We take this opportunity to provide an update following the launch of Aurora P&I, MECO’s P&I facility for Owners of small ships which we launched on 1 July 2022.
Aurora P&I offers fixed-premium P&I cover up to USD500 million to owners of smaller ships worldwide. The security is provided 100% by the Munich Re Group. The group company providing security to Aurora P&I is Great Lakes Insurance SE, (“GLISE”), a wholly-owned subsidiary of Munich Re. GLISE is rated AA- by S&P.
MECO has worked with Munich Re for over 30 years and since 2009 GLISE has been the risk carrier for one of MECO’s other core brands, the Charterers P&I Club.
MECO conduct both underwriting and claims handling, including the ability to provide security in respect of covered claims and the provision of trading certificates (including Blue Cards and MLC Certificates).
We can tailor underwriting solutions to suit the needs of owners operating in the small ships’ market. Our portfolio includes passenger vessels, tugs and barges, fishing vessels, workboats, tank vessels, and general cargo ships up to 5,000 GT engaged on short sea trade and inland waterways. We also have a bespoke P&I policy for yachts. We can offer yacht crew benefit insurance including Personal Accident and Death In Service cover through CrewSure.
Many shipowners require additional covers. These are sometimes needed under the relevant contract with their counterparties depending on the operation concerned. Aurora can offer additional covers up to an agreed amount in respect of Excess P&I War Risks, Specialist Operations, Underwater Operations, Salvage, Towage, and specific Contractual Liabilities.
We are happy to discuss with owners and brokers what may be required in terms of additional covers. For example, contractual liabilities may be needed where the owner assumes obligations that fall outside the scope of standard P&I cover. In relation to standard towage cover, the Aurora policy provides that towage should be under an Approved Contract. The insured should contact us if their tugs are intending to contract on non-approved terms.
We pride ourselves on our claims handling service. MECO has offices in London, Dubai and Shanghai and can call upon our extensive network of correspondents and service providers who can assist with claims and casualties worldwide. MECO has a number of legally qualified claims handlers who can assist with disputes under charterparties, bills of lading and other contracts. Aurora can offer Defence Cover up to an agreed limit, which provides cover for legal and other expenses in defending and/or pursuing Defence claims in connection with the insured’s ships.
For further information please email us at enquiry@themecogroup.co.uk.
