The Shipowners’ P&I Club, experts in the provision of liability insurance for specialist vessels, is on a mission to bring clarity to policy wordings; the in-depth knowledge accrued from its particular focus on certain sectors of the global fleet assists the Club in making insurance cover easier to understand. To this end, the Club has recently published a clear outline of its Specialist Offshore Packages along with guidelines for owners and operators entitled ‘Know Your Cover’.
Over the last thirty years Shipowners has seen significant expansion in the offshore sector; these vessels (OSVs) have become larger and more sophisticated and their activities, for instance in dynamic support and construction operations, more complex. The Club has never lost its focus in providing appropriate cover for such support vessels in the offshore oil and gas sector. This specialist focus delivers to owners and operators an expert and dedicated underwriting and claims service. The recently published guidelines which offer insight into the cover provided to OSVs, is further proof of this dedication.
“While other insurance providers have deviated towards offering cover to mobile offshore drilling rigs, platforms and floating production, storage and off-loading ships, Shipowners has remained focussed on the core business that it knows so well, the offshore support vessel sector,” says Commercial Director, Simon Swallow. “In addition, we are committed to making our policies accessible and intelligible.”
The Club has issued a series of publications to help this process; two policy documents dedicated to the Basic and Enhanced Specialist Offshore Packages; a brochure designed as a guide to these Packages and a detailed description of the Packages entitled ‘Know Your Cover’ in an easy-to-follow question and answer format.
The liability packages for OSVs have been structured with clarity in mind. In addition to the traditional P&I liabilities associated with the operation of any commercial vessels, such as collision, pollution, crew and wreck liabilities, comprehensive cover can also be provided for contractual liability and third-party liability claims arising from specialist operations.
Finally, within the guide to liability packages, the Club has addressed the often challenging subject of naming a contractor or a charterer as an additional assured. “This aspect has worried owners and their brokers for a number of years,” comments Ian Edwards, Shipowners’ Underwriting Director. “We have applied a simple, intuitive approach which will allow the Club to provide the cover that our Members and other contracting parties require, while also satisfying their charter party conditions. We believe this will ultimately provide owners with the peace of mind that they seek from their P&I insurer.”
The various publications can be accessed via Shipowners’ website http://www.shipownersclub.com/vessel-type/offshore
ENDS
Notes for Editors:
The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance and associated covers to smaller and specialist vessels since 1855. The Club insures nearly 33,000 vessels from over 6,000 Members worldwide and is a member of the International Group of P&I Clubs.
The Club has offices in Luxembourg, London, Singapore and Vancouver.