Eagle Ocean Marine Launches Ship Recycling Insurance Facility
New program offers customized cover backed by Lloyd’s security
Eagle Ocean Marine, a fixed-premium P&I facility operated as a joint venture between a number of Lloyd’s syndicates and the American Club, has established a dedicated program for the insurance of vessels on demolition/recycling voyages.
The facility provides comprehensive liability insurance for both owners and the specialist professionals engaged in this increasingly significant and growing trade. Backed by the first-class security of underwriters at Lloyd’s, the new venture provides a highly-focused insurance product aimed at the distinctive needs of this important sector.
Cover terms and conditions can be carefully tailored to the particular requirements of different assureds involved in the scrapping and recycling of vessels of all types from every part of the world.
Speaking in New York today, Joe Hughes, chairman and CEO of Eagle Ocean Agencies, Inc., responsible for marketing the cover, expressed his high expectations for its future: “We are delighted to be launching this new Eagle Ocean Marine product in close collaboration with our partners at Lloyd’s.
“The Eagle Ocean recycling facility will provide the market with a dedicated and tightly-focused solution to a marine insurance need which will continue to grow over the years ahead. Also, the facility is launched at a time when the demolition/recycling industry is coming under increasing regulatory pressures, and new legislation that is in the pipeline could affect liability issues.
“We look forward to developing the new facility with our friends and associates from across the world, and believe it will soon occupy a significant position in this expanding market.”