Special Insurance Covers
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.
Delay in Delivery /Non-delivery covers are insurances that can cover an assured party 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).