In response to the number of vessels and equipment that have been laid up due to recent downturn in the offshore oil and gas market, a Louisiana-based marine insurance provider is offering a new program tailored specifically for stacked equipment.
The new program was launched by Covington, Louisiana-headquartered Fidelis Group Holdings through its subsidiaries Continental Underwriters (CUL). The program, called the Master Port Risk Program, is designed to provide Hull and Liability coverage for qualified vessels that are laid up and out of commission for an extended period of time.
Under the program, the insured have the opportunity to remove their vessels from a navigating policy at a greatly reduced cost. Vessels may be insured up to an agreed hull value, with liability limits set at a minimum of $1,000,000 with options to go higher. For approved insured’s, CUL can design operational insurance separately from their Port Risk program where additional extensions can be added to the base policy conditions.
H. Elder Brown, Jr., President and Chief Executive Officer of FGH commented, “We are consistently pursuing ways of providing insurance solutions to help streamline our client’s daily operations. Our Master Port Risk Program provides commercial vessel owners, mortgagees and other interested parties a more economical way to insure their stacked equipment which is of the utmost importance during difficult economic periods.”
gCaptain is told that the program is open to all brown water commercial marine sectors, with the hardest hit sector continuing to be offshore vessels.