Insurance Covering Seafarer Abandonment News

Specialist  marine insurance intermediary Seacurus has welcomed the decision of Lloyd’s to amend its risk codes to include a new class of insurance covering seafarer abandonment (SA). Lloyd’s provides guidance to underwriters on the classification of business into various categories using a risk coding scheme which provides a common basis for the classification and description of risk. Thomas Brown, managing director of UK-based Seacurus, says, “This new class of insurance is very welcome and very timely. Seafarer Abandonment (SA) is classed as financial guarantee insurance, meaning that any Lloyd’s syndicate wanting to write it will need approval from the Lloyd’s performance directorate to do so.