As the maritime industry navigates through a vortex of geopolitical uncertainty, climate extremes, and supply chain bottlenecks, one reality becomes increasingly clear: traditional hull and machinery insurance and P&I cover is not enough.
In times of war, pandemic spillover, port strikes, and unforeseen shutdowns, shipowners and charterers alike face a glaring exposure — delays.
And yet, many still believe that any delay occurring at anchorage, while awaiting cargo or berth, is just part of the game — an uninsurable commercial risk. But what if it doesn’t have to be?
The Lay-Up Return Illusion
Clause 22 of the Institute Time Clauses (Hulls) 1/10/83 offers a return of premium for periods when a vessel is officially laid up in port for 30 consecutive days, i.e., not in full commission, not properly manned, and effectively withdrawn from commercial service.
However, anchored delays, even long ones — like being stuck outside congested ports or idling for a charter — do not qualify as lay-up. Why?
Because:
- The vessel remains classed, manned, and ready to trade.
- Underwriters are still on risk for full perils including war, piracy, fire, collision, etc.
- Delays are commercial, not physical or insured perils.
The result? No refund. No compensation. Full premium.
A Changing Landscape: When Delay Is Insurable
At Marasco Marine Ltd, we don’t just accept limits — we challenge them. Through our specialized access to Lloyd’s syndicates and A-rated underwriters, we can offer bespoke coverages that respond to:
- Port closures due to war, revolution, terrorism, or major accidents
- Delays caused by quarantine restrictions or disease outbreaks
- Strikes, civil commotion, and labor disputes at destination
- Catastrophic events (earthquakes, hurricanes) damaging infrastructure
This is not your standard hull cover. This is Delay Risk Insurance, tailored to compensate shipowners for real-world, peril-driven disruptions.
Think of it as “Trade Disruption Insurance” for shipping, designed for today’s unpredictable global trade theater.
From Gaza to Odesa: Delay Is the New Risk
The outbreak of hostilities between Israel and Iran, the ongoing war between Russia and Ukraine, and the recurring closure of the Suez Canal, Red Sea Houthi threats, and blockades in the Black Sea all point to a dangerous truth:
Your vessels can be delayed for days, even weeks or months — and not a single clause in your current policy will respond.
We are entering a maritime era where delays are not just commercial—they are consequential. And if Shipowners/Shipmanagers are not covered, they're exposed.
Marasco Marine Ltd.’s Solution: Tailored, Transparent, Timely
Marasco Marine Ltd proactively offers:
- Delay Cover Packages – Named peril cover for defined delay scenarios.
- Flexible Triggers – Choose lump-sum payout or daily delay allowance.
- Client-Centric Structuring – Annual programs or voyage-based solutions.
- Transparent Terms – No fine print. No misleading subjectivities. Just protection.
Assessing Shipowners’/Shipmanagers’ routing patterns, historical exposure, and risk appetite, Marasco builds the solution backward from real threats, not off-the-shelf clauses.
Why It Matters Now
The next global shock is not a matter of if, but when.
And when it does, premiums will spike, underwriters will retreat, and capacity will shrink. The time to secure smart, innovative coverage is before the crisis, not after.
If your vessel is delayed tomorrow due to a regional war flare-up, and your charter is lost, your operational costs spike, or your schedule derails — will your current policy protect you?
Final Word: Be Ahead of the Risk – Be Proactive
At Marasco Marine Ltd, we don’t just broker insurance — we engineer protection. Our mission is to equip shipowners, managers, and operators with the tools to thrive in disruption, not merely survive it.
Mr Anastasios Andreas Maraslis
Founder/President/Director of *Marasco Marine Ltd
* Marasco Marine Ltd, was founded in 1991, by Mr Anastasios Maraslis. Marasco is specialising in Managing Marine Risks and Risk Prevention Planning, serving the last 33 years, Ship Owners, Ship Managers and Ship Operators, with his experienced marine/ claims insurance team and the company’s Board of Advisors, Internationally Acknowledged. More about Marasco Marine at: www.marasco-marine.com
