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.”
In the superyacht industry, it is particularly well understood that good relationships between owners and their crew have a direct impact on how well yachts are run, and the quality and consistency of the charter service offered. An important new insurance product, Crewsure Marine, which assists owners and managers in protecting the health and wellbeing of their crews and so meets forthcoming legal obligations under the recently ratified Maritime Labor Convention (MLC) is now being aimed at
Singapore –Bunker Insurance The Singapore Maritime and Port Authority (MPA) issued a circular providing the names of additional insurers and underwriters that it has accepted for purposes of issuing Bunker Convention Certificates. The insurers and underwriters include: · QBE Insurance (International) Limited · British Marine Luxembourg S.A.
The U.S. Court of Appeals for the Fifth Circuit issued a long decision regarding a lengthy and complicated litigation involving personal jurisdiction, venue, cargo insurance, co-insurance, salvage, and subrogation. Adams v. Unione Mediterranea di Sicurta, No. 03-30026 (5th Cir., April 14, 2004.) (HK Law) http://www.ca5.uscourts.gov/opinions/pub/03/03-30026-CV0.wpd.pdf
To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages. "Crisis events like kidnapping, disappearance and hijack are increasingly real threats, especially on open seas," explained Denise Balan, Country Manager of XL's US Crisis Management business which developed the KRE endorsement
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
16 Main Street East Greenwich, RI 02818 Telephone: 401 336 2182 E-mail: firstname.lastname@example.org 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, vessel operators and shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds
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 Expertise for a Changing World'. XL Group’s Chief Underwriting Officer, Marine, Asia Pacific, Mike Davies, has been global Vice Chairman of IUMI for 3 years and prior to that was Chairman of
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. Russian President Vladimir Putin came under heavy criticism at a G20 summit last weekend, where Western leaders accused him of continuing to destabilise Ukraine in violation of a September peace agreement.
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
TT Club’s Phillip Emmanuel has put into perspective some of the “sensationalism” surrounding the recent growth trend in containerships. Speaking during a plenary session of the TOC Asia Conference in Singapore on Tuesday, he advised ports and terminals to take a measured approach
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
Risks faced by today’s global businesses represent a combination of traditional concerns and newer threats that reflect changing times. The 2015 Allianz Risk Barometer, a survey of more than 500 corporate insurance experts and risk managers from 47 countries
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
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
ICTSI Oregon, Inc. is very disappointed to hear the news of Hapag-Lloyd's decision to cease its direct MPS service calling Portland. Hapag-Lloyd has been very supportive and loyal to the Portland market. Coupled with Hanjin's recent announcement to leave Portland and discontinue its Asia
The CMA CGM Group has launched of MEDGULF Service linking the Mediterranean to the U.S. Gulf and Caribbean (Dominican Republic, Jamaica). This new service will offer weekly sailings from the Mediterranean to U.S. Gulf and Caribbean, a unique and direct rotation from Houston to Tangiers and
Peel Ports’ Commercial Director to call for radical rethink by shipping network on destination ports during address at Intermodal·Shippers and cargo owners need to take more of a role in lobbying lines to call at ports closer to the origin and destination of goods Liverpool2 to usher
CaroTrans has announced the addition of an expedited Le Havre, France to Charleston LCL import service. This is the only direct, weekly Le Havre to Charleston LCL service available in the market. It is a 12 day transit to Charleston and a maximum of 3 additional days to
The Switch, a supplier of megawatt-class permanent magnet (PM) generator and full-power converter packages for wind power and other renewable energy applications, received another order to deliver two PM shaft generators to WE Tech Solutions of Finland.
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.
Milaha Maritime & Logistics, a subsidiary of the Qatar based Milaha Group which delivers integrated transport and supply chain solutions in the GCC, has announced the launch of the first direct container service between Qatar and India. The non-stop service will connect Qatar’s Doha
Milaha Maritime and Logistics, a subsidiary of Milaha Group, launched its first direct container service, known as the Nhava Sheva Doha Express (NDX), between Qatar’s Doha port and India’s port Nhava Sheva in Mumbai.
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
Troy Container Line launches new direct import service from Port Kelang to NYC American-owned NVOCC Troy Container Line today announced a new direct LCL import service from Malaysia to New York. The company said it will now offer an enhanced import logistical solution from Port