The continuously evolving Covid-19 (Coronavirus) pandemic is understandably a growing concern for the global shipping industry. Since the outbreak, Miller has been working tirelessly with many underwriters to help provide an innovative insurance solution for the current crisis.
Miller has secured limited market capacity to cover owners and charterers of tankers and bulk cargo vessels for loss of earnings and additional expenses following quarantine of ships and strategic cargoes, or closure of destination ports by authorities for situations relating to Covid-19.
This unique cover is granted on a voyage-by-voyage basis and indemnifies owners and charterers for declared loss of hire sums and additional expenses up to an agreed limit. Deductible structures are available and agreed on a case-by-case basis.
Head of Marine, Phil Wheeler, commented: “Our clients’ needs are always our priority and it’s our job to reduce uncertainty as much as we can in these unprecedented times. As Miller remains open for business as usual, we are helping our clients to do the same.”
