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Indemnity Insurance

ITIC Warns Shipmanagers on Lay-Up Liability

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: Professional Indemnity Cover Needed

ITIC logo.JPG

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


ITIC Launches Terms for Surveyors and Consultants

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


U.S. Extends Marine War Risk Insurance

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


Piracy Expected to Rise as Monsoons End

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


UK P&I Club: 7.5% Rate Increase

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.   


K-Sea Barge Strikes Object, Fuel Spills

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 Receives Safety Award

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


Falvey Announces New Pollution Insurance Division

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.


Vessel Insurance is a must at Panjang

Port of Panjang-Pelindo-II

  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.


Kenyan Port Workers Strike Over Higher Health Costs

More than 2,000 workers at East Africa's biggest port in Kenya's coastal city Mombasa went on strike on Wednesday protesting an increase in the amount they will have to pay for state-run health insurance.   Cargo ships remained unattended as workers gathered and held discussions in groups


Noreco Ink Deal with Denmark Partners

Logo

  Norwegian Energy Company ASA announces that it has reached an agreement with its joint venture partners in Denmark with respect to its forfeited licences and related abandonment liabilities. Noreco has terminated its joint venture and its participation in the Nini and Cecile oilfields


KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities at East Africa's biggest port will resume July 6. The workers are disputing higher deductions for the government's national health


NITC Tankers Chart Western Course

Sourena is a FSU for Iranian crude export located in the Persian Gulf, south of Iran. Photo: NITC

 Iran’s largest shipping company NITC, the privatized Iranian shipping company, is in talks for permission to sail in Western waters, says a report in WSJ.   NITC has amassed the world’s largest fleet of super tankers and is in talks to sail back into western waters should


How to Approach Maritime Cyber Security

Luke Ritter

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


Nairobi Wreck Removal Convention Enters into Force

The Nairobi International Convention on the Removal of Wrecks provides a set of uniform international rules for the prompt and effective removal of wrecks located in a country’s exclusive economic zone or equivalent 200 nautical miles zone. (Photo: IMO)

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


Logistics and Warehouse Insurance: Understanding its Complexity

Virginia Cameron

In October 2013, a fire blazed through Brazil’s Santos port, destroying six warehouses and the 180,000 tons of raw sugar inside Sugar Company Copersucar’s terminal. The fire hit all of the sugar giant’s warehouses at the port and left many exporters holding contracts for sugar


Maritime Casualty Forum Held in Singapore

Speakers at the Asian Marine Casualty Forum listen to conference chariman, David Pockett (center). Photo courtesy of LOC

More than 250 shipping and insurance professionals gathered for the first ever Asian Maritime Casualty Forum held during Singapore Maritime Week.   The two-day conference, hosted by global marine and engineering consultancy London Offshore Consultants (LOC)


Seminar Highlights Freight Liability in Russia

Kevin King

International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow.  Lead by TT Club’s General Manager, EMEA, Kevin King and Kirill Berezov from the insurer’s long-established Russian network partner


Yemen War Risk Could Strangle Sea Trade Routes

With Middle East giants Saudi Arabia and Iran squaring up on opposing sides in the Yemen war, the dangers to vital oil tanker and goods voyages are growing daily.   Millions of barrels of oil pass through the Bab el-Mandeb and Strait of Hormuz everyday to Europe


Challenges Ahead for Marine Insurance

Dieter Berg, president of the International Union of Marine Insurