Bermuda-based insurance mutual Shoreline has struck a deal with its reinsurers to renew its Athens Blue War Card for cruiseships and ferries at existing rates.
The deal also includes discounts for operators affected by the coronavirus pandemic.
The Athens Blue War Card is provided by Shoreline Passenger Solutions and covers the war risk exposure of passengerships which is required under the IMO’s 2002 Athens Convention.
The cover is fully reinsured through a panel of Lloyd’s of London syndicates and London company market reinsurers.
After negotiations with its reinsurers, ahead of the 20 February renewal, chief executive Tom Brown said that Shoreline had succeeded in negotiating renewal terms at the same level as the current policy year.
In consideration of the impact of the pandemic passengership operators which are not trading will only have to pay the deposit premium rather than the full annual premium.
A discount has also been won for passengerships which are trading but not at full capacity because of the social distancing restrictions in place to stop the spread of coronavirus.
Shoreline’s success in keeping a lid on its reinsurance rates comes in contrast to other areas of marine insurance. The protection and indemnity market is applying increases of between 5% and 10% at its 20 February renewal while there are even larger increases in the hull and machinery market.
Brown said: "It has been a difficult renewal season at a difficult time for the insurance industry and the passengership industry in general, we are very happy with the outcome."
