

International Convention for the Safety of Lives at Sea (SOLAS), states commercial vessels must carry life rafts. In the majority of mass marine disasters globally,

Legal

TMT CEO Files $100m IP Suit Over Vessel Sale

Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (TMT) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.

Chariot Agrees Brazil Farm Out with AziLat

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, announced that its wholly owned subsidiary, Chariot Brasil Petróleo e Gás Ltda.

'Double Jeopardy – Trial by Media, Trial by Law' London Opening

BIMCO notes that the highly acclaimed "Double Jeopardy - trial by media, trial by law" first showcased at the BIMCO AGM in Dubai earlier this year is to be brought

Insurance

Swedish Club Results Show Improvement

The Swedish Club today announced its half-year results in which it reported that the club continued to demonstrate a solid performance in the first six months of

'Double Jeopardy – Trial by Media, Trial by Law' London Opening

BIMCO notes that the highly acclaimed "Double Jeopardy - trial by media, trial by law" first showcased at the BIMCO AGM in Dubai earlier this year is to be brought

HK's COSCO International Reports Strong Profit Growth

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Sonar 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: 0.1908 sec (5 req/sec)