Amid Slowdown, New Insurance Program Covers Stacked Equipment

In response to the variety of vessels and gear which have been laid up on account of current downturn within the offshore oil and gasoline market, a Louisiana-based marine insurance coverage supplier is providing a brand new program tailor-made particularly for stacked gear.

The new program was launched by Covington, Louisiana-headquartered Fidelis Group Holdings by means of its subsidiaries Continental Underwriters (CUL). The program, referred to as the Master Port Risk Program, is designed to offer Hull and Liability protection for certified vessels which might be laid up and out of fee for an prolonged time period.

Under this system, the insured have the chance to take away their vessels from a navigating coverage at a tremendously diminished value. Vessels could also be insured as much as an agreed hull worth, with legal responsibility limits set at a minimal of $1,000,000 with choices to go larger. For permitted insured’s, CUL can design operational insurance coverage individually from their Port Risk program the place extra extensions could be added to the bottom coverage situations.

H. Elder Brown, Jr., President and Chief Executive Officer of FGH commented, “We are consistently pursuing ways of providing insurance solutions to help streamline our client’s daily operations. Our Master Port Risk Program provides commercial vessel owners, mortgagees and other interested parties a more economical way to insure their stacked equipment which is of the utmost importance during difficult economic periods.”

gCaptain is instructed that this system is open to all brown water industrial marine sectors, with the toughest hit sector persevering with to be offshore vessels.