Maritime Security: Achieve Cost Savings and Better Coverage Overseas 

maritime security insuranceWith more than six decades of experience helping industries manage risk and protect assets, Clements can ensure that your organization is compliant with BIMCO insurance requirements. As new and existing organizations compete for contracts as part of Private Maritime Security Companies (PMSC), it's become critical for security contract bidders to understand the liability risks involved as well as full compliance with insurance regulations.

Clements Worldwide Maritime Security Insurance solutions can provide you with a customized, intelligent insurance plan without resorting to pre-packaged policies like other insurers do. Our dedicated team serving Private Maritime Security Companies (PMSC) will customize your coverage and assist you in managing your insurance plan effectively – with just one point of contact. 

Specifically, BIMCO's recent publication of new GUARDCON standards for the employment of security guards on vessels include provisions requiring Security Company to carry insurances (specified in Clause 12) covering it and its security personnel against costs and liabilities. Examples of these new regulations include:

  • General insurance - USD 5 million Professional indemnity insurance
  • USD 5 Million Maritime employers insurance
  • USD 5 Million Personal accident and illness
  • USD 250 000 per person
  • Valid licenses for embarking and disembarking armed teams
  • Legal and documented weapons

Clements Worldwide works with Private Maritime Security Companies (PMSC) to ensure your protection and that of your clients well beyond these standards. For example, the minimum insurance required to meet some of these potential liabilities is USD 5 million, which may be sufficient in the western Indian Ocean, but may not be in other parts of the world. Another area of concern is the costs of deviating to disembark a sick or injured armed guard.

Guardcon provides that the costs of the deviation will be for the shipowner (which is usually a P&I risk). However, the PMSC must take responsibility for the disembarkation and subsequent repatriation, either under an employers' liability cover or under the individual's personal accident cover, both of which are required under GUARDCON. Finally, on a general note, the parties will bear responsibility for the injury to their own personnel and for the damage and loss to their own equipment, the exception being where loss arises from the negligent or accidental discharge of a weapon by the armed guard.

Please call us today at +1.202.872.0060 or 800.872.0067 or e-mail to discuss your organization’s industry needs.

Contact Clements Insurance Specialist

  • Portfolio of Insurance Solutions
  • Resources

Clements have a vast array of maritime security insurance solutions including:

Comprehensive Liability Package  

  • General and Professional Liability
  • Coverage Employers Liability
  • Marine Employers Liability (MEL)

Personal Accident: Provides your employees and beneficiaries with financial compensation in the unfortunate event of an accident during an international trip or living and working overseas. It offers 24 hour cover for Accidental Death and Dismemberment (AD&D), Disablement and pays for Medical Expense, Medical Evacuation and Repatriation. Personal Accident benefits are payable in addition to DBA or Workers Compensation benefits.

Kidnap and Ransom: Ensures financial assistance following a kidnapping, such as ransom demands, deployment of a crisis response team to manage the abduction and legal liabilities that may arise as a result of the kidnapping. 

Directors & Officers: Provides organizations, directors, officers and board members with the proper coverage in the event they are sued for alleged wrongful acts or negligence. It covers legal liabilities for alleged wrongful acts in their capacity as directors and officers and protects the personal finances of those board members who are exposed. Employments Practices liability is available with D&O to protect against suits from wrongful termination, discrimination, and harassment.

Please call us today at +1.202.872.0060 or 800.872.0067 or e-mail to discuss your organization’s industry needs.

Contact Clements Insurance Specialist

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