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

Legal

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

Yachts

'World's First Hybrid Superyacht'

Developed by Dutch shipbuilders Feadship, the 83.5m Savannah is touted as the world's first hybrid super yacht. Vessel is 30% more fuel efficient than similar sized counterparts, claims the company.

USCG Rescue 2 on Bahamian Island

Two stranded men are safe after the Coast Guard rescued them off an Island in the Bahamas Tuesday afternoon. Coast Guard 7th District watchstanders received

Australian Tall Ship Rounds Cape Horn

The Royal Australian Navy operated Sail Training Ship Young Endeavour rounded Cape Horn on Australia Day, 36 days into a 12-month circumnavigation of the world.

Insurance

A HERO on the Seas

The expansion of the Panama Canal has opened up an opportunity for WWL to develop its next generation RoRo carriers. Due to its importance to international trade,

ZIM Launches Monitoring and Tracking Service

ZIM integrated shipping services has announced the launching of a new monitoring, tracking and security services package, specifically designed for valuable and

Oil Tankers are Front Line of Libya's Struggles

Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages,

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.1084 sec (9 req/sec)