Marine link
 

Credit Insurance

UK P&I’s Europe Club Receives Upgrade

The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, has announced that ratings agency Standard and Poor’s has extended its ‘A – ‘ rating to The United Kingdom Mutual Steamship Assurance Association (Europe) Ltd. (the Europe Club).   This news follows the November announcement that Standard and Poor’s upgraded the outlook for The United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd. (the Bermuda Club) to “Positive.”  This upgraded ‘Positive’ outlook also extends to the Europe Club.   As part of an internal reorganisation ahead of the introduction of Solvency II regulations, the Europe Club will become the group’s main provider of direct insurance from February 2013. In its review, Standard and Poor’s recognized the upcoming change and stated that it considers the Europe club to be “core to the group”. Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, said: “Recognition for both UK Club entities with the same, positive credit rating is welcome.  The Club has worked to maintain balanced underwriting and a strong capital position in an environment of rising claims costs and volatile investments.”     


Mitsui Marine, Sumitomo To Merge

Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance have agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company would outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Mitsui Marine is Japan's third largest non-life insurer, and Sumitomo Marine the fourth biggest.


Seaman’s Work Extends Beyond Insurance Coverage

The US Court of Appeals for the Ninth Circuit ruled that the marine coverage endorsement on the business insurance purchased by a ship operator did not provide coverage for the on-shore work being performed by a seaman when he was injured. Thus, while the ship operator was liable, under the Jones Act, to the seaman for his injuries, it was unable to recoup those monies from the business insurance company, since the policy only covered work performed on the ship.


Maritime Character of Insurance is Determined by Examining Whole Policy

The U.S. Court of Appeals for the Second Circuit ruled that the maritime character of an insurance policy is determined by examining the entire policy, not just the portion involved in a dispute. In the instant case, a ship tank cleaning business (through its corporate parent) purchased insurance from defendant insurer’s predecessor in interest. The insurance contract contained a Shiprepairers Legal Liability (SLL) policy coupled with a modified Comprehensive General Liability (CGL) policy


Moore Stephens & Clyde & Co Set Up Insurance Intermediary Consultancy

Insurance accountant and consultant Moore Stephens has joined with international law firm Clyde & Co to provide specialist advice to intermediaries on all aspects of the authorization process and on continuing compliance with FSA requirements. The rigorous FSA regime comes into effect on January 15, 2005. Intermediaries have until July 14 this year to submit their completed registration packs to the FSA. The new rules are not voluntary


DeSimone Named President XL Insurance

XL Insurance, the insurance underwriting operations of XL Group (NYSE: XL), appointed Richard DeSimone as President of its US Ocean and Inland Marine unit. DeSimone will be based in New York and reports to Neil Robertson, Chief Executive, Global Specialty in London. ”This is a clear statement of our intent to become a more significant market for both Inland and Ocean Marine business in the United States” said Mr. Robertson


Trico Announces Completion of New Senior Secured Credit Facility

Trico Marine Services, Inc. has closed its previously announced refinancing of its existing U.S. revolving credit facility ("U.S. Dollar Facility"). The Company refinanced the U.S. Dollar Facility to relieve the Company of the maintenance debt covenants under that existing facility and to add operating flexibility. The Company's new $55 million senior secured credit facility ("New Credit Facility") is secured by 43 supply vessels. The


Key Elements of Yacht Insurance, Q&A

Joe McNulty

Accidents happen. That comes as no surprise to those in the insurance industry, but what may be a surprise is the fact that the majority of maritime accidents occur in good weather with perfect visibility. In the following Q&A, Joseph McNulty, founding member of Carroll McNulty & Kull, joins Richard Furman and John Orzel, members of the same law firm, in a discussion on the key elements of marine insurance and what underwriters and claims professionals need to know about federal laws


US Boating Insurers SkiSafe Ratchet Up 'Sandy' Claims Response

SkiSafe Insurance has been working extensively to assist affected boaters in the region. SkiSafe has extended its operational and online facilities to allow for fast reporting of any storm claims and to provide any support its policyholders may require. David Strauss, President of SkiSafe Insurance, based in Lake Success, NY said: “This was an unprecedented storm for the Northeast and one from which we’ll be picking up the pieces for quite some time.”


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


China Adds 9 Shipyards to Favored 'White List'

Photo: China Shipbuilding Industry Corporation

China has added nine shipyards to its "white list" of firms deemed worth of favourable policy support, as it attempts to tackle overcapacity that has weighed on the global shipping market.   In September, it published a list of 51 yards which it later cut to 50


Investors Gamble Forest Preservation Will Pay Off in Carbon Markets

  Some private investment companies are looking to profit from preserving forests in developing countries, betting that the emissions reductions can be sold in future carbon markets. London-based Permian Global said on the sidelines of U.N


Cape Horn Delivered into Service

Cape Horn

Elliott Bay Design Group (EBDG), a naval architecture and marine engineering firm with offices in Seattle and Ketchikan, announced the delivery into service of the Cape Horn, a Specialty Oilfield Vessel. EBDG partnered with Gulf of Mexico Operator SeaMar


US Obamacare Impacts the Global Marine Industry

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).


Ships to Divert to Hong Kong for Bunkers

Hong Kong bunker suppliers are expecting up to 20 percent more inquiries from shipowners who have had fuel contracts cancelled after the world's largest supplier announced its bankruptcy last week, sources said on Friday. Since the fall of OW Bunker


Belgian Law Firm Says Contacted by OW Bunker Investors

Photo: OW Bunker

Belgian law firm Deminor said it had been contacted by 15 to 20 investment firms considering legal action over the failure of OW Bunker, the world's largest shipping firm which filed for bankruptcy a week ago. Deminor, which specialises in representing institutional investors in class actions


Russian Firms Face Huge Insurance Costs as Foreign Providers Flee

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 Advises Fixed Premium P&I Cover

DGS Marine highlights benefits of fixed premium P&I cover for Middle East ship owners

  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.


Marine Insurance & the “Human Factor”

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


New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share towards cash-rich trading companies and barge operators, traders said. Marine fuel premiums over cargo prices in Singapore


Gazprom & UniCredit Sign Agreement

Andrey Kruglov

  Gazprom and UniCredit Bank signed a bilateral credit agreement worth a total of EUR 390 million in Vienna yesterday. The agreement is of great historical significance both for promoting the mutually beneficial relations between the two companies and for wider cooperation of Gazprom with


Sovcomflot Concludes $319 mi 10-year Loan

The fund will be used to finance  2 ice-class LNG carriers

  OAO Sovcomflot (SCF Group) signed a new USD 319 million 10 year credit facility with a consortium of leading European banks with ING acting as Agent.  The funds will be used towards financing two new ice-class LNG carriers SCF Melampus and SCF Mitre


Dan-Bunkering Employs Group Credit Analyst

Morten Rosenberg Nielsen

A/S Dan-Bunkering Ltd. has announced  that Morten Rosenberg Nielsen has been employed as Group Credit Analyst effective from 1st December 2014. Morten who holds a Master Degree in finance comes from a similar position, where he was responsible for credit activities predominantly within


Tse Heads Risk Management, BMT Asia Pacific

Joanne Tse

  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.


China Names 9 Shipyards for 'Favorable' Treatment

China has added nine shipyards to its "white list" of firms deemed worth of favourable policy support, as it attempts to tackle overcapacity that has weighed on the global shipping market. In September, it published a list of 51 yards which it later cut to 50






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright