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Direct 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.”     


New Insurance Product Attracts Quality Crew

Robert Johnston

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


Personal jurisdiction, Venue, Insurance, Co-insurance, Salvage, and Subrogation

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


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


Singapore –Bunker Insurance

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.


XL Offers KRE Cover to Yacht Owners

Denise Balan

  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


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


MN 100: Gencorp Insurance Group

Carnahan.jpg

16 Main Street East Greenwich, RI 02818 Telephone: 401 336 2182 E-mail: rcarnahan@gencorp-ins.com 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 Underwriters at IUMI Conference in Hong Kong

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 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. 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.


Milaha Rolls Out First Direct Qatar-India Service

Image by Milaha Maritime & Logistics

 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.  


Milaha launches Qatar - India Service

Khalifa Ali Al Hitmi

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


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.


The Switch Receives PM Shaft Generators Order

Photo courtesy of The Switch

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.  


BP Denied $700M in Insurance from Gulf Spill

The Texas Supreme Court on Friday ruled that BP Plc cannot claim about $700 million in insurance that was carried by offshore driller Transocean Ltd to cover the blowout of BP's Macondo well in 2010, the biggest offshore spill in U.S. history.


Shanghai’s Pudong Shipping Hub is Bullish

Pudong New Area Night View by Pudong New Area Government

 Shanghai’s Pudong New Area has made progress in building an international shipping center last year and the opening-up reforms in the city’s free trade zone (FTZ) have lured another six global ship management firms to dock there, reports Shanghai Daily. 


Avoiding Pitfalls on the Water

inland dredge.jpg

When a land-based contractor decides to work on water, risk can arise from unexpected places. It doesn’t have to be that way. In the past, companies involved in the marine industry, whether they were vessel operators, riggers, longshoremen, ship builders, repairers


Vessel Insurance is a must at Panjang

Port of Panjang-Pelindo-II

  The Harbour Master at Panjang has advised that ship owners must have marine insurance for shipwreck removal and/or protection indemnity. For all vessels of GT35 or more, the owner must have the vessel covered with Ship Body Removal insurance and or Lost Coverage.


Top Five Most Costly Insurance Claims

Image courtesy of TT Club

The TT Club has alerted the supply chain industry to a persistence of claims in a handful of loss types. The international transport, freight and logistics insurance provider said it has found that 66% of its claims by number and 62% by value over a five year period can be categorized into just


Shipping Contributes $164bln to EU

Photo: ECSA is presenting the updated version of the Oxford Economics study on econ. impact of shipping

 The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping industry which highlights the industry’s contribution to the European Union's economy based on new data.  


Cook Islands to Issue Wreck Removal Certificates

Glenn Armstrong, Managing Director of Maritime Cook Islands, the Cook Islands registry administrator. Courtesy MCI

  The Cook Islands has acceded to the Nairobi International Convention on the Removal of Wrecks, 2007 (“The Nairobi Convention”). As a State Party, Cook Islands will issue Wreck Removal Certificates to its own ships and also to ships flying the flags of states that have not yet


Port of San Diego Generates $7.6b Regional Impact

Tenth Avenue Marine Terminal (Photo courtesy of the Port of San Diego)

The Port of San Diego plays a critical role in San Diego County's economic rebound by pumping more than $7.6 billion a year into the region from employment, sales and purchases of goods and services, according to a recent report.   "The data confirms the Port of San Diego is a powerful


ABB Shore Power for Johan Sverdrup

Johan Sverdrup field illustration, courtesy Statoil

  Statoil has, on behalf of the Johan Sverdrup partnership, awarded a contract to ABB for land-based power supply to phase 1 of the Johan Sverdrup field. The contract value is around NOK 1.1 billion, and covers delivery of electrical equipment for a converter station by the


US NVOCC Adds LCL Imports from Malaysia

Photo: Troy Container Line

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


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






 
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