CrewSEACURE is an insurance product, developed by Seacurus, for employers of seafarers and shipowners required to satisfy the regulatory obligations under the Maritime Labour Convention 2006 in its current form and after the amendments coming into force in 2017.
CrewSEACURE provides the system of financial security called for, in the event of an employer’s financial default and includes the indemnification of a seafarer’s unpaid wages. Three policy options are available: for Shipowners (Option 1), for Crew Management Companies (Option 2) and for Seafarer Recruitment and Placement Services (Option 3).
Seacurus have delegated underwriting authority from capacity providers to act as the Insurers’ Managing General Agents in order to facilitate the placement of the CrewSEACURE insurance product. The capacity providers include Lloyd’s of London insurers and A-rated Companies’ market insurers.
The Claims Managers
Claims Management is provided by Thomas Miller Claims Management,a UK-based marine consultancy and world leader in handling crew emergency, medical, repatriation and entitlement claims.
CrewSEACURE has been designed to cover not only the minimum MLC2006 requirements, but also to provide the indemnification of unpaid wages. Whilst indemnification of unpaid wages is only a requirement for employment agencies and business and not shipowners currently, it will become mandatory also for shipowners in 2017.
Any cover that does not provide for the indemnification of unpaid wages fails to adequately protect seafarers against the real risk of abandonment in such cases.
History shows that the only way for seafarers to recover unpaid wages in the absence of any form of financial security is to remain on board the ship until the ship is sold. This serves only to make matters worse for the shipowner as well as for the seafarers and their families who suffer further financial loss and hardship as a result of the long delays that can accompany the judicial sale of a vessel.
CrewSEACURE removes the need for seafarers to remain on board an abandoned vessel by ensuring that they receive their unpaid wages before being repatriated home to seek new employment opportunities.
If you are the employer of seafarers, you can apply for this cover. This can be done via your marine insurance broker or on a direct basis to Seacurus; the premium cost will be the same.
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