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

Legal

Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges

Somali Pirate Sentenced to 12 Years by German Court

A German court sentenced a Somali asylum-seeker to 12 years in jail on Thursday, for his involvement in the pirate hijacking of a tanker in the Indian Ocean in 2010.

DHL Expects Immunity in Price Fixing Investigation

Deutsche Post expects its DHL forwarding business to be granted immunity from prosecution and fines by Singapore antitrust authorities, who are investigating 11 companies for alleged price fixing,

Yachts

USCG Responds to Vessel Fire

The U.S. Coast Guard (USCG) reported it is responding to a report of a vessel that caught fire and became disabled with two men and a dog aboard south of the McCormick

Maersk Line named race partner for the Volvo Ocean Race

The world’s largest container shipping company, Maersk Line, is the official shipping partner for the Volvo Ocean Race, the pre-eminent round-the-world yacht race.

KVH Film Considered for Maritime Safety Award

“The Human Element,” produced by KVH Media Group under the TRAININGlink brand, is a finalist in the “Safety at Sea” category of the Seatrade Awards. KVH Industries, Inc.

Insurance

InterManager Welcomes New Protection for Seafarers

InterManager said it welcomes the adoption of new measures to protect seafarers against abandonment. Amendments to the Maritime Labour Convention 2006, agreed

S.Korean Ferry Master Faces Investigation

The captain of the South Korean ferry that capsized off the southwest coast was facing a criminal investigation on Thursday, an official said, amid unconfirmed

South Korean Ferry Incident Update

Almost 100 ships, 18 helicopters involved in rescue; as many as 340 people from one school thought to be on board. Accident may be South Korea's biggest in 20 years.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.0638 sec (16 req/sec)