Insurance Covers Relocated Sandy-damaged Boats

Press Release
Sunday, December 30, 2012

Boats removed from specified location for repair elsewhere may create a lapse in insurance coverage.

Maritime Program Group, which is a program administrator for North American Specialty's recreational marine program, agreed to provide an extension of coverage under NAS' Marina Operators Legal Liability section of the policy for customer's vessels stored in undisclosed locations.

Many marine facilities that were badly damaged by Super Storm Sandy have been forced to move their customer's boats to alternative locations for temporary or replacement storage. While there is an obvious need for doing so, the insured may be unintentionally creating a lapse in coverage as their Marina Operators Legal Liability policy typically does not cover vessels stored in unscheduled locations. To address this issue, Maritime Program Group (MPG) granted an extension of coverage.

Maritime Program Group, which is a program administrator for North American Specialty's (NAS) recreational marine insurance program, agreed to provide an extension of coverage under NAS's Marina Operators Legal Liability section of the policy for customer's vessels stored in undisclosed locations.

"Our intension is to protect our brokers and insureds interest after this devastating situation" said Christopher Pesce, MPG's President. "We strongly recommend insureds that have placed a vessel in another marina to have that marina enter into a storage agreement with the boat owner as soon as practical. If a vessel is stored in an unsecured location other than a marina, the insured should notify the boat owner immediately to advise them the vessel is in an unsecured facility and they should coordinate with their insurance carrier to arrange for alternative storage immediately."

 

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

Legal

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

Rosneft, Gazprom to Receive Four Arctic Fields

Ministry of the Environment sent to the government documents on the transfer of "Rosneft" and "Gazprom" licenses for the development of four more fields on the Arctic shelf,

Virginia-Class Submarine Named USS Iowa

Secretary of the Navy Ray Mabus hosted a ship-naming ceremony today in Ames, Iowa to announce that SSN 797, a Virginia-class attack submarine, will bear the name USS Iowa.

Yachts

Elandra Yachts Expands Gold Coast Operations

Australia’s newest luxury motor yacht brand Elandra Yachts has expanded its Gold Coast operations on the back of rapid growth and increased interest from Australian and international buyers.

Palmer Johnson Yatchs Shuts Sturgeon Bay, Moves to Europe

Luxury yacht manufacturer Palmer Johnson Yachts is closing its production facilities in Sturgeon Bay because of dwindling sales and competition from overseas.   In

Man Earns Jail Time for Hoax Coast Guard Calls

A man found guilty of making numerous hoax calls to the U.K. Coastguard has been jailed for four months, the U.K. Maritime and Coastguard Agency (MCA) reported.

Insurance

Enclosed Space Casualties Continue in Shipping Industry

Accidents relating to entry into enclosed spaces have resulted in a large number of deaths of both ship and shore personnel so far this year. David Nichol, UK P&I Club risk assessor,

MN 100: Continental Underwriters, Ltd.

The Company: Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverage. The firm offers both admitted and non-admitted products in all 50 states,

Syncrude Uncertain about Plant Fire Affecting Production

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.3603 sec (3 req/sec)