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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


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


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


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


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.


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


Brexit, Britannia And The Waves

Table: Clarksons Research

 Clarksons Research's this week’s Analysis attempts to put the UK and the EU’s role in shipping in context.   This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population’s preference to


Braemar Adjusting agrees Strategic Partnership in S. America

Logo

Braemar Adjusting has agreed a strategic partnership with Beckett Liquidadores de Seguros S.A of Chile, to act as its local resource partner in a number of countries in South America. Braemar Adjusting provides Loss Adjusting, Risk Assessment


Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies have worked together in ship insurance and ship brokerage. These partnerships are to be intensified and extended to other ship


MN100: Cummins Marine, Inc.

(Photo: Cummins Marine, Inc.)

The Company: Cummins, Inc. is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems


Cybersecurity On Ships: New Guidelines

Pic: Clyde & Co

 Companies are becoming increasingly alive to the importance of cyber-security and the need to protect themselves against the risk of cyber-attacks; the marine sector is no exception, says Clyde & Co’s Shipping Newsletter.  


Harry Diamond Celebrates 21 Yrs at WQIS

Harry Diamond, Vice President and Chief Claims Officer Photo WQIS

Harry Diamond, Vice President and Chief Claims Officer at WQIS, is celebrating 21 years with the company this year. Diamond is a graduate of LaSalle University with Bachelor of Arts degrees in social studies education and history; he also holds an Associate degree in Risk Management


Hill Dickinson Strengthens Commodities Team

Andrew Buchmann Photo Hill Dickinson

International law firm Hill Dickinson continues to strengthen its growing commodities team with the return of partner Andrew Buchmann. Following qualification in South Africa, Andrew joined Hill Dickinson’s London office in 2003. He returned to South Africa in 2008


Global Tonnage Continues to Grow

Image: Gard

 2015 saw further growth in total Group entered tonnage, which increased from 1,047 billion GT as at August 2014 to 1,088 billion GT as at August 2015, says annual review of International Group P&I Clubs (IGP&I) published by Gard on July 14, 2016.  


EU Ship Recycling on the Radar

(Source: IGP&I) Image: Gard

 The European Union Ship Recycling Regulation has been effective since 2013 and applies to all ships entering ports and terminals of EU Member States.    While it is consistent with the broad objectives established in the International Maritime Organisation’s Hong Kong


Ocean Signal, AMI Marine Partner

Photo: Ocean Signal

Communication and safety at sea specialist Ocean Signal and manufacturer of marine electronic equipment AMI Marine have formed a new partnership to collaborate on product development for the large commercial vessel sector. Combining the specialist knowledge and extensive technical background of


MTA Grows Portfolio with Magnificent Seven

Maritime Training Academy are adding to its portfolio of training courses with the addition of seven new Diplomas, confirming its position as a world leader in the provision of distance learning training within the maritime industry. The seven new training courses cover Maritime Firefighting


Med-Black Sea Oil Tanker Rates Weaken After Failed Coup in Turkey

The cost of shipping oil through the Black Sea and Mediterranean fell on Monday after a failed coup in Turkey over the weekend and shipping sources said there were no disruptions through Istanbul's vital Bosphorus Strait.   More than 290 people were killed and around 1


Passenger Vessel Runs Aground off Hawaii

Photo: U.S. Coast Guard

The 65-foot commercial passenger vessel Spirit of Kona ran aground on the island of Hawaii, Sunday, the U.S. Coast Guard reported.   Coast Guard Sector Honolulu watchstanders received notification Sunday morning that the vessel ran aground on the rocks near the Kailua-Kona Lighthouse


Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown (Photo: Volvo Penta of the Americas)

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative direction and leadership to support overall segment growth. His primary focus will be to secure and maintain effective business


Drones: Is the Maritime Industry Ready?

SHIP SERVICE: Maersk Tankers is testing drones for making deliveries to its vessel. (Photo: Maersk Group)

Unmanned aerial systems (UAS), or “drones” in common parlance, are not a part of the historical maritime vocabulary. At least not yet. While the term “drones” may conjure images from science fiction, the reality is that companies are designing commercial UAS for the private






 
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