Abandonment Insurance News

During a recent tour of northeast England, Lord Livingston, the UK’s Minister for Trade and Investment, visited the Gateshead headquarters of Seacurus which, in April 2013, launched CrewSEACURE, the first ever insurance policy designed exclusively to protect the rights of seafarers when ships are abandoned at sea. Seacurus has a well-established relationship with UK Trade & Investment (UKTI), having received expert advice and support from its Passport to Export scheme which helped the company to develop 99 percent of its insurance premium income from overseas markets.

In response to specific market demand for insurance cover not formerly available, the Shipowners’ Club has launched a policy for its high net worth super yacht client base to indemnify them against Seafarers Unpaid Wages Following Abandonment (SUWFA). Although some 80% of the world’s gross tonnage of shipping has been signed up to the Maritime Labour Convention 2006 (MLC), there are still many owners and managers unsure as to the extent and applicability of some of the provisions.

As the annual Day of the Seafarer dawns (June 25), InterManager, whose members manage more than 250,000 of the world’s seafarers, has reaffirmed its commitment to crewmembers with a package of activities aimed at addressing crew-related issues. The association, whose members are involved in the management of a third of the world fleet, is working with industry partners and training institutions on a number of projects to benefit crew members throughout the global shipping sector.