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TT Club Outlook Improved

TT Club’s improving financial position has been acknowledged by industry ratings agency AM Best, which has revised its outlook on the mutual insurer’s rating from ‘stable’ to ‘positive’. This latest recognition marks further progress toward the goal of regaining an ‘A-’ rating. In its press release AM Best affirmed a rating of ‘B++ (Very Good)’ and indicated that the change of outlook reflects an expectation that the current ratings could be reassessed once TT Club has demonstrated a consistent track record of strong earnings. TT Club’s 2004 record performance saw gross earned premiums rise by over 20% and the total surplus and reserves increase by 58%. AM Best also noted that as a leading insurer and risk manager for the international transport and logistics industry, TT Club has a strong business position in its niche market. Paul Neagle, TT Club Chief Executive, welcomed the fact that the AM Best assessment had confirmed the increasing financial strength of the Club. “The improvement in outlook means the Club has ascended a further rung on the ratings ladder,” he stated, “and I am confident that TT is well placed to deliver consistently strong earnings in 2005 and beyond.”


A.M. Best Awards TT Club "A-" Rating

TT Club, the leading mutual insurer in the international freight and logistics arena, has had its financial strength rating of A- (Excellent) re-affirmed by the US rating agency, A. M. Best.  TT’s issuer credit rating was also maintained at "a-" by the agency, which at the same time determined that the outlook for both ratings remains "stable." In a statement issued today announcing the Club’s ratings, A. M


TT Club's Reports Strong 2003

The TT Club, a provider of insurance and risk management services to the international transport and logistics industry, has reported another successful year for its financial year 2003. In its annual report to its Members, the Board highlighted improvements in the strength and quality of the balance sheet as well as the policy year combined ratio - the underlying operating performance. On the balance sheet, the Club reported a 14% increase in the total surplus


Bradley Appointed as New Director For TT Club e-Commerce Initiatives

The Through Transport Club, the insurance mutual for ship operators, stevedores, port authorities, transport and logistics companies and freight forwarders worldwide, has appointed Louise Bradley to the new position of director of e-commerce strategy. Based in London, the appointment highlights the growing importance of the TT Club's suite of Internet services, which include ClaimsTrac, eClaims and TTXpress.com. Bradley, a graduate in law from Queen's University, Belfast


Seminar Highlights Freight Liability in Russia

Kevin King

International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow.  Lead by TT Club’s General Manager, EMEA, Kevin King and Kirill Berezov from the insurer’s long-established Russian network partner Panditrans, the seminar outlined both the changing nature of the transport operator’s liability in Russia and the idiosyncratic nature of insurance conventions applicable in the region.


Convention May Up Terminal’s Liability

A new United Nations convention on carriage contracts (“Rotterdam Rules”) will impact the liability of marine terminal operators when it comes into force, according to TT Club. The UNCITRAL “Draft convention on contracts for the international carriage of goods wholly or partly by sea”, now known as the Rotterdam Rules, has been submitted on 20 October 2008 to the International Legal Committee of the United Nations General Assembly


TT Club Pinpoints Risks for Logistics Operators

Phillip Emmanuel

The overwhelming majority of insurance claims analysed by TT Club have showed that costly damages and loss, as well as serious bodily injury can be prevented or significantly minimised by sensible and concerted risk management efforts. Speaking at this week’s TOC Container Supply Chain Asia Conference in Singapore, TT Club’s Phillip Emmanuel drew attention to the wide-range of causes leading to insurance claims by transport and logistics operators


Top Five Most Costly Insurance Claims

Image courtesy of TT Club

The TT Club has alerted the supply chain industry to a persistence of claims in a handful of loss types. The international transport, freight and logistics insurance provider said it has found that 66% of its claims by number and 62% by value over a five year period can be categorized into just five causes. The analysis, which was conducted on 7,000 insurance claims each costing more than $10,000 recorded between 2010 and 2014, totaling $425 million


Business on the Move: Educational Logistics Game

Business on the Move logo

Leading freight transport insurer, TT Club, apprises of its support for a unique learning initiative – 'Business on the Move'. The educational tool takes the form of a board game which is designed to be played at varying levels of complexity; suitable for primary and secondary school children as well as higher education students, management trainees and corporate continuous development schemes. TT Club sees the initiative as an imaginative means to educate and inspire young people in


Contamination: Primary Cause of Tank Container Claims

Causes of Claims involving Tank Containers: By Volume (2006 – 2014)

Freight transport insurer TT Club reveals detailed results of its claims survey highlighting tank container incidents: contamination accounts for nearly half with damage to tanks adding another third Speaking at the Asia Tank Container Organization’s General Meeting in Shanghai yesterday, TT Club’s Regional Director, Asia-Pacific Phillip Emmanuel outlined the major risk exposures facing the tank container industry


Boat Capsizes off Tanzania, Kills at Least 12

At least 12 people drowned when a boat capsized near a town on Tanzania's coast, while at least 27 others were rescued, a senior police official said on Tuesday. The boat capsized in the early hours of the morning with an unknown number of passengers onboard


Pirates Attack in Philippine south Leaves 8 Dead

Armed men killed eight fishermen in what appeared to be an attack by pirates in dangerous waters in the southern Philippines, a coast guard spokesman said on Tuesday.   The apparent act of piracy came as Philippine soldiers were given a six-month deadline to end Islamist militant threats


Metal Shark Makes Multiple Latin American, Caribbean Deliveries

The PRPD testing one of its new Metal Shark 36 Fearless patrol boats in the Atlantic Ocean near San Juan, Puerto Rico. (Photo: Metal Shark)

Louisiana-based boatbuilder Metal Shark has announced several new contracts with Latin American and Caribbean operators, further expanding the company’s presence in the region. At a recent ceremony with Puerto Rico’s Governor Alejandro Garcia Padilla in San Juan


Twenty Dead, Dozens Hurt After Indonesian Tourist Boat Blaze

Twenty three people were killed and dozens injured on Sunday after a fire ripped through a boat carrying nearly 250 people to islands north of the Indonesian capital Jakarta, the city's search and rescue agency said.   The Zahro Express caught fire shortly after leaving Muara Angke port in


Five dead, 100 rescued from burning Indonesia tourist boat

Five people were killed and around 100 people rescued on Sunday after a fire ripped through a boat carrying tourists to islands north of the Indonesian capital Jakarta, authorities said. Along with five fatalities, 17 people were also injured, said Ferry Budiharso


Missing man's Body located in Corpus Christi Bay, Texas

Corpus Christi MH-65 Dolphin helicopter Photo USCG

A Coast Guard aircrew found the body of a 61-year-old fisherman Monday, after he was reported missing off Mustang Island earlier in the morning. The Corpus Christi Police Department notified Coast Guard Sector Corpus Christi watchstanders at 7:35 a.m


Tuco Delivers in Norway

Photo: Tuco Marine

Danish builder Tuco Marine said it has delivered a ProZero 10.5m WBW Archipelago multipurpose workboat to the Norwegian Archipelago Services.   The vessel is a fast and light and features a hydraulic bow gate and a deck crane for handling cargo over the vessels side, according to the builder


Megaware KeelGuard Debuts PontoonGuard

PontoonGuard is the newest boat protection product Photo Megaware KeelGuard

Megaware KeelGuard, Inc., a worldwide supplier of products designed to protect the smallest fishing boats to the largest Coast Guard fleets since 1992, announced today the launch of its newest boat protection product – PontoonGuard.


Two Medevaced from Tanker off Sabine, Texas

CRUDE OIL TANKER UNITED AMBASSADOR PHOTO USCG

Coast Guard crews medevaced two men after they were struck by a pressurized object and suffered injuries aboard a tank ship about 20 miles off the Texas Point Wildlife Refuge Wednesday afternoon. The crew of the tanker United Ambassador contacted Coast Guard Marine Safety Unit Port Arthur


Norsafe Bags Another Swedish Coastguard contract

Norsafe Magnum 750 MKII for KBV Photo Norsafe

On Wednesday 21st December, Norsafe signed yet another new contract with the Swedish Coast Guard (KBV) to deliver nine new Magnum 750 MKII boats.   The boats are specially developed in close cooperation with KBV and are a continuation of seven boats already delivered between 2015 and 2016.


Israeli Police Trial its Latest Patrol Boats

Photo: SAFE Boats International

Israel Marine Police delegation visits SAFE Boats International to sea trial final patrol boats under multi-year contract   The Israel Marine Police (IMP) visited SAFE Boats International (SBI) this week to inspect and sea trial the final three vessels of 10 new patrol boats under contract


Master Marine Lays First Keel of Four-vessel Order

Photo: Master Marine

Master Marine said it has laid the first keel of four new 67’ x 28’ fleet boats ordered in September.  Each boat will be powered by a pair of S6R2-Y3MPTAW Mitsubishi 803 HP tier III diesel marine engines to be operated at 1,400 RPM coupled to Twin Disc 5321 gears


DMA Powerboat license: Yes or No?

The Danish Maritime Authority has added a new function, making it possible for you to insert your boats length and output and then see whether a powerboat license is required for your boat. Photo Danish Maritime Authority

Now it has become easier to find out whether a powerboat license is required for your boat. The Danish Maritime Authority has added a new function, making it possible for you to insert your boat's length and output and then see whether a powerboat license is required for your boat


Danish Maritime Authority Powerboat License

 Now it has become easier to find out whether a powerboat license is required for your boat.   The Danish Maritime Authority has added a new function, making it possible for you to insert your boat's length and output and then see whether a powerboat license is required for your boat


Volvo Penta Conducts Training for Dealer Network

Courtesy Volvo Penta

Volvo Penta of the Americas conducted a custom training course in Cancun, Mexico recently, providing full instruction in the assembly, repair and alignment of IPS engines for its regional dealer network in Mexico and Central America.  






 
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