Page 24: of Marine News Magazine (May 2014)

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ceedings moved along relatively quickly, this particular civil case is slowly working its way through the deposi- tion stage and is unlikely to see a courtroom or settlement discussion for months, if not years. Sadly, the pilot defen- dant’s defense costs, regardless of whether or not he pre- vails, will be enormous. While he was prudent to have pur- chased professional liability insurance with both civil/legal defense and indemnity components as part of his license defense package, in today’s world of infl ated jury awards, it’s questionable whether his $1 million policy limit will be enough to both compensate his attorney and satisfy the plaintiff’s demands.

Mariners with similar exposures should be mindful that there are options available to them to protect their assets, as well as their credentials, and should explore those op- tions when reviewing their insurance portfolios.

INSURANCE

COLUMN

Randy O’Neill is Senior

Vice President with Lancer

Insurance Company and has been Manager of its MOPS

Marine License Insurance division since 1984. Over the past 29 years, Mr. O’Neill has spoken and written on many occasions on the importance of USCG license protection.

He is a regular contributor to MarineNews magazine.

He can reached at: [email protected]

May 2014 24 MN

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