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Commercial Insurance

DOT Offers Insurance For Commercial Ship Owners

Maritime Administrator William G. Schubert today announced that the Maritime Administration (MARAD) is now accepting applications for war risk insurance to cover commercial ship operations in the Middle East. President Bush authorized the Department of Transportation (DOT) to provide the insurance at the request of Transportation Secretary Norman Y. Mineta. U.S.-flag vessels are eligible, as are ships owned by U.S. companies. Other vessels may be covered if their cargoes are considered to be in the security interests of the United States. The insurance covers cargoes as well as the ships and crews. It is underwritten by DOT in return for a premium from shipowners. “War Risk Insurance, which protects vessel operators and seafarers against losses resulting from war or war-like actions, will be provided only if commercial insurance is not available to them on reasonable terms,” said Administrator Schubert. Schubert added that applications must be made on an individual-vessel basis, and that each case will be considered separately. Additionally, applicants must provide full details from insurance brokers or underwriters of the amounts, terms, and rates of the commercial insurance and justification for the conclusion that the rates are not fair or reasonable. The insurance is available only for areas currently excluded in commercial war risk trading warranties: the Persian or Arabian Gulf and adjacent waters, Israel, Lebanon, Gulf of Aqaba and the Red Sea, Yemen


Moore Stephens Strengthens Regulatory Advisory Team

Moore Stephens has further strengthened its regulatory advisory capability with the appointment of John Westlake as compliance manager. John Westlake has a broad perspective of the insurance industry acquired through a variety of roles, which has enabled him to support insurers and brokers in establishing effective compliance solutions. He has a strong commercial background, having acted as operations director with a personal lines insurer


State of the P&I Market: As Stocks Drop, Rates Will Rise

The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years


Standard Absorption Clause Welcomed by Industry

Insurance underwriters and average adjusters have welcomed the recent publication of BIMCO’s Standard General Average Absorption Clause. It is hoped that the initiative will help to promote a broad move away from declaring general average for small and uneconomic claims in all sectors of the industry. The Standard Absorption Clause is designed to be of benefit both to shipowners and insurers by avoiding the time and expense associated with pursuing small general average claims


Treasury Changes Terrorism Risk Insurance Program

The Treasury Department reminded all participants and observers of the Terrorism Risk Insurance Program that there will be two important changes in the program’s administration in 2004. As mandated by Congress, beginning on January 1, 2004 and throughout the remainder of 2004, an insurer’s deductible will increase from 7 percent to 10 percent of the insurer’s direct earned premium over the previous calendar year. Second


CMK’S Furman Authors Security Pamphlet

 Photo courtesy Carroll McNulty & Kull LLC

Richard L. Furman, Esq., member of Carroll McNulty & Kull LLC (CMK) of New York, has authored “Cargo Transportation Security: Legislation and Regulation Through 2009,” a pamphlet published by Matthew Bender.   The terror attacks on September 11, 2001, made clear the need for comprehensive and integrated cargo and transportation security laws and regulations. Furman’s pamphlet discusses the principal legislation and regulations currently in effect, directed at cargo


Study: Title Issues Abound in Maritime Deals

A recent study conducted by First American Transportation Title Insurance Company, a subsidiary of First American Title Insurance Company, finds that more than 35 percent of recorded maritime vessel ownership records contain potential title issues. The October study evaluated more than 100 randomly selected commercial and recreational vessels listed on the U.S. Coast Guard’s National Vessel Documentation Center (NVDC) registry.


Builders Risk Policy Serves as Inland Marine Insurance

The US Court of Appeals for the Seventh Circuit ruled that, under Michigan law, a builders risk insurance policy is a form of inland marine insurance and is controlled by the statute of limitations applicable thereto. For our purposes, the decision is probably most interesting in its historical analysis of the insurance industry and the division of casualty insurance into two large groups: fire insurance and marine insurance


P&I Invests in Singapore Branch

P&I insurance provider, The Shipowners’ Club, continues to expand business in the Asia-Pacific region by investing in its Singapore branch. Growth in demand for its liability insurance cover for small and specialist vessels of all types is cited as a major imperative behind Shipowners’ moves to expand its team of underwriters and claims handlers at its Singapore branch.  Improved customer service to members and their brokers based on local


Following the Path of the Transport Revolution

Photo credit: Captain Katharine Sweeney

TT Club, established to fill a gap in insurance as the freight container revolutionized trade, celebrates 45 years dedicated service to the transport and logistics sector. In 1956, the first strengthened containers were loaded onto a spar deck of the converted tanker, Ideal X. This marked the fulfilment of a dream for American trucker Malcom McLean who had, since 1937, been working on how to reduce the long waiting hours for dockers to stow or unload his vehicles onto or off ships


Upcoming AMSA Shipping & Domestic Vessel Conference

The Australian Maritime Safety Authority (AMSA) informs that the  latest maritime developments will be the focus at the inaugural combined national shipping and domestic commercial vessel conference in Melbourne in November, 2014. AMSA Chief Executive Officer Mick Kinley said it was the


NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries at the NY Hilton Hotel Trianon Ballroom, New York on Thursday, October 16, 2014.


