The International Transport Intermediaries Club (ITIC) has urged its shipmanager members to seek legal advice before entering into any contracts with owners relating to the laying-up of vessels. ITIC said there has been a recent sharp increase in the number of lay-up contracts which it has been asked to review. Some of these agreements are based on amended shipmanagement contracts, where the manager acts as agent for and on behalf of the owner. Other agreements involve the manager offering lay-up services to the owner as a principal rather than as agent. ITIC points out, “Where the manager offers these services as an agent of the owner, it will arrange for the appropriate anchorage to be sourced and also arrange for the maintenance and repair of the vessel. If the manager contracts to actually undertake the maintenance and repair of the vessel itself, the contractual relationship between the owner and the manager changes completely. In those circumstances, the manager is taking on the role of a contractor and therefore may require ship repairers’ liability insurance in the event of damage being caused to the ship by anybody who is actively engaged in its maintenance and repair on behalf of the shipmanager. “Such maintenance and repair insurance is available, but it may be substantially more expensive than existing professional indemnity insurance
ITIC says professional indemnity cover essential in litigious shipping industry. International Transport Intermediaries Club (ITIC) has warned that, in today’s increasingly litigious business environment, there is a growing need for shipping professionals to have third-party indemnity insurance cover. This can be the case even in those sectors where insurance has not previously been deemed necessary, and in cases where, despite a favourable outcome to legal proceedings
At its annual board meeting on 29 October 2012, the board of the UK P&I Club (the Club), one of the oldest shipping protection and indemnity insurance mutuals, agreed that the general increase for 2013 renewal will be 7.5 percent. The premium rating increase is in addition to any increase in the cost of the International Group reinsurance premium for 2013 for the mutual members, which will be determined in the New Year.
Despite most companies in the transport and shipping industries having their own trading terms and conditions, very few surveyors and consultants follow suit. In a bid to encourage them to adopt their own conditions, the International Transport Intermediaries Club (ITIC) has launched its Standard Terms for Surveyors and Consultants. Available to all ITIC members free of charge, and downloadable from www.itic-insure.com, ITIC's standard terms offer surveyors and consultants a
Operators of vessels off the East coast of Africa are being warned by a leading insurance expert to prepare for an increase in pirate attacks after the southwestern monsoon ends in coming weeks. “There is a temporary lull in pirate activity at the moment off the East coast of Africa…but we expect this to be just that - a temporary lull,” said William Tobin, of the not-for-profit mutual organization Shipowners’ Protection Ltd
Secretary of Transportation Norman Y. Mineta has approved an extension of the authority to provide war risk insurance under Section 1202 of the 1936 Merchant Marine Act (Act). Unlike Section 1205 insurance, which is provided to the Department of Defense (DOD) on vessels chartered to them at no premium and with a full DOD indemnity, Section 1202 insurance is underwritten by DOT in return for a premium from shipowners. This insurance or reinsurance of vessels is available for vessels (including
The Harbour Master at Panjang has advised that ship owners must have marine insurance for shipwreck removal and/or protection indemnity. For all vessels of GT35 or more, the owner must have the vessel covered with Ship Body Removal insurance and or Lost Coverage. With effect from 1 March 2015, there will be regular checkings on the above obligation by proofing the Polis Resume/Certificate of Entry which will be validated in the website/online.
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. Veteran insurance professionals Russ Brown, Tony Gerone and Sean Quinn bring over 35 years of experience in underwriting marine pollution coverage to the new Long Island-based company.
AP reported that K-Sea Transportation Partners LP on Friday said one of its tank barges struck an underwater object in the middle of the night, taking in water and leaking unspecified amounts of fuel into the Gulf of Mexico. The company, which runs a fleet of about 100 oil tank barges and tug boats, said the tug boat master reported that the barge rammed an unidentified object in gulf waters. The company noted that it carries both protection and indemnity liability insurance
Great Lakes Shipyard, Cleveland, Ohio, has received the 2009 – 2010 Industry Leader Safety Award from the Signal Mutual Indemnity Association. This is the second time in recent years that the Great Lakes Shipyard was chosen to receive this award because of their outstanding safety performance with no “lost time” accidents. The shipyard’s commitment to safety is not new. The previous outstanding safety award was presented in 2004 - 2005
The Nairobi International Convention on the Removal of Wrecks enters into force on Tuesday, April 14, 2015. The Convention places strict liability on owners for locating, marking and removing wrecks deemed to be a hazard and makes State certification of insurance
Be the Hammer, not the Nail when it comes to Maritime Cyber Security Maritime security professionals understand the value of a layered approach to risk management. Cyber security posture continues to develop as a critical component of a maritime security strategy
If you own a ship with a gross tonnage (GT) of or above 300, you must inform the Danish Maritime Authority about your insurance for maritime claims by 31 March 2015. The requirement does not apply to foreign ships. It is about time to check your insurance for maritime claims.
Speaking during Baltic Transport Week in Gdansk this week Andrew Huxley, Development Director at freight transport insurance specialist TT Club, warned port and terminal operators to be aware of the reputational damage that can be a serious consequence of uninsured incidents resulting from
The Cook Islands has acceded to the Nairobi International Convention on the Removal of Wrecks, 2007 (“The Nairobi Convention”). As a State Party, Cook Islands will issue Wreck Removal Certificates to its own ships and also to ships flying the flags of states that have not yet
The TT Club has alerted the supply chain industry to a persistence of claims in a handful of loss types. The international transport, freight and logistics insurance provider said it has found that 66% of its claims by number and 62% by value over a five year period can be categorized into just
When a land-based contractor decides to work on water, risk can arise from unexpected places. It doesn’t have to be that way. In the past, companies involved in the marine industry, whether they were vessel operators, riggers, longshoremen, ship builders, repairers
Shanghai’s Pudong New Area has made progress in building an international shipping center last year and the opening-up reforms in the city’s free trade zone (FTZ) have lured another six global ship management firms to dock there, reports Shanghai Daily.
The Texas Supreme Court on Friday ruled that BP Plc cannot claim about $700 million in insurance that was carried by offshore driller Transocean Ltd to cover the blowout of BP's Macondo well in 2010, the biggest offshore spill in U.S. history.
Dutch bank ABN Amro and China Export & Credit Insurance Corporation (Sinosure) have signed a memorandum of understanding (MoU) to develop business in the ship building sector. ABN Amro will provide local and sector knowledge in shipping and offshore transactions
The mega container ships raising concerns among vessel operators, insurers and regulators about the potential for catastrophic accidents. Shipping lines have sought to stay competitive by running larger, more fuel-efficient container ships in major shipping lanes
Specialist marine insurance intermediary Seacurus has launched a petro-piracy endorsement for ships operating in the South China Sea, Malacca Straits, Indonesian Archipelago and Gulf of Guinea. South-East Asia accounted for three-quarters of global maritime piracy last year
The insurance and certification requirements of the Convention on the Removal of Wrecks become effective this April. In this connection, the Danish Maritime Authority has a request for Danish companies and shipowners. Therefore new regulations will be implemented
Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages, caught in a struggle between the rival governments there and threatened by air attacks.
The Ghana Navy has foiled a pirate attack on a Nigerian cargo vessel, MT Mariam and captured all eight bandits. The pirates were armed, but no one, including a nine-member crew aboard MT Mariam, was injured when the Ghana Navy crew aboard GNS BLIKA effected the arrest.