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Self-Retention Insurance
12 Months Ended
Dec. 31, 2013
Self-Retention Insurance [Abstract]  
Self-Retention Insurance

NOTE H – SELF-RETENTION INSURANCE

We are self-insured for Hull and Machinery claims in excess of $150,000 for each incident and for Loss of Hire claims in excess of 14 days.  The aggregate stop loss included in the policy is $750,000 for Hull and $750,000 for Machinery per policy year.  Once the aggregate stop loss amount is exceeded, we have coverage up to the limits provided.

 

Protection and Indemnity claims, including cargo and personal injury claims, are not included in our self-retention insurance program.  We have third party insurance coverage for these claims with deductible levels ranging from $100,000 to $250,000 per incident depending on vessel type. 

 

The liabilities for self-insurance exposure and for claims under deductible levels were approximately $5.4 million and $4.4 million as of December 31, 2013 and December 31, 2012, respectively. The $1.0 million variance from 2012 to 2013 primarily consists of additional claim liabilities due to the acquisition of UOS.