Volvo Penta's New Keel Cooling Option

Volvo Penta is offering factory-built keel-cooled engines for the line of marine commercial inboard and sterndrive D4 3.7-liter and D6 5.5-liter engines.

Volvo Penta is offering factory-built keel-cooled engines for the entire line of marine commercial inboard and sterndrive D4 3.7-liter and D6 5.5-liter engines. The D4/D6 keel-cooled version uses a twin circuit design, with keel coolers for both the high-temperature engine block circuit and


Report Shows Small Decline in Ship Operating Costs

Richard Greiner (Photo: Moore Stephens)

International accountant and shipping consultant Moore Stephens said total annual operating costs in the shipping industry fell by an average of 0.3 percent in 2013. This compares with the 1.8 percent average fall in costs recorded for the previous year


MN 100: Brunswick Commercial and Government Products

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420 Megan Z. Ave Edgewater, FL 32132 Telephone: 386 423 2934 E-mail: kelsey.nemeth@whaler.com Website: www.brunswickcgp.com CEO/President: Huw Bower Number of Employees: 100 The Company: Brunswick Commercial and Government Products (BCGP) has been building the toughest boats for the


MN 100: Gencorp Insurance Group

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16 Main Street East Greenwich, RI 02818 Telephone: 401 336 2182 E-mail: rcarnahan@gencorp-ins.com Website: www.gencorp-ins.com CEO/President: Robert G. Padula Number of Employees: 70 The Company: Gencorp Insurance Group provides the insurance and surety needs of marine contractors


Pirates Attack Product Tanker off Ivory Coast

Armed pirates robbed a petroleum products tanker near Ivory Coast's port of Abidjan, a maritime agency and a private security advisor said on Wednesday, in an indication of the increasing mobility of Nigeria-based gangs. The raid on the tanker came just a day after two failed pirate attacks


AW-Energy to Tie-up with LR to certify WaveRoller™ technology

WaveRoller™ technology

  The world-leading Finnish wave energy technology developer AW-Energy has taken another major step towards commercialising its WaveRoller™ technology. In mid-August the company signed a Framework Agreement with the independent certification organisation Lloyd’s Register Energy


MN 100: Continental Underwriters, Ltd.

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2235 N. Hwy 190 Covington, LA 70433 Tel: (985) 898-5300  Email: ebrownIII@fidelismarine.com Website: www.cultd.com President & CEO: H. Elder Brown, Jr. The Company: Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverages


IUMI to Celebrates 140th Anniversary in Hong Kong

IUMI Web Banner

  Members of the International Union of Marine Insurance, in its 140th year, will gather in Hong Kong from 21-24 September at the Intercontinental Hotel, Kowloon for its annual conference themed Building Expertise for a Changing World.


New USCG Rule for Lifesaving Devices

The U.S. Coast Guard (USCG) published a final rule aligning its regulations with the 2010 Coast Guard Authorization Act. Before 2010, certain uninspected commercial vessels including barges and sailing vessels fell outside the scope of the statute requiring the Coast Guard to regulate lifesaving


MN 100: Teufelberger Fiber Rope Corporation

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848 Airport Road Fall River, MA 02720 Telephone: 800 333 6679 E-mail: commarine@Teufelberger.com Website: www.Teufelberger.com CEO/President: Christopher Lavin Number of Employees: 150 The Company: Teufelberger is a dynamic group of companies working with three key technologies in three


Arctic Shipping Routes: P&I Insurance FAQs

Arctic navigation: File photo

The UK P&I Club has compiled an FAQ which focuses on the implications for P&I insurance of choosing to use the Northern Sea Route. The Northern Sea Route (NSR), or North East Passage, runs along the Russian coast from the Atlantic to the Pacific through the Kara, Laptev, East Siberian


XL Group Underwriters at IUMI Conference in Hong Kong

XL Group informs that its leading marine underwriters will join the annual International Union of Marine Insurance (IUMI) conference, the first time to be held in Hong Kong in the organisation’s 140-year history. IUMI is being held in HK from 21-24 September 2014 with the theme 'Building


Dun & Bradstreet Partners Oracle to Reach for Cloud Solutions

  Oracle and Dun & Bradstree, the world's leading source of commercial information and insight on businesses, today announced they have partnered to extend Oracle's Data-as-a-Service (DaaS) offerings by integrating Dun & Bradstreet's commercial business






 
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