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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


DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover

Photo courtesy of DSG Marine

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. DGS Marine spoke at a P&I Insurance Seminar held in Mumbai, India last week and jointly hosted by DGS Marine Group and the British European and Overseas (BE&O) P&I Facility


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


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


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


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.


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


NY Maritime Law Firm Cited as a Top Practice

Daniel G. McDermott

The Maritime Litigation Practice Group in the New York City office of Marshall Dennehey Warner Coleman & Goggin, has been recognized among the top national maritime practices by Chambers USA: America's Leading Lawyers for Business.  


Challenges Ahead for Marine Insurance

Dieter Berg, president of the International Union of Marine Insurance. Photo by IUMI

 The marine insurance sector is undergoing a rapid period of change and it is critical that insurers understand the risks the industry is facing and offer products that match these new trends, Dieter Berg, president of the International Union of Marine Insurance (IUMI) said.  


Iran Navy Fires at Tanker as Gulf Tensions Rise

Iranian naval vessels fired shots at a Singapore-flagged tanker in the Gulf on Thursday in what appeared to be the country's latest attempt to settle a legal dispute by force with a passing commercial vessel, U.S. officials said.   Around noon (0800 GMT) in the Gulf


Yemen War Risk Could Strangle Sea Trade Routes

With Middle East giants Saudi Arabia and Iran squaring up on opposing sides in the Yemen war, the dangers to vital oil tanker and goods voyages are growing daily.   Millions of barrels of oil pass through the Bab el-Mandeb and Strait of Hormuz everyday to Europe


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


US Navy Stops Accompanying Ships through Strait of Hormuz

The U.S. Navy has stopped accompanying commercial ships through the Strait of Hormuz, a mission it began last week in the wake of Iran's seizure of a cargo ship, the Pentagon said on Wednesday.   Colonel Steve Warren, a Pentagon spokesman


Canada Announces Funding for Commercial Fishing Safety

Canada launches new Commercial Fishing Safety component of Boating Safety Contribution Program   Canada’s Minister of Transport Lisa Raitt, joined by Members of Parliament from Atlantic Canada, announced a new Commercial Fishing Safety component of the Government of Canada's Boating


Simrad HALO Pulse Compression Radar launched

Simrad HALO Pulse compression Radar

  Navico Commercial Marine Division today launched the Simrad HALO Pulse Compression Radar, the world’s most affordable solid-state, open-array radar system with pulse compression technology for non-SOLAS applications aboard commercial vessels.  


Logistics and Warehouse Insurance: Understanding its Complexity

Virginia Cameron

In October 2013, a fire blazed through Brazil’s Santos port, destroying six warehouses and the 180,000 tons of raw sugar inside Sugar Company Copersucar’s terminal. The fire hit all of the sugar giant’s warehouses at the port and left many exporters holding contracts for sugar


Nairobi Wreck Removal Convention Enters into Force

The Nairobi International Convention on the Removal of Wrecks provides a set of uniform international rules for the prompt and effective removal of wrecks located in a country’s exclusive economic zone or equivalent 200 nautical miles zone. (Photo: IMO)

The Nairobi International Convention on the Removal of Wrecks enters into force on Tuesday, April 14, 2015. The Convention places strict liability on owners for locating, marking and removing wrecks deemed to be a hazard and makes State certification of insurance


How to Approach Maritime Cyber Security

Luke Ritter

Be the Hammer, not the Nail when it comes to  Maritime Cyber Security Maritime security professionals understand the value of a layered approach to risk management. Cyber security posture continues to develop as a critical component of a maritime security strategy


Marine Claims Insurance Reminder by Danish Authority

Need to take insurance to cover maritime claims

  If you own a ship with a gross tonnage (GT) of or above 300, you must inform the Danish Maritime Authority about your insurance for maritime claims by 31 March 2015. The requirement does not apply to foreign ships. It is about time to check your insurance for maritime claims.


TT Club Warns Baltic Ports to Protect Against Reputational Damage

Andrew Huxley (Photo courtesy of TT Club)

Speaking during Baltic Transport Week in Gdansk this week Andrew Huxley, Development Director at freight transport insurance specialist TT Club, warned port and terminal operators to be aware of the reputational damage that can be a serious consequence of uninsured incidents resulting from


KVH Increases Mini-VSAT Broadband Network Capacity

Image courtesy of KVH Industries

                  KVH Industries, Inc. has completed several capacity increases for its mini-VSAT Broadband network to support heightened demand from customers engaged in a wide range of commercial maritime activities around the world


Ships Warned of Theft in Malacca, Singapore Straits

Photo: Indonesian Navy

 Sea Security Group has warned commercial ships passing through the Malacca and Singapore straits to be alert for possible theft by local people and pirates while traversing Asia's busiest straits, says a report in Jakarta Post.  






 
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