Maritime Insurance & Claims Handling Services
Maritime Insurance & Claims Handling Services
At OSM Thome, we understand risks and support our clients in turning challenges and uncertainties into opportunities and are committed to obtaining the best possible insurance solutions through teamwork, transparency, and trustworthiness. Our team members have different backgrounds and experiences – from risk management, legal, crew, medical and purchasing – which strengthens the marine insurance services and the solutions we find together.
Introducing SeaCura
Redefining Crew P&I for Today’s Seafarers
MARITIME INSURANCE SERVICES
STANDARD MARITIME INSURANCE COVERS
- Hull Machinery (H&M)
- Protection and Indemnity (P&I)
- War
- Hull Interest
- Freight Interest
- Loss of Hire
SPECIAL MARITIME INSURANCE COVERS
- Crew P&I Cover
- Extended Loss of Hire
- Defence
- Delay in Delivery/Non-Delivery
- Cyber Risk
- Lay-up Cover
- K&R
- Other Insurances
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. In such cases, a total loss could leave the shipowner in a stranded position, where the hull value would be inadequate to cover the costs and expenses needed to replace the lost vessel or order a new one.
P&I covers owners’ liability to third parties not covered under H&M, including crew claims, cargo claims, pollution claims, and certain special types of property claims.
War cover replaces the covers above if the loss arises from war or warlike conditions, including piracy.
Loss of Hire covers the owners’ loss from off-hire caused by an incident under the H&M cover.
THE PENSION FUND
The Pension Fund operates as a separate entity from OSM Thome. Independent Trustees in Guernsey (Interben Trustees Limited) run the fund and safeguard the financial interests of seafarers. The fund provides employees with retirement, disability, and death benefits. Storebrand, as administrator, keeps records of each member’s retirement account and credits each account with contributions and annual interest (the amount depends on the market’s return). An employee becomes a member of the fund once OSM Thome pays their first contribution. Importantly, the seafarer’s employment contract states their eligibility for membership.
Once the merger of OSM and Thome completes all necessary regulatory and legal formalities, we expect the pension fund to become available to the merged entity.
SEAFARER BENEFITS FOR THE PENSION FUND
- Provides an accredited international savings plan
- Financial security in retirement
- Crew welfare benefit
- Insurance for the seafarer’s family
SHIPOWNER BENEFITS FOR THE PENSION FUND
- Wage costs stay at a sustainable level
- Supports retention of key staff
- Part of our Corporate Social Responsibility commitment
CREW P&I AND EXTENDED COVERS
ADMIN VALUE COVERS
- Professional Claims handling by OSM Thome
- Lumpsum fee covering all
ECONOMY VALUE (ONBOARD COVER)
- Lumpsum fee covering all
- Zero deductibles for the shipowner (crew onboard)
- Reducing owner’s cover requirements under vessel P&I, protecting Owner’s claim statistics/loss record and enable them to negotiate their premium
CREW WELFARE VALUE (FAMILY COVER)
- Access to private medical for seafarer and immediate family
- Peace of mind for the seafarer
- Cover up to USD 1M per incident (per family member)
Information Hub: Questions on our Offshore Management
What is an "Extended Loss of Hire" Insurance?
Extended Loss of Hire insurance covers an owner’s financial loss when the vessel cannot sail or sits off-hire. Simply put, it protects the shipowner against loss of income caused by the delay or detention of a vessel that has not suffered physical damage.
What is the "Defence" Insurance?
Defence insurance gives owners legal assistance in connection with freight, demurrage, and defence (FD&D). More specifically, it covers lawyers’ fees and court costs for a variety of legal proceedings, plus costs arising from disputes relating to the vessel’s operation — though not the damage itself. In addition, it covers the costs of defending or enforcing claims in disputes over charter parties, bills of lading, sale and purchase contracts, and disputes with shipyards or suppliers, among others.
What is the "Delay in Delivery/Non-Delivery" Insurance?
Delay in Delivery/Non-Delivery cover protects an assured party in two situations. First, it applies when physical damage delays a vessel or newbuilding unit beyond the delivery dates in the construction contract. Second, it applies when the buyer lawfully cancels or abandons the contract due to non-delivery.
What is the "Cyber Risk Insurance"?
Cyber Risk Insurance, also known as Cyber Liability Insurance, protects a business from internet-based risks. These risks include data breaches, malicious cyber hacks, and other threats to information technology infrastructure and privacy. Cyber Cover offers crucial support to help a business stay afloat during a cyber incident. Any business with an online component — for example, one that sends, stores, or shares electronic data — could benefit from this cover. Specifically, it helps a business recover costs and minimise disruption during and after a cyber incident, most commonly from fund transfer fraud or business email compromise scams. Cyber attacks of every type have become a growing problem for all organisations — but we have a solution for you.
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