MARITIME LIEN INSURANCE FOR CHARTERERS DEBTS/INSOLVENCY.

SHIP OWNERS-DISPONENTS-INSURANCE FOR CHARTERERS DEBTS.

The purpose of this circular is to draw Ship Managers, Ship Owners, Disponent Owners attention to a new insurance policy, which Marasco Marine Ltd is promoting to its International Clientele, for risks of claims being made against a vessel or vessel’s management which resulted of a charterer’s insolvency.

Nowadays we see more charterers default on their responsibilities leaving their debts carried forward to the Shipowners and Disponent Owners account, who remains liable.

-The policy.

The policy is a Lloyd’s Insurance Open -Yearly -Policy to which declarations can be made. Please note that despite legal costs might be covered by the owners P&I, FD&D Class cover the actual claims being made against the vessel are not covered by the P&I! THIS POLICY HAS BEEN DESIGNED TO PROVIDE COVER FOR SUCH CLAIMS AS WELL AS THE LIABILITIES WHICH THE ASSURED (SHIPOWNER/DISPONENT) MAY HAVE TO INCUR IN ORDER TO CONTINUE AND COMPLETE A VOYAGE ALREADY COMMENCED PRIOR TO THE INSOLVENCY OF A CHARTERER.

-The scope of cover.

The scope of this cover is to indemnify the assured for financial losses incurred by him by way of ‘third party claims’ arising directly from the insolvency of a charterer of the vessel, i.e. cost of bunkers, port charges, stevedoring costs, and any other costs necessary for the completion of the voyage which would properly be the responsibility of the vessel’s charterer. Same stands for Time Charterparties.

-TIME CHARTERERS/DISPONENT OWNERS

This cover is also available to time , period charterers (disponent owners) to protect themselves from liabilities arising as a result of the INSOLVENCY OF A SUB-CHARTERER.

Marasco Marine hope that this maritime lien insurance for charterer’s debts will provide its clientele with useful additional cover to protect them against UNFORSEEN FINANCIAL LOSSES.

Any enquiries in relation to this policy should be directed to our e mail address info@marasco-marine.com

ANASTASIOS A. MARASLIS
President/Managing Director.
MARASCO MARINE LTD
S.T.I.C BUILDING
3, Voudouri str.,
Marina Zea, 185 37
Piraeus, Greece
+30 210 4180000 tel. (ext.101)
+30 210 4529505 fax.
info@marasco-marine.comwww.marasco-marine.com