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
McDermott Costa Insurance Brokers offers risk-reducing advice to marinas & shipyards regarding third party vendors Third party service providers can pose serious risk and liabilities for marina and shipyard owners. Without the proper due diligence these marine companies could find themselves footing large bills should a dispute occur. As a California insurance agency that specializes in ocean marine insurance for boat yards, marinas, yacht clubs
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).
BHM Penlaw and Tactique Ltd have now joined forces to support their clients in exploiting an alternative sea route which reduces sailing distance by 4,300 nm and 10 days on transits between Europe and Asia. The Northern Sea Route, also known as the NSR, or Northeast Passage
The Ghana Navy has foiled a pirate attack on a Nigerian cargo vessel, MT Mariam and captured all eight bandits. The pirates were armed, but no one, including a nine-member crew aboard MT Mariam, was injured when the Ghana Navy crew aboard GNS BLIKA effected the arrest.
A group of 40 enthusiasts from the maritime and insurance community in Singapore have come together, to undertake a 24 hour endurance sea challenge, all in aid of the global maritime welfare charity, The Mission to Seafarers. Mission Row Around Singapore Island (RASI)
Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages, caught in a struggle between the rival governments there and threatened by air attacks.
Russian companies face billions of dollars in extra insurance costs as Western sanctions prompt foreign insurance firms to start pulling out, worried that any business they undertake is at risk from future measures and an increasingly sick economy.
DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has highlighted the benefits of fixed premium P&I cover for ship owners and operators in the Middle East.
Insurance underwriters of diversified maritime exposures see a wide variety of approaches taken by vessel operators to manage human error to control risk. They have found through experience that the majority of hull and liability claims can be traced to a breakdown in preparedness and
BMT Asia Pacific, a subsidiary of BMT Group has appointed Joanne Tse as Head of Risk Management based in Hong Kong. The new appointment will help support the regional growth of risk consultancy services - principally in the transportation and construction sectors.
The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG).
P&I Insurance Seminar for Owners and Charterers held in Mumbai DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility, has advised Indian shipowners to consider the benefits of fixed premium P&I cover.
When a tightly scheduled repower for the Kodiak-based trawler Sea Mac in early December took a very bad turn, Mike Fourtner used his 25 years of fishing experience and leadership to pull together a team at Cummins Northwest to solve the problem
The importance of shipping to world trade hardly needs stating, carrying as it does more than 9 billion tons of cargo each year in some 4,500,000 vessel movements. And while there have been major improvements in ship and operational safety over the past decades
The World Ocean Council (WOC) has announced its 3rd Sustainable Ocean Summit (SOS) to be held on 9-11 November, 2015 in Singapore. The SOS is the only international, multi-sector, business event dedicated to “Corporate Ocean Responsibility”
The updated and revised “Rescue at Sea: A guide to principles and practice as applied to refugees and migrants” is now available for download. The guidelines, jointly prepared by the International Maritime Organization (IMO), the International Chamber of Shipping (ICS)
Hinode Maritime Conferences have announced their "2nd Annual Conference on the Outlook for India's Seaborne Dry Bulk Trade". Considered the largest conference in India on Dry Bulk Trade to be held on January 22, 2015 at Hotel Vivanta by Taj-President Mumbai