Marsh Gets Cover For Yemen Shipping
NU Online News Service, Aug 8, 11:57 a.m. EDT?Insurance broker Marsh said it has helped secure $150 million in war coverage for shipping vessels into the ports of the Republic of Yemen.
The New York City-based firm, part of the Marsh and McLennan Companies, said marine war underwriters have agreed to provide up to $150 million in coverage for hull and machinery losses to any one vessel in Yemen. Further limits are available for protection and indemnity insurance and crew personal accident under the new market war cover available through Lloyd's underwriters.
Marsh said Lloyd's underwriters believe that they have found a solution that is not only innovative but also sensitive to the commercial problems confronting the Republic of Yemen.
This facility, arranged by Marsh's Marine and Energy Practice, has been designed to encourage the return of shipping to Yemeni Ports, the firm continued, following the attack on the French oil tanker Limburg by terrorists in late 2002.
As part of the agreement with underwriters, the broker said, the government of Yemen is tackling the threat of terrorists to maritime targets in their waters through the imposition of increased security standards and the commissioning of a full security review. The results of the review will be made available to leading underwriters, Marsh said.
In addition, Yemen has agreed to contribute to the cost of a proportion of any claims that may arise under the facility.
Selected vessel owners may receive Yemeni assistance with meeting the cost of their premium.
Although Marsh arranged the facility with underwriters and the Yemeni government, it is open to all Lloyd's brokers with immediate effect, according to Marsh.
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