A new insurance package will cover liabilities and losses incurred during towage, tug, offshore oil and gas and renewables operations.
UK P&I Club has introduced specialist cover to meet the losses incurred and liabilities of its members in the offshore oil and renewables sectors.
This service will be provided in conjunction with Thomas Miller Specialty Offshore (TMSO). It will cover a wide range of operations such as anchor handling, tug and supply, offshore and diving support.
It will also cover offshore construction, pipe and cable laying, seismic research, windfarm support, and ROV/subsea operations.
TMSO has worked with UK P&I Club previously providing cover for offshore construction and P&I industries.
UK P&I Club chief underwriting officer Christopher Brown expects the indepth knowledge of both organisations to enable the club to “thoroughly understand” its members’ needs for liability and incurred losses.
The UK P&I Club was established in 1869 and now insures more than 240M tonnes of owned and chartered shipping. It is managed by international insurance group, Thomas Miller, has US$540M of free reserves and an A (stable) rating from Standard & Poor’s.
There are several insurance issues tug owners need to consider, especially if they are providing salvage services to ships in distress. The benefits and downfalls of salvage Lloyd's Open Form salvage contracts are discussed in detail by law group MFB.
Source:osjonline
