Marsh launches coverage for private maritime security industry
Friday, 17 February 2012 | 00:00
Marsh Inc. launched an insurance facility to serve the private maritime security company industry.The facility meets the requirements laid out by the Security Assn. for the Maritime Industry as well as the recommendations by the International Maritime Organization, Marsh said in a statement.
“The insurance industry has failed to keep pace with the rapid development of the maritime security sector,” Nick Roscoe, a managing director in Marsh's global marine practice, said in a statement. “Many policies have been ‘borrowed' from other industries and knitted together to provide cover with little thought” of the specific needs of private maritime security companies.
The package covers five areas: public liability, professional indemnity, maritime employer liability, employer liability, and personal accident. Additional coverage can include kidnap and ransom, and hull and machinery losses and damage.
The facility, which also offers enhanced limits, is available only to SAMI members.
Source: Business Insurance
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