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: email@example.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 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
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
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
DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has highlighted the benefits of fixed premium P&I cover for ship owners and operators in the Middle East.
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.
Recruiting hires reflect demand for talent in the oil and gas and maritime sectors, across the U.S. and globe Faststream, an oil and gas and maritime recruiting and staffing services company, hired eight recruiters in its Houston and Fort Lauderdale offices to focus solely on placing talent
Scorpio Bulkers, Inc. received a commitment from ABN AMRO Bank N.V. for a loan facility of up to $39.6 million to finance up to 60% of the market value upon delivery of two Kamsarmax vessels currently under construction at Tsuneishi Zhoushan Shipyard, China for delivery in Q3 2015 and Q1 2016.
Brisbane-based shipbuilders Aluminium Boats Australia Pty Ltd has been placed into voluntary administration after a shipyard fire in August has set the company toward financial instability. The fire, which occurred at the company’s Hemmant dockyard 11 weeks ago
DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has held the first BE&O P&I Seminar in Limassol, Cyprus. Hosted by Captain Andreas Efthimiades
On Sunday, November 2, the Chancellor of the World Maritime University (WMU) and IMO Secretary-General Sekimizu conferred postgraduate degrees on the WMU's Class of 2014. Compiling the largest class in the 31-year history of WMU, 124 students graduated from the Malmö-based M.Sc
China has issued further guidance to support and modernize its shipping industry, saying it would encourage mergers and private investment as well as develop its cruise industry. The world's biggest trading nation is focusing on the shipping industry as it grows more assertive over territorial
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
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
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.
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
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
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
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