Superyacht cover launch

The Shipowners’ Club has launched a policy for its high net worth super yacht client base to indemnify them against Seafarers Unpaid Wages Following Abandonment (SUWFA). The Club believes the SUWFA cover will be welcomed by specialist marine brokers as well as those general brokers with super-yacht operating or owner clients. Its introduction, in response to market demand, nullifies the uncertainty arising from the Maritime Labour Convention 2006 (MLC) stipulation for vessel owners to provide assurances of “financial security” and leaving them liable for any unpaid wages owed to the crew.