Eagle Ocean Marine launches ship recycling insurance facility

P and I Clubs, Ship Demolitions — By on July 30, 2014 at 9:51 PM
Joe Hughes

Joe Hughes

New programme offers customised cover backed by Lloyd’s security

NEW YORK, 30 July, 2014: Eagle Ocean Marine, a leading fixed-premium P&I facility operated as a joint venture between a number of Lloyd’s syndicates and the American Club, has established a dedicated programme for the insurance of vessels on demolition/recycling voyages.

The facility provides comprehensive liability insurance for both owners and the specialist professionals engaged in this increasingly significant and growing trade. Backed by the first-class security of underwriters at Lloyd’s, the new venture provides a highly-focused insurance product aimed at the distinctive needs of this important sector.

Cover terms and conditions can be carefully tailored to the particular requirements of different assureds involved in the scrapping and recycling of vessels of all types from every part of the world.

Speaking in New York today, Joe Hughes, chairman and ceo of Eagle Ocean Agencies, Inc., responsible for marketing the cover, expressed his high expectations for its future: “We are delighted to be launching this new Eagle Ocean Marine product in close collaboration with our partners at Lloyd’s.

“The Eagle Ocean recycling facility will provide the market with a dedicated and tightly-focused solution to a marine insurance need which will continue to grow over the years ahead. Also, the facility is launched at a time when the demolition/recycling industry is coming under increasing regulatory pressures, and new legislation that is in the pipeline could affect liability issues.

“We look forward to developing the new facility with our friends and associates from across the world, and believe it will soon occupy a significant position in this expanding market.” 

NOTE:

Eagle Ocean Agencies, Inc., is a member of the New York-based Eagle Ocean Group of companies – North America’s leading provider of mutual management, underwriting, adjusting, claims handling, surveying and loss consultancy services to the international shipping and insurance communities. Eagle Ocean Agencies’ core business is the provision of coverholder and related services to a variety of insurance carriers.

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