New insurance product for “untapped” seafarers market

globality seafarer insurance

Globality Health has teamed up with Crewsure to provide a seafarers insurance plan.

On 20 August 2013 the Maritime Labour Convention (MLC) 2006 was ratified by 50 states, representing 75 percent of the world’s shipping. This is important for insurers as title 4 of the convention covers the health protection and medical care of seafarers.

Globality Health is responding to this increased need for appropriate seafarer insurance for by partnering with Crewsure to offer clients innovative insurance products. The MLC covers 75 percent of the world’s vessels and shipping companies must comply with the insurance requirements laid out in the convention, opening up a huge market.

The new product, Crewsure Marine, supports the health and wellbeing of onboard crew, and also fully meets the revised MLC regulations. Crewsure Marine is a composite ‘no fault’ insurance policy, paid for by the employer, providing personal insurance for seafarers. Traditionally, seafarers have been able to access free health care under a right called maintenance and cure.

The coverage includes medical care, personal accident cover, loss or delayed baggage, and repatriation in the case of abandonment. Although the product has been designed as a single solution, if the shipowner has sourced coverage elsewhere, the product can be separated as appropriate.

“It is our firm belief that the best partners have joined forces to deliver first class care and the best insurance service to the maritime industry.  We give Crewsure clients the strength of one of the world’s leading insurers and reinsurers, so crew-members can feel safe and secure whatever ocean they cross,” said Philip Wright, chief commercial officer of Globality Health.

The demand for this type of tailored coverage which must meet the MLC requirements is opening up the market, and with 1.3 million seafarers around the world, it has huge potential.