marine insurance and claim handling

Maritime Insurance & Claim Handling

The Insurance team at OSM presents competitive maritime insurance service solutions, combined with high-quality insurance claims management services.

At OSM we understand risks and support our clients in turning challenges and uncertainties into opportunities. In keeping an eye for new opportunities and developments in the horizon, together with the added values and scale of the OSM Maritime Group contributes with, marks that vision and ambition.

The team members have different backgrounds and experiences, from risk management, legal, crew, and purchasing, which strengthen the maritime insurance services and the solutions we find together.

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Marine Covers of OSM Maritime Crew Insurance, Ship Insurance and Claim Handling

Maritime Insurance


OSM Maritime Insurance Services provides competitive insurance and risk management service solutions for clients:

STANDARD MARINE COVERS

  • Hull & Machinery (H&M)
  • Protection and Indemnity (P&I)
  • War
  • Hull Interest

SPECIAL MARINE COVERS

  • Loss of Hire
  • Extended Loss of Hire
  • Defence
  • Crew P&I Cover
  • Delay in Delivery/Non Delivery
  • Cyber Risk
  • The OSM Pension Fund (PF)
  • Other Insurances
Standard insurance covers

Standard Insurance Covers


Hull and Machinery, covers loss or damage to the vessel, machinery, and equipment plus third party liability for collisions and allisions.

Hull Interest is standard insurance that covers the shipowners in cases of a total loss, constructive total loss, or compromised total loss.  A total loss could leave the shipowner in a stranded position where the hull value would be inadequate to cover the costs and expenses necessary to replace the lost vessel or order a new vessel.

P&I covers Owners’ liability to third parties not covered under H&M and includes coverage of crew claims, cargo claims, pollution claims, and certain special types of property claims.

War cover replaces the covers above if the loss arises as a result of war or warlike conditions, including piracy.

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Marine Crew P&I and Extended Marine Insurance Coverage and Claim Handling Management

Special Insurance Covers


Loss of Hire covers the loss to the Owners’ as a result of off-hire caused by an incident under the H&M cover.

The Extended Loss of Hire is insurance that covers the financial loss of an Owner when the vessel is not capable to sail or when the vessel is off-hire. In simple words, it covers the shipowner in the case of loss of income, caused by the delay or detention of his vessel, that has not been physically damaged.

Defence is another insurance that covers Owners with legal assistance in connection with freight, demurrage, and defence (FD&D). More specifically, it covers the lawyers’ fees and court costs for a variety of legal proceedings. It covers the costs arising from disputes relating to the operation of the vessel, but not the damage itself. It also covers the costs of defending or enforcing claims in disputes following Charter Parties, Bills of Lading, sale and purchase contracts, disputes with shipyards or suppliers and so on.

The  Crew P&I Cover insurance responds to a crew management company’s legal or contractual liability for crew members under contract. The Extended Crew and Family insurance is an extra benefit provided to the crew whilst they are at home (waiting for their next assignment / Contract) and to their immediate family members.

The Delay in Delivery /Non-delivery is an insurance that covers the assurer (yards) in the case that a vessel or a unit’s delivery is delayed beyond the delivery dates specified in the construction contract due to physical damages, and in case of non-delivery due to lawfully cancelling or abandonment in accordance with the construction contract.

Cyber Risk Insurance can also be referred to Cyber Liability Insurance. It is a special product that is intended to protect a business from threats against internet-based risks, such as data breaches or malicious Cyber hacks basically risks relating to information technology infrastructure and loss of privacy. Cyber Cover will offer crucial support to help a business stay afloat. Any business with an online component i.e. sending, storing, sharing electronic data might benefit from Cyber insurance. The aforementioned cover will help a business to recover some costs minimise business disruption during a cyber incident and its aftermath the most common being fund transfer fraud attacks and business or email compromise scams. Cyber-attacks of any type has increasingly become a large problem to all organisations… but we have the solution for you!

The OSM Pension Fund (The Fund or PF) has been established as a separate entity from OSM and is run by independent Trustees in Guernsey (Interben Trustees Limited) who are responsible for safeguarding the financial interests of the OSM seafarers. It provides employees with retirement, disability, and death benefits. Storebrand being the administrator keeps records of each member’s retirement account and credit each account with contributions and annual interest (an Annual Interest, depending on the market’s return, is allocated to each member’s retirement).

Crew P&I and Extended Covers


ADMIN VALUE
  • Claims handling by OSM
  • Incident Management
  • Lumpsum fee covering all
ECONOMY VALUE
  • Lumpsum fee covering all
  • Zero deductibles (Crew Onboard)
  • Reducing owner’s cover requirements under vessel P&I
CREW WELFARE VALUE
  • Access to private medical for seafarer and immediate family
  • Peace of mind for seafarer
  • Cover up to USD 1M per incident (per family member)
RISK MANAGEMENT
  • All crew claims on OSM record
  • Crew Retention
OSM Pension Fund has been established to provide the crew with retirement funds on top of any CBA-regulated fund.

The OSM Pension Fund


OSM Pension Fund has been established to provide the crew with retirement funds on top of any CBA-regulated fund. OSM Pension fund is managed by Storebrand, a leading insurance company in the Nordic market for long-term savings. The OSM Pension Fund has been established as a separate entity from OSM and is run by independent Trustees in Guernsey (Interben Trustees Limited) who are responsible for safeguarding the financial interests of the OSM seafarers. Interben Trustees Limited is part of the Storebrand Group. Storebrand being the administrator keeps records of each member’s retirement account and credit each account with contributions and annual interest. An employee becomes a member of the Fund when his/her first contribution is paid by OSM; eligibility of membership of the Fund is to be stated onto the Seafarer’s Employment Contract.

SEAFARER BENEFITS
  • Provides accredited international saving plan
  • Safety for the elderly years
  • Crew welfare benefit – enables commitment and confidence to OSM
  • Insurance for seafarer’s family
SHIPOWNER BENEFITS
  • Wage Cost can be maintained at a low level
  • Support Retention of key staff
  • Part of the CSR
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