Marine link
 

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.”     


Global Insurers Plot Cautious Course to Iran

Image - Iran Photo OPEC

* Iranian insurers see tie-up interest from foreign players * Local insurance market worth $7.4 bln in premiums * Iranian players seeking credit ratings to help partnerships * Caution remains over U.S. restrictions still in place By Bernardo Vizcaino and Carolyn Cohn SYDNEY/LONDON, Jan 24 (Reuters) - Global insurance firms are circling Iran for business opportunities following the lifting of sanctions - and the first test of their appetite could come in March when some Iranian


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.


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


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


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


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 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


DP World London Gateway Adds New Shipping Service

DP World London Gateway Port and Logistics Park in the UK.

DP World London Gateway Port has announced a new shipping service to Australia, the Mediterranean and other key markets.   CMA-CGM’s NEMO (North European Mediterranean Oceania) and Hapag Lloyd’s EAX (Europe, Australia Express) combined service will begin calling at DP World


Marine Premiums Drop 10%, Could get Worse

Patrizia Kern (Chairman)

The International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure.


Danish Maritime Authority Use Drones for Inspection

Danish Maritime Authority has procured a four-armed drone and Constructing Architect Jesper Kern Hansen has been certified as a drone pilot.

The Danish Maritime Authority now has its first certified drone pilot and will, in the future, use the drone as a supplement in connection with inspections of the Authority's lighthouses. A small pocket camera is put through a hole in the ceiling and a photo is taken in the little dark area


Perishable Reefer Trade Growth to Remain Strong

Graph: Drewry Shipping Consultants Limited

 Despite many adversities for the maritime sector over the last year, seaborne perishable reefer trade increased in 2015 – and is forecast to grow further still in 2016.    By 2020, seaborne reefer cargo will reach a staggering 120 million tonnes – increasing by an


MN100: XL Catlin

(Photo: XL Catlin)

The Company: XL Group plc through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world


Nairobi Wreck Removal Convention Explained

Photo: International Maritime Organization

 The International Maritime Organization (IMO)  treaty covering wreck removal is on the agenda at the 7th Maritime Salvage and Casualty Response Conference in London (7-8 September).    IMO’s Jan de Boer gave an insight into the Organization’s Nairobi Wreck


Marlink Introduces Telemedicine Service

XChange Telemed is an integrated solution that delivers instant remote medical support to vessels by doctors on shore. (Image: Marlink)

Marlink has launched XChange Telemed, a new telemedicine service designed to improve the health and safety of crew and passengers at sea, while meeting new ILO/MLC and IMO/STCW labor regulations for health and medical treatment on board. XChange Telemed provides a cost-effective way for shipping


WE's Direct-drive PM Shaft Generator Solutions for New Chemical Tankers

A 17,500 dwt chemical tanker owned by Rederiet Stenersen AS of Bergen, Norway. (Image: Rederiet Stenersen)

Energy efficiency solution provider WE Tech Solutions said it has received an order to deliver its direct-drive permanent magnet (PM) shaft generator solution to a series of two 17,500 DWT IMO class II chemical tankers, with an option for two more.  


MN100: MOPS Marine License Insurance

MOPS manager Randy ONeill (Photo: MOPS Marine License Insurance)

The Company: Since 1935, MOPS Marine License Insurance has defended the USCG licenses of mariners operating in every maritime sector in the United States. Its network of over 80 maritime law firms, representing almost 200 experienced maritime attorneys


Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies have worked together in ship insurance and ship brokerage. These partnerships are to be intensified and extended to other ship


New Container Service from New Orleans to S. America

4,298-TEU capacity CMA CGM Jamaica (Photo: Port of New Orleans)

The world’s third largest container shipping company initiated a new direct service from the Port of New Orleans to the west coast of South America this week. Marseille, France-based CMA CGM launched its Med Americas service with the arrival over the weekend of the container ship Pomerenia


CMA CGM Launches New EURAF 6 Service

Map: CMA CGM

 CMA CGM Group has launched its new service EURAF 6 by cooperating with a partner under a slot swap agreement.   Effective August 30th, 2016, m/v CMA CGM MILAN TRADER, the new EURAF 6 service deployed on the Europe - West Africa will further strengthen our product and will offer the


Braemar Adjusting agrees Strategic Partnership in S. America

Logo

Braemar Adjusting has agreed a strategic partnership with Beckett Liquidadores de Seguros S.A of Chile, to act as its local resource partner in a number of countries in South America. Braemar Adjusting provides Loss Adjusting, Risk Assessment


First “Neo-Panamax” Calls Port of Philadelphia

Photo: Philadelphia Regional Port Authority

 The first of a new class of “Neo-Panamax” shipping vessels called the Port of Philadelphia to begin a new phase of transport along the Delaware River.   The MSC Sofia Celeste, an 8,800 TEU (Twenty-foot Equivalent Unit) vessel operated by the Mediterranean Shipping Company


Brexit Impact on Shipping and Sea Trade in UK

Image: Worldshipping.org

 Eversheds International says that UK trade would clearly be impacted by the Brexit vote.    "We saw an immediate effect on currency and share prices, although there are signs that the market is settling down after the initial post-vote furore," says a report by Eversheds






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