A strike can be defined as: "Any form of industrial action taken by workers which is carried on with the intention of preventing, restricting or otherwise interfering with the production of goods or the provision of services."
We can also provide cover for Charterers against delays caused by a strike of owner's crew.
Strikes can result in cashflow difficulties for an operator and may lead to a reduction in operating profits. Transmarine's cover provides valuable financial protection for an operator's daily costs arising from such an event
Our CLASS I Terms & Conditions state that:
A strike can be defined as: “Any form of industrial action taken by workers which is carried on with the intention of preventing, restricting or otherwise interfering with the production of goods or the provision of services.”
An Assured may be entitled to compensation for any Applicable Delay(s) occurring during the Policy Year and suffered by an Insured Vessel whilst at or off any port as a result of one or more of the following risks:
1. Strike or Lockout (other than a Crew Strike)
Strikes can result in cash flow difficulties for an operator and may lead to a reduction in operating profits. Transmarine’s cover provides valuable financial protection for the daily costs arising from such an event which fall on owner or manager of a vessel.
2. Crew Strikes
We can also provide cover for charterers against delays caused by a strike of owners crew.
EXAMPLE OF CLASS I CLAIMS
An Assured operated a regular service using Finnish flag vessels, with Finnish crews, between the Baltic States and Finland. The crew heard rumours of the operation becoming subject to a joint agreement with unknown parties in one of the Baltic States, with changes to crew manning agreements and other conditions. They decided to take strike action by refusing to take…Read More »
An Assured operated a regular liner service between Northern Europe and the Iberian Peninsula. There was a period during which the stevedores at Lisbon at various times were either on strike or operating an overtime ban. The Assured already had one vessel caught in Lisbon as a result of this action, causing a delay of some 6½ days, and had…Read More »
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The Transmarine insurance product has evolved over the years, but the intention remains: provide comprehensive protection for any loss of earnings. Our hull and machinery insurance products, as well as our Trade disruption policies, will ensure your business is kept afloat in difficult times. Please contact us below if you have an enquiry.