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.”
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
William Pennella, vice chairman and executive vice president of Crowley Maritime Corporation, announced today that Dwight Menard has been promoted to vice president of risk management effective Dec. 1. Menard will be responsible for the company’s global insurance program; management of Beacon Insurance Company, Ltd; supporting the risk management and insurance requirements of Crowley’s four business lines; allocation of insurance cost and administration/management of the claim
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
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 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.
Moore Stephens has been commissioned by Lloyd's insurance and reinsurance underwriter Goshawk Insurance Holdings to design and maintain an online business management system. The project involves using state-of-the-art On-Line Analytical Processing (OLAP) and Data Warehousing techniques, in which Moore Stephens is a market leader, to improve the speed and quality of dissemination of management information. The first phase of the project, which involved identifying the
Interest is building up in this year’s annual conference of the International Union of Marine Insurance (IUMI), being held in Tokyo, September 17-20. New registrations by underwriters are still being received, but already the overall level of attendance seems likely to equal the Singapore conference in 2004, when the total was nearly 400. The London market alone will be represented by more than 40 underwriters from the Lloyd’s and company markets
Internet firm Just2Clicks' Translinx unit has launched an on-line, fully interactive cargo insurance service, covering all forms of transport. Translinx said its new CargoCover service has no volume requirements or subscription fees, and includes instant quotations and certification, together with claims management. The firm claimed it has already achieved savings in rates of up to 22 percent for some customers.
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
Drydocks World and Maritime World, one of the largest and most diversified shipyards in the world, announced that Chairman Khamis Juma Buamim, will participate in the Mare Forum, Rome, Italy where he will deliver a keynote address. The theme of the forum “Quo Vadis” (Where are you
Specialist marine insurance intermediary Seacurus has welcomed the decision of Lloyd’s to amend its risk codes to include a new class of insurance covering seafarer abandonment (SA). Lloyd’s provides guidance to underwriters on the classification of business into
Subsea 7 takes Nexans DEH system deeper than ever before for Chevron’s Lianzi project off SW Africa. The Lianzi development (located in a unitized offshore zone between the Republic of Congo and the Republic of Angola) will include the world’s deepest installation of a Direct
Specialist liability insurer for the international transport and logistics industry TT Club said it had another good performance for the year ended December 31, 2012, with further increased gross written premiums, and the club now maintains its A- (Excellent) rating for the past eight years.
Business is cyclical, and nowhere is there more evidence of its cyclical nature than in the insurance market, characterized by ups and downs in insurance premiums, coverages and profitability. By most accounts, the current insurance market has been one of the most competitive in recent memory
John Moy has joined the team at Water Quality Insurance Syndicate as Vice President of Underwriting. John will lead the WQIS underwriting department. John came to WQIS from Crum & Forster where he served as the Vice President of United States Fire Insurance Company for the past five years
Jones Act and LHWCA employers must protect Medicare’s interest or pay the price. It may be boring, but it is important. Read and heed. Attention maritime entities that employ Jones Act Seamen covered by liability insurance, including self-insurance
Horizon Lines relocated its Northeast port of call from Elizabeth, New Jersey to Philadelphia, to mark another milestone for the Port of Philadelphia. Led by Governor Tom Corbett and political and business leaders from across the region
Falvey Insurance Group has formed a new division, Safe Harbor Pollution Insurance. Offering some of the broadest terms available in the commercial market, Safe Harbor's Global Vessel Pollution Policy provides comprehensive protection for any vessel, owner or operator
The early months of 2013 have been marked by damaging labor strike action in several countries which has punished shipowners and charterers even though they are innocent parties, says The Strike Club, the market leader for delay insurance for the marine trades.
Seacurus has launched a new insurance policy to indemnify seafarers in the event of the financial default of their employers. CrewSEACURE is a new insurance product now available to all employers of seafarers required to satisfy new regulatory obligations under the Maritime Labour Convention 2006
Crewsure appointed G2 Crew Services, the recently formed partnership between Griffin Global Group Limited and Gulf Agency Company Limited, to act as its global correspondent. Crewsure provides medical and personal accident insurance directly to crew and is underwritten by the Munich Group
A delegation from Xiamen, China accompanied by the CEO of COSCO UK visit the London offices of Thomas Miller. The purpose of the visit by the delegation was to understand more of the shipping/insurance sectors in London and to foster good relations.
Northrop Grumman Corporation will appoint Andrew Tyler chief executive for the United Kingdom and Europe, effective July 1, 2013. In this new position, Tyler will play a leading role in supporting the company's current programmers, developing strategies for growth and identifying new business
Maritime fraud, international intrigue and an indefatigable investigator – all add up to a fascinating account of the extraordinary people bent on fooling the system with mind boggling schemes. Author Don Oliver is a specialist maritime insurance surveyor who has visited countless ports