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New insurance policy for stranded seafarers

Willis Group Holdings, a London-based global risk advisor, insurance and reinsurance broker, has launched a new liability insurance policy to cover the costs associated with repatriating stranded seafarers.

According to the International Labor Organization’s database, there are currently 184 reported incidents of abandoned vessels and seafarers around the world. As a result of the economic downturn’s impact on global shipping a record number of vessels – and crews – were abandoned in 2009 and 2010, according to The Mission to Seafarers, the world’s largest charitable port based “The typical costs of repatriating abandoned seafarers could be in the region of hundreds of thousands of dollars. If any members of the crew have severe injuries then the costs could be considerably more,” said David Purdy, executive director in Willis’ Financial and Executive Risks Practice.

FLIER offers $5 million to $10 million of capacity, provided by Liberty Mutual Insurance Europe Limited.

Click here for the full report by the Insurance Journal.