Insurance Product News

A new offering from North is designed for larger ocean-going vessels and will complement the H&M insurance already available from Sunderland Marine for fishing vessels and other small craft. WeThe P&I club expects the new line will be taken up by a number of Members, whilst it is also open to non-Members. The focus from an underwriting perspective will be on quality of risk and suitability of terms.In support of the product, North has added significant underwriting expertise from…

Willis Towers Watson unveiled a new type of cyber insurance product for shipowners that redesigns standard cyber policies to better navigate the risks for ship operators in the digital era.The solution, CyNav, addresses cyber threats in the broadest sense, including losses that occur from cyber-related business interruptions, even when the cyber events originate with third party IT service providers.CyNav’s primary focus is to support the continuity of maritime businesses and…

Maersk Line is expanding its commercial offering with the introduction of an extended liability solution, Value Protect, which will act as a substitute to regular cargo insurance, in protecting customers’ cargo."Maersk is expanding its commercial offering and introduces Value Protect, an extended liability solution. It offers customers an alternative to cargo insurance, increasing their chance of receiving full compensation in case of cargo damage in transit," said a press note from the Danish international container shipping company.Valid while the cargo is in the care and custody of Maersk, Value Protect covers cargo loss or damage in cases such as fire…

First U.S. Homeland Security Secretary Tom Ridge Partners with Five Lloyd’s Syndicates to Offer ‘Intelligent’ Cyber Insurance. Ridge Insurance Solutions Company to close dangerous cyber insurance gap by providing informed-assessment capabilities and insurance. Companies struggling to protect their assets and brands from the growing scourge of cyber attacks can now access a new product designed specifically for their needs, created by a trusted former national security leader and the world’s premier insurance brand.

In the superyacht industry, it is particularly well understood that good relationships between owners and their crew have a direct impact on how well yachts are run, and the quality and consistency of the charter service offered. An important new insurance product, Crewsure Marine, which assists owners and managers in protecting the health and wellbeing of their crews and so meets forthcoming legal obligations under the recently ratified Maritime Labor Convention (MLC) is now being aimed at this unique sector of the market.

Barbican Group Holdings Limited (Barbican) announced that it has acquired Seacurus Ltd (Seacurus), a U.K.-based specialist marine insurance broker. Established in 2004, Seacurus focuses specifically on revenue protection in the marine insurance market. A provider of marine kidnap and ransom insurance, the company offers a range of products designed to help companies in the shipping industry manage a wide variety of operating and financial risks. Seacurus will continue to operate under its current brand. Details of the transaction have not been disclosed. In April 2013 Seacurus launched CrewSEACURE, an insurance product for employers of seafarers required to meet regulatory obligations under the Maritime Labor Convention 2006 and the International Guidelines on Seafarer Abandonment.

Seacurus has launched a new insurance policy to indemnify seafarers in the event of the financial default of their employers. CrewSEACURE is a new insurance product now available to all employers of seafarers required to satisfy new regulatory obligations under the Maritime Labour Convention 2006 and the International Guidelines on Seafarer Abandonment. The new policy, CrewSEACURE, provides up to USD10m of cover in the event of an employer’s financial default. It includes personal accident protection and covers medical expenses as well as subsistence and repatriation costs.

A major new Insurance product, which assists shipowners and Managers in protecting the health and wellbeing of their shipboard personnel, and so meet their forthcoming legal obligations under the recently ratified Maritime Labour Convention (MLC), has just been launched. Seafarers deserve the same care and concern, the same rights to benefits, the same access to the best medical treatment, the same security expected and enjoyed by those who work ashore. This is the vision that has inspired the launch of Crewsure Marine…

Construction is a complex business. Equipment can break down; employees can be injured; a project can go awry in unexpected ways. Add a marine element to the work underway, and the pitfalls that a contractor must navigate to manage risk become even more challenging. Marine contractors have long understood that they need specialized coverage and have sought out ocean marine insurance carriers with the expertise to help them. Each project they bid on, however, can come with a variety of special requirements.

The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years. However, syndicate 329 is now in run-off, its capital providers having withdrawn support, and its P&I account, which was transferred to British Marine, an old-established P&I and hull club for small ships and offshore craft…

The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years. However, syndicate 329 is now in run-off, its capital providers having withdrawn support, and its P&I account, which was transferred to British Marine, an old-established P&I and hull club for small ships and offshore craft…