Navigators has been involved in a recent coverage run-in with Greece but this is not expected to derail the deal with Thomas Miller.
The row relates to protection-and-indemnity cover for the Turkish-controlled, 3,353-dwt general cargoship Little Seyma (built 1980), which ran aground near Mykonos in late December last year, with a pollution clean-up and wreck removal likely to be required.
Navigators initially disputed responsibility on the grounds that premium had not been paid.
But a P&I database operated by Navigators contradictorily indicated there was insurance for the vessel up to June 2018. Blue cards guaranteeing cover had also been issued in respect of bunker, wreck removal and Maritime Labour Convention liabilities.
Greece threatened to deny ships with Navigators cover from its waters, so Navigators is now looking at "voluntarily" undertaking a wreck removal.
However, wreck removal is costly and may be the subject of legal argument in Greece, as the country is not a party to the Nairobi International Convention on the Removal of Wrecks.
Further confusion came from the European Commission-backed Equasis database, which reported that the Little Seyma had P&I cover from Russia's VSK Insurance Co from the February 2013 renewal.
Greek newspaper Kathimerini recently reported that the Little Seyma incident was likely to lead to the government introducing legislation defining the obligations of insurers of foreign vessels in national waters.
