In an era marked by wars, pandemics, port strikes, and unexpected shutdowns, shipowners and charterers are increasingly vulnerable to delays. While many view anchorage delays—waiting for cargo or berth—as insurable risks, this perspective is often misguided.
The Institute Time Clauses (Hulls) 1/10/83, particularly Clause 22, stipulates that a vessel must be officially laid up for at least 30 consecutive days to qualify for a return of premium. However, delays like congestion at ports or idling for charters do not meet the criteria for lay-up because the vessel remains manned, classed, and ready for trade.
Underwriters cover all associated risks during these periods, leaving shipowners liable for full premiums without compensation for the delay. Recognizing this gap in coverage, Marasco Marine Ltd challenges traditional insurance limits.
We partner with Lloyd’s syndicates and A-rated underwriters to provide tailored Delay Risk Insurance that addresses a variety of scenarios, including:
– Port closures due to war, terrorism, or accidents
– Delays caused by quarantine measures or disease outbreaks
– Strikes and labor disputes
– Natural disasters impacting infrastructure
This innovative insurance solution is akin to “Trade Disruption Insurance” specifically for the maritime industry, addressing the unpredictable nature of global trade today. Given the ongoing geopolitical tensions, such as conflicts in Gaza and Ukraine and threats in the Red Sea, delays can extend for prolonged periods.
Current insurance policies may not provide adequate response mechanisms for these scenarios, leaving shipowners and managers alarmingly exposed. Marasco Marine Ltd offers comprehensive Delay Cover Packages, allowing clients to choose between lump-sum payouts or daily allowances.
We prioritize transparency, providing clear terms without hidden clauses. With our client-centric approach, we analyze routing patterns, historical data, and risk appetites to create tailored solutions.
As global shocks become increasingly inevitable, the time to secure proactive and innovative coverage is now, not during a crisis. Marasco Marine Ltd is dedicated to engineering protection to help stakeholders thrive amidst disruption rather than merely survive.