Services and Products
SIGCo provides the following products and related services to assist shipowners.
The COFR and ICB products pertain to trading within the US Exclusive Economic Zone,
whereas our Cyber Insurance programmes are on a worldwide basis in accordance with Lloyd’s licenses.
COFR Guaranty
To comply with The Oil Pollution Act of 1990, vessels over 300 Gross Tons sailing within the US Exclusive Economic Zone (EEZ) require “Evidence of Financial Responsibility”, usually in the form of a Guaranty supporting a Certificate of Financial Responsibility (COFR) issued by the National Pollution Funds Center (NPFC) in the US. SIGCo provides this Guaranty for shipowners who are able to satisfy certain criteria. As a consequence of providing a COFR Guaranty, SIGCo is liable for claims arising under OPA90 CERCLA that result from oil pollution incidents within the US EEZ.
COFR Certificate (CG5585)
In order to add value to its COFR Guaranty provision, SIGCo will, if the member desires, also make a CG5585 application to the NPFC to obtain the COFR Certificate which is required to be supported by the Guaranty. In addition to removing the administrative burden of this application from its members, SIGCo absorbs all associated costs, such as certification fees and process agents’ fees without charge as a benefit of membership.
International Carrier Bonds (ICBs)
As a further service to our members, SIGCo has arranged a facility to provide them with International Carrier Bonds (ICB). An ICB is required by US Customs & Border Protection in order for the shipowner to comply with Automated Manifest System (AMS) and Advance Passenger Information System (APIS) regulations when trading to the USA. The SIGCo ICB programme is the lowest-cost, least administratively burdensome option currently available.
Cyber Hull Insurance
To provide coverage to shipowners concerned that they may not have protection in circumstances where, due to a Cyber related cause, the H&M policy does not respond. SIGCo has worked with its partners at Lloyd's to create a defined perils insurance policy at low cost and with a simple application process.
Cyber Loss of Hire Insurance
Complimenting Cyber Hull Insurance, Cyber Loss of Hire provides coverage to shipowners concerned that they may not have protection in circumstances where, due to a Cyber related cause, the Loss of Hire policy does not respond. SIGCo has worked with its partners at Lloyd's to create a defined perils insurance policy at low cost and with a simple application process.