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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


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.


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


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


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


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


Negligent Homicide with Yacht Leads to Loss of Coverage

The U.S. Court of Appeals for the First Circuit ruled that, where the owner of a yacht was convicted of negligent homicide in connection with a fatal collision, the insurance company is not obligated to defend under a policy excluding losses “criminally caused or incurred” by the insured. In the instant case, plaintiff was operating his yacht when it collided with another boat, killing one of the passengers of the boat


Braemar Hosts Insurance Experts

Falmouth

Braemar (incorporating The Salvage Association) welcomed an invited group of marine insurance professionals onto its specialist port and shipyard familiarization course in Falmouth designed to introduce participants to the technical aspects of marine surveying, investigating


Monitoring U.S. Troops Returning from Ebola Mission

All US military service members returning from Ebola response efforts in West Africa to undergo a 21-day controlled monitoring regimen

Secretary Hagel has signed an order that validated a recommendation from the Joint Chiefs of Staff to place all U.S. military service members returning from Ebola response efforts in West Africa into a 21-day controlled monitoring regimen. This order will apply to all military services that are


WTO Publishes Annual Package of Trade and Tariff Data

International trade Statistics

  The WTO released on 28 October 2014 new editions of its key statistical publications: International Trade Statistics, Trade Profiles, World Tariff Profiles and Services Profiles. The four publications provide a detailed breakdown of the latest trade developments.


Hurricane Gonzalo Knocks out Bermuda Power

  Power was knocked out to 80 percent of Bermuda's electricity grid due to Hurricane Gonzalo, the island's only power company, Bermuda Electric Light Co., said on Friday evening.   The company reported that about 29,000 customers were without electricity, out of 36


Hurricane Ana Heads towards Hawaii

Infrared satellite image

  Tropical Storm Ana strengthened into a hurricane on Friday and was moving in the direction of Hawaii but was not expected to make a direct hit on the islands, the U.S. National Hurricane Center said. It said Ana had maximum sustained winds of 75 miles per hour (120 kph) and was located


Taking Cyber Risks Seriously

Once, the stars were all that mariners needed to navigate the seas. Today, maritime companies rely on hi-tech systems to operate and navigate equally hi-tech vessels. All of that comes with new and significant risks. On one side, automation has its benefits


TT Club Shows Strong YTD Performance

The TT Club, an international transport and logistics insurance provider,  released a trading update for the period 1 January - 31 August 2014. Charles Fenton, Chief Executive of the TT Club, said: “Low claim levels have continued through from 2013 which have contributed to TT


NITC: Says EU Sanctions Lifted

Dubai 11 NITC3.JPG

European Union sanctions on Iran's main oil tanker firm NITC have been annulled after the EU failed to appeal against a court ruling that ordered the measures to be lifted, the shipping company said on Tuesday. An EU official told Reuters the European Union was working to resolve the issue


Former DHS Chief Ridge Introduces Cyber Solutions

Former U.S. Homeland Security Secretary Tom Ridge

First U.S. Homeland Security Secretary Tom Ridge Partners with Five Lloyd’s Syndicates to Offer ‘Intelligent’ Cyber Insurance. Ridge Insurance Solutions Company to close dangerous cyber insurance gap by providing informed-assessment capabilities and insurance.  


Report Shows Small Decline in Ship Operating Costs

Richard Greiner (Photo: Moore Stephens)

International accountant and shipping consultant Moore Stephens said total annual operating costs in the shipping industry fell by an average of 0.3 percent in 2013. This compares with the 1.8 percent average fall in costs recorded for the previous year


NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries at the NY Hilton Hotel Trianon Ballroom, New York on Thursday, October 16, 2014.


Holland America Line Wins 8 Magellan Awards

HAL wins 8 Magellan Awards

  Travel Weekly magazine announced the recipients of its 2014 Magellan Awards, and Holland America Line received eight of the prestigious honors. The line won five gold awards in the categories Restaurant Design for Canaletto Small Plates


New Rotation of CMA CGM Joint Service Unveiled

new cma gcm route.jpg

CMA CGM S.A. (CMA CGM) announced the rotation of its new service in cooperation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL) and Pacific International Lines (PIL), in the North East Asia, Australia and New Zealand Trade


IUMI to Celebrates 140th Anniversary in Hong Kong

IUMI Web Banner

  Members of the International Union of Marine Insurance, in its 140th year, will gather in Hong Kong from 21-24 September at the Intercontinental Hotel, Kowloon for its annual conference themed Building Expertise for a Changing World.


MN 100: Continental Underwriters, Ltd.

Elder Brown.jpg

2235 N. Hwy 190 Covington, LA 70433 Tel: (985) 898-5300  Email: ebrownIII@fidelismarine.com Website: www.cultd.com President & CEO: H. Elder Brown, Jr. The Company: Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverages






 
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