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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


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


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.


Crowley’s Menard Promoted to VP of Risk Management

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


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


General Maritime Q1 2010 Results

General Maritime Corporation (NYSE:GMR) reported its financial results for the three months ended March 31, 2010. Financial Review: 2010 First Quarter The company recorded a net loss of $9.1 million or $0.16 basic and $0.16 diluted loss per share for the three months ended March 31, 2010 compared to net income of $18.9 million or $0.35 basic and $0.34 diluted earnings per share for the three months ended March 31, 2009


DNK Appoints New Insurance Director

Göran Skuncke

War risk insurance specialist, DNK, is pleased to announce the appointment of Göran Skuncke as Insurance Director. Skuncke will be responsible for the Association’s insurance activities, with a particular responsibility for membership service, in addition to running DNK’s underwriting and claims activities. Skuncke joins DNK from the P&I Club, Skuld. During his career at the company, he provided hands-on experience and insight into both underwriting and claims work


TT Club Pinpoints Risks for Logistics Operators

Phillip Emmanuel

The overwhelming majority of insurance claims analysed by TT Club have showed that costly damages and loss, as well as serious bodily injury can be prevented or significantly minimised by sensible and concerted risk management efforts. Speaking at this week’s TOC Container Supply Chain


TT Club Signs Partnership in The Philippines

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Specialist transport insurance provider, TT Club has appointed a network partner in The Philippines.  Del Rosario Pandiphil Inc. becomes the seventh such partner that the international logistics and freight handling insurer has in the Asia-Pacific region


Wreck-Removal Convention to Enter into Force

Photo courtesy IMO

Shipowner liability on the horizon as Denmark ratifies international instrument The Nairobi International Convention on the Removal Wrecks will enter into force on April 14, 2015 following the deposit, on April 14, 2014, of an instrument of ratification by Denmark


Shipowners to Become Liable for Costs of Wreck Removal

Wreck image courtesy of IMO

Shipowner liability is on the horizon as the Nairobi International Convention on the Removal Wrecks will enter into force on 14 April 2015 following the deposit, on 14 April 2014, of an instrument of ratification by Denmark, with the International Maritime Organization (IMO).


North P&I, Sunderland Merge to Form North Group

North of England P&I Association (North) and Sunderland Marine Mutual Insurance Company Limited (SMMI) merged to form the North Group on Friday 28 February 2014 following approval by the Bank of England’s Prudential Regulatory Authority and other U.K. and overseas regulators


CaroTrans Boosts Services to Central America

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March 6 marks the start of a new service from Los Angeles gateway. CaroTrans, a global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, has announced a new weekly, direct, all-water LCL (less than container load) service from the U.S


Know thy Contracts, and the Liability Accompanying Them

‘No man is an island.’ Today, the interconnectivity of business can drive opportunity, but those same interactions can significantly affect us and our businesses. Today’s marine businesses have to manage and prepare for the actions of “the other guy” as much as they


Denmark Updates Insurance Claims Requirements

Ships without P&I insurance for maritime claims must inform the Danish Maritime Authority about their insurance Danish ships with a gross tonnage of or above 300 without a Certificate of Entry in a P&I Club from the international group of P&I clubs must inform the Danish Maritime


TT Club Strengthens Middle East Presence

Julien Horn

Specialist freight transport insurance provider TT Club said it is reinforcing its presence in Dubai with a move which aims to support the Club’s existing claims team in the UAE and underlines the insurer’s commitment to what is a dynamic region and provides an additional service level


HAVEP: Two Passenger Vessels Detained

Preliminary results from the Harmonized Verification Program (HAVEP) on passenger ships, carried out between January 1, 2013 and December 31, 2013 in the Paris MoU region show that two passenger ships were detained over the 12 month period as a direct result of the HAVEP for deficiencies related


CaroTrans Launches Direct Le Havre to Houston

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Strategic European hub location offers fastest transits from France to U.S. Gulf. CaroTrans announced a new, weekly LCL export service from Le Havre, France to Houston which will commence April 5. This direct service shortens shipping time by 5-11 days for freight moving from France to the U.S


OMB - review of draft OSV rule

The Coast Guard Authorization Act of 2010 removed the size limit on offshore supply vessels (OSVs). The Act also directed the Coast Guard to issue, as soon as is practicable, a regulation to implement section 617 of the Act and to ensure the safe carriage of oil, hazardous substances


Energy Industry Needs Insurance Against Cyber Attacks

Energy companies have no insurance against major cyber attacks, reinsurance broker Willis said on Tuesday, likening the threat to a "time bomb" that could cost the industry billions of dollars. Willis highlighted the industry's vulnerability to cyber threats in its annual review of


Petrobras Secures $1.8b Loan for Refinery

Petroleo Brasileiro SA borrowed 4 billion reais ($1.8 billion) in a 17-year loan from Banco Bradesco SA to help pay for work on the Abreu e Lima refinery in northeastern Brazil, a source with direct knowledge of the deal said on Tuesday. Petrobras


Petrobras Secures Loan for RUpdate: efinery

Petroleo Brasileiro SA borrowed 4 billion reais ($1.8 billion) in a 17-year loan from Banco Bradesco SA to help pay for work on the Abreu e Lima refinery in northeastern Brazil, a source with direct knowledge of the deal said on Tuesday. Petrobras


 
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