Chairman of the Board of Directors, Fidelis Group Holdings LLC and Continental Underwriters, Ltd. For those in the marine insurance and underwriting communities, H. Elder Brown, Jr. needs no introduction. That’s because over the course of the past 27 years, Brown has taken Continental Underwriters Ltd. (CUL) from a small family business to one of the largest brown water marine underwriters in the United States. More recently, Brown returned CUL to private ownership by purchasing CUL back from Houston Casualty Company in 2009. Today, CUL is an industry leader in part due to the company’s excellent underwriting and claims handling. A 1974 graduate of Loyola University, Brown has steadily risen through the ranks of marine insurance, serving along the way in the Claims Department, as Assistant Underwriter, Senior Underwriter and eventually earning his current position as Chairman of the board of directors. Starting out as an Offshore Crew boat captain, Brown at one time operated and managed oilfield crew boats. As such, his knowledge of this unique market niche extends far beyond simple dollars and cents. This month, he weighs in for MarineNews readers on a host issues affecting marine insurance and those who depend on those services. How do you view the marine insurance marketplace at the current time? How about in one year? Five?
Secretary of Transportation Norman Y. Mineta has approved an extension of the authority to provide war risk insurance under Section 1202 of the 1936 Merchant Marine Act (Act). Unlike Section 1205 insurance, which is provided to the Department of Defense (DOD) on vessels chartered to them at no premium and with a full DOD indemnity, Section 1202 insurance is underwritten by DOT in return for a premium from shipowners. This insurance or reinsurance of vessels is available for vessels (including
Moore Stephens has appointed Lloyd's insurance market expert Tim Walker a consultant to its insurance and business intelligence team. Walker has extensive experience of international - and particularly Lloyd's - underwriting markets. He was a director of Miller Underwriting Agencies for ten years until starting his own full-time Lloyd's consultancy in 1993, in which capacity he acts as manager to Charles Taylor & Co, managers of The Stop Loss Mutual Insurance Association Ltd.
Wikborg Rein, a Norwegian law firm, said Norway's Supreme Court has closed a door to claimants attempting to act against foreign shipowners insuring themselves in Norway. Anders Faerden, a partner in Wikborg Rein's Oslo office, said, "A Mexican insurance company has unsuccessfully brought a claim in Norway against a major Russian shipowner. The claimant tried to sue the Russian company in Norway because it had its P&I cover with Oslo-based Skuld.
Tactical Insurance Group has opened a new corporate office to facilitate the expansion of the company into its targeted industry sector – Logistics Insurance. One of the South Central region's leading insurance brokers, Tactical Insurance Group, has moved into a newly expanded corporate office facility in Dallas as part of its strategy to grow its Logistics Insurance practice throughout Texas and surrounding states.
To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages. "Crisis events like kidnapping, disappearance and hijack are increasingly real threats, especially on open seas," explained Denise Balan, Country Manager of XL's US Crisis Management business which developed the KRE endorsement
Regulatory developments mean that failure to make proper use of business intelligence systems and actuarial consultancy to assess risk could lead not only to significant financial losses but also to disciplinary penalties for insurance underwriters and brokers, according to leading accountant and consultant Moore Stephens. John Harbor, head of the Moore Stephens Insurance Industry Group, says, "Professional risk analysis and modern data management techniques are
Barbican Group Holdings Limited (Barbican) announced that it has acquired Seacurus Ltd (Seacurus), a U.K.-based specialist marine insurance broker. Established in 2004, Seacurus focuses specifically on revenue protection in the marine insurance market. A provider of marine kidnap and ransom insurance, the company offers a range of products designed to help companies in the shipping industry manage a wide variety of operating and financial risks.
International Medical Group® (IMG) a leader in designing, distributing and administering global medical insurance benefits, has announced its enhanced flagship marine group medical insurance program. According to IMG, the enhancements enable ship owners to provide their crew comprehensive coverage for eligible medical expenses, which is increasingly important with the enactment of the Maritime Labour Convention (MLC, 2006).
With a one stop shop offer to facilitate your shipping experience, CMA CGM, in partnership with one of the largest marine insurance companies in the world, has developed a Unique Cargo Insurance Program to cover the unexpected and unforeseeable events that may lead to loss or damage of your cargo. CMA CGM press release says that, since June, 20th 2016, this offer is also available in the CMA CGM eBusiness Platform
Time has come for most shipowners to apply for renewal of their CLC, Bunker, Athens and Wreck Removal Certificates from the Danish Maritime Authority. Certificates must be renewed when the underlying insurance expires. Ships subject to a requirement for a certificate are not allowed
A large portion of Iran’s shipping fleet has regained Protection & Indemnity (P&I) insurance from Steamship Mutual, reports Mehr News Agency. Steamship Mutual, said in a statement that a considerable number of Iranian vessels have taken out insurance form the company.
The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published. The book tells the story of the Club across ten decades of maritime and marine insurance history both
American Hellenic Hull Insurance Company (AHHIC) has already provided cover for 1,000 vessels managed from Europe, the Americas and Asia, said said Vincent Solarino, Chairman of the Board of Directors of AHHIC and President and COO of Shipowners Claims Bureau, managers of the American Club.
South Korea’s biggest shipping company, Hanjin Shipping Co Ltd filed for court receivership in South Korea on Wednesday 31 August 2016 after losing the support of its banks, setting the stage for what has now become a motley situation. Ince & Co's Knowledge Bank takes a look
The Company: XL Group plc through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world
The International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure.
Dr. B. S. Park, Korean Register Chairman and CEO, has passed away after a short illness. Dr. Park graduated from Korea Maritime and Ocean University in 1976 and joined Pan Ocean Shipping where he worked in a number of capacities until 2001
Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say. While shipping companies have yet to divert ships
International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by an average of 2.4% in 2015. This compares with the 0.8% average fall in costs recorded for 2014, and is the fourth successive overall year-on-year reduction
Hanjin Shipping Co. has notified 560 shipping crew that their service with the company ends on Dec. 10, reports the Pulse. The rest of 2,000 on the company payroll are expected to get dismissal notice within next month.
As summer slowly fades to memory and commercial vessels have less frequent encounters with recreational vessels of all sizes, shapes and descriptions on America’s inland waterways, it might be a good time to review a strange, but not completely unusual incident that occurred in Louisiana on
Following the success of the inaugural Asian Marine Casualty Forum (AMCF) in 2015 and by popular demand, the bi-annual industry forum aimed at addressing the current crises in maritime casualty management, is back for the second time running and officially launched in Singapore today
The following are the salient features of the draft Inland Vessels Bill, 2016 of India. The Draft Inland Vessels Bill, 2016 covers the Preamble and has 16 parts i.e. Part I to Part XVI. The salient features are: 1. Part I- enables the Central
The cost of operating cargo ships has fallen for two successive years but is forecast to rise in 2017 and beyond, according to the latest Ship Operating Costs Annual Review and Forecast 2016/17 report published by global shipping consultancy Drewry.