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

Legal

Philippines to Buy Naval Assets, China Sea Dispute Simmers

The Philippines aims to buy two frigates, two helicopters and three gunboats for deployment in the South China Sea where a territorial dispute with China has lent

Maersk: Rate Hike Under Pressure on Low Demand

Container shipping firm Maersk Line said a fresh attempt made on Monday to raise freight rates on main routes from ports in Asia to those in northern Europe was

WCI Applauds Barge Diesel Fuel User Fee Increase

Waterways Council, Inc. (WCI) and its members and stakeholders applauded the Senate’s passage, by a vote of 76 to16, of a 9-cent increase to the barge diesel fuel user fee.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0846 sec (12 req/sec)