In such dire freight market conditions and declining margins, the last thing an owner needs is his vessel to be arrested! Vessels' arrests cause considerable trading disruptions and substantial financial damages.
The recent case of Korea Line petition for reorganization under Chapter 11 of the US Bankruptcy Code (Court protection from creditors) is giving me the opportunity to bring into your attention an insurance cover which costs very little but is NOT well known or bought by owners or disponent owners.
THIS INSURANCE (P&I EXTENSION COVER) IS PROVIDING THE NECESSARY FUNDS FOR OWNERS RECOVERY FROM FINANCIAL LOSSES RESULTED BY AN ARREST OR A CLAIM AGAINST A VESSEL DUE TO VESSEL'S CHARTERERS INSOLVENCY.
This is an open cover annual policy which covers all declared vessels within the year and covers any declared vessel for maritime liens or maritime claims which is alleged by the Claimant(s) for liabilities to pay:
a) the cost of bunkers,
b) the port charges,
c) stevedoring costs,
d) any costs incurred for the completion of the voyage which should have been paid
by the vessel's charterer
by the vessel's charterer
e) Any other third party claims ownrs suffer as a result of the charts insolvency.
However this type of insurance excludes claims for Loss of Hire, Freight, Dead freight, demurrage or running expenses,or business interruption losses in earnings which can be covered by a separate insurance policy i.e TRADE DISRUPTION & LOSS OF EARNINGS INSURANCE.
ANNUAL PREMIUM
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As an indication only: about usd 5,000-7,000 per annum per vessel with a 10% rebate for fleet insurance.
SUM INSURED PER VESSEL/YEAR
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Annual Insured amount per vessel per year : Minimum USD 1,000,000 (can be increased upon request).
You may also have a complete and firm offer for your liabilities insurance cover either by communication with MARASCO MARINE at info@marasco-marine.com or by filling our Liabilities P&I proposal form at www.marasco-marine.com from a wide selection of Mutual P&I clubs or Fixed annual cost Insurance Companies.
Sincerely yours
MARASCO MARINE,LTD.
Anastasios Maraslis
President/Managing Director
Insurance Broker since 1983.
http://www.marasco-marine.com/
info@marasco-marine.com
3, Voudouri Str., Piraeus
