Marine insurance intermediary Seacurus has launched a new insurance policy to indemnify seafarers in the event of the financial default of their employers which, for the first time, offers recompense in respect of unpaid crew wages.
The policy will enable all employers of seafarers to meet their regulatory obligations under the Maritime Labour Convention 2006 (MLC), which enters force on 20 August, 2013.
CrewSeacure
The new policy, CrewSeacure, provides up to $ 10 m of cover in the event of an employer’s financial default. It includes personal accident protection and covers medical expenses as well as subsistence and repatriation costs. It will also respond, unlike any other product currently on the market, in respect of the non-payment of seafarers’ wages, for a period of up to six months.
MLC Certificate
CrewSeacure provides cover which meets flag state and port state control approval, and is authenticated by a ship-specific MLC 2006 insurance certificate to demonstrate compliance with the convention.
No Need to Remain On Board Abandoned Ships
‘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 until the ship is sold. This only makes matters worse for the shipowner as well as for seafarers and their families. CrewSeacure removes the need for seafarers to remain on board by ensuring that they receive their unpaid wages before being repatriated home to seek new employment opportunities.’
