MARITIME INSURANCE & CLAIMS HANDLING SERVICES
The Insurance Team at OSM Thome presents competitive maritime insurance service solutions, combined with high-quality insurance claims management services.
At OSM Thome, we understand risks and support our clients in turning challenges and uncertainties into opportunities. The team members have different backgrounds and experiences – from risk management, legal, crew, and purchasing – which strengthen the marine insurance services and the solutions we find together.
WHY CHOOSE OSM Thome TO INSURE YOUR VESSEL AND CREW?
- Our position of strength and breadth of services and capabilities allow us to provide tailor-made solutions to our customers.
- A personal approach combined with our commitment to being one step ahead: we are in-house.
- We support in managing emergencies, crises and exercises.
- We can provide competitive price insurance that supports vessel owners.
- OSM Thome Insurance has a global presence in the maritime industry.
- We possess the expertise, and we are competitive in providing total quality customer service on claims handling services.
- We are reliable and cost-efficient in full-service marine insurance claims.
MARITIME INSURANCE SERVICES
OSM Thome has an in-house marine insurance broking entity, OSM Maritime Insurance Services, which is licensed to practice insurance broking by the Norwegian Financial Supervisory Authority, providing competitive marine insurance and risk management service solutions for clients of our company, including maritime insurance placements combined with high quality claims management services:
| STANDARD MARITIME INSURANCE COVERS | SPECIAL MARITIME INSURANCE COVERS |
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STANDARD MARINE INSURANCE COVERS
Hull and Machinery covers loss or damage to the vessel, machinery, and equipment, plus third-party liability for collisions and allisions.
Hull Interest is standard insurance that covers the shipowners in cases of total loss, constructive total loss, or compromised total loss. A total loss could leave the shipowner in a stranded position where the hull value would be inadequate to cover the costs and expenses necessary to replace the lost vessel or order a new vessel.
P&I covers owners’ liability to third parties not covered under H&M and includes coverage of crew claims, cargo claims, pollution claims, and certain special types of property claims.
War cover replaces the covers above if the loss arises as a result of war or warlike conditions, including piracy.
Loss of Hire covers the loss to the owners as a result of off-hire caused by an incident under the H&M cover.
SPECIAL MARINE INSURANCE COVERS
The Extended Loss of Hire is insurance that covers the financial loss of an owner when the vessel is not capable to sail or when the vessel is off-hire. Simply put, it covers the shipowner in the case of loss of income, caused by the delay or detention of his vessel, that has not been physically damaged.
Defence is another insurance that covers owners with legal assistance in connection with freight, demurrage, and defence (FD&D). More specifically, it covers the lawyers’ fees and court costs for a variety of legal proceedings. It covers the costs arising from disputes relating to the operation of the vessel, but not the damage itself. It also covers the costs of defending or enforcing claims in disputes following charter parties, bills of lading, sale and purchase contracts, disputes with shipyards or suppliers, and so on.
The Crew P&I Cover insurance responds to a crew management company’s legal or contractual liability for crew members under contract. The Extended Crew and Family insurance is an extra benefit provided to the crew whilst they are at home (waiting for their next assignment/contract) and to their immediate family members.
Delay in Delivery/Non-Delivery covers are insurances that can cover an assured party in the case that a vessel or a unit’s delivery is delayed beyond the delivery dates specified in the construction contract due to physical damages, and in case of non-delivery due to lawfully cancelling or abandonment in accordance with the construction contract.
Cyber Risk Insurance can also be referred to Cyber Liability Insurance. It is a special product that is intended to protect a business from threats against internet-based risks, such as data breaches or malicious cyber hacks basically risks relating to information technology infrastructure and loss of privacy. Cyber Cover will offer crucial support to help a business stay afloat. Any business with an online component, i.e. sending, storing, and sharing electronic data might benefit from cyber insurance. The cover will help a business to recover some costs minimise business disruption during a cyber incident and its aftermath the most common being fund transfer fraud attacks and business or email compromise scams. Cyber attacks of any type have increasingly become a large problem for all organisations, but we have a solution for you.
The Pension Fund has been established as a separate entity from OSM Thome and is run by independent Trustees in Guernsey (Interben Trustees Limited) who are responsible for safeguarding the financial interests of seafarers. It provides employees with retirement, disability, and death benefits. Storebrand, being the administrator, keeps records of each member’s retirement account and credits each account with contributions and annual interest (an annual interest, depending on the market’s return, is allocated to each member’s retirement). An employee becomes a member of the fund when his/her first contribution is paid by OSM Thome. Eligibility of membership of the fund is to be stated on the seafarer’s employment contract.
Following the completion of the merger of OSM and Thome and the necessary regulatory and legal formalities, it is anticipated that the pension fund will be available for the OSM Thome merged entity.
CREW P&I AND EXTENDED COVERS
| ADMIN VALUE COVERS | |
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| ECONOMY VALUE (ONBOARD COVER) | |
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| CREW WELFARE VALUE (FAMILY COVER) | |
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THE PENSION FUND
SEAFARER BENEFITS FOR THE PENSION FUND
- Provides accredited international saving plan
- Safety for the elderly years
- Crew welfare benefit
- Insurance for seafarer’s family
SHIPOWNER BENEFITS FOR THE PENSION FUND
- Wage Costs can be maintained at a sustainable level
- Support Retention of key staff
- Part of the Corporate Social Responsibility