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 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
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
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
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
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
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
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 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
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
Explosions in the Chinese port of Tianjin last month would lead to cargo losses of at least $1.5 billion, and were having a "significant impact" on the marine insurance sector, a trade body said on Tuesday. "We are expecting to see cargo losses of at least $1
IUMI – the International Union of Marine Insurance – at its annual conference in Berlin yesterday announced that global hull premiums for 2014 totalled USD 7.6bn, a 5.8% reduction from 2013. IUMI’s Ocean Hull Committee Chairman, Mark Edmondson, commented
UK P&I Club, a shipping protection and indemnity mutual insurers, and TT Club, an international transport, freight and logistics insurance provider, have welcomed the amendment to the Safety of Life at Sea Convention (SOLAS) from the International Maritime Organization (IMO) on the
Swiss Re Corporate Solutions has expanded its marine business by opening a North America marine office. Beginning October 1, 2015, the New York-based team will provide ocean cargo insurance, with additional products to follow, the company said.
SUNY Maritime College will host the 2015 e-Navigation Underway North America Conference September 28-30 in New York It is likely that regions like the Baltic, the North Sea, the Strait of Malacca, Torres Strait and other areas will implement e-Navigation services that modern ships
The Company: Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds
The Company: Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverage. The firm offers both admitted and non-admitted products in all 50 states, packaged in flexible, competitively priced insurance options with broad terms and conditions for even the most
Thomas Miller the international insurance, professional and insurance services provider announces the acquisition of the partners and staff of specialist marine law firm, Davies Johnson & Co of Plymouth. The acquisition brings an additional six fee earners to the Thomas Miller Law
The UK P&I Club one of the leading shipping protection and indemnity mutual insurers, has awarded Tobias Rennekamp the Robin Travis Scholar for 2015. Tobias will spend three months in the Thomas Miller London office and the offices of selected lawyers, surveyors
The Global Marine Technology Trends 2030 report released today indicates that: * Momentum and capability for a significant evolution in ship design and operation is now building – the report presents design scenarios for commercial ships in 2030
Seaspan, an association of Canadian companies primarily involved in coastal and deepsea transportation, bunkering, ship repair and shipbuilding services, named three senior leaders to its corporate executive team, the company announced today.
With just a few months to go, VIKING has all hands on deck to ensure coastal vessel operators don’t risk their ability to sail under the US Coast Guard’s upgraded coastal vessel safety regulations. Marine safety equipment manufacturer and servicing provider VIKING
Qatar Navigation (Milaha), a leader in marine transportation offshore support services, port management and logistics services, has appointed Abdulrahman Essa Al-Mannai as its president and chief executive officer. He will succeed Khalifa Ali Al-Hetmi
At the highly anticipated International Union of Marine Insurance (IUMI) annual conference, IUMI President, Dieter Berg, detailed a number of key initiatives that will continue to raise the organisation’s profile and political influence on an international level.
The International Union of Marine Insurance (IUMI) unveiling its annual statistical report on the marine insurance market Global premiums for 2014 amount to USD 32.6bn. Although a 3.2% reduction on the 2013 figure, converting local currencies to a single US dollar figure was impacting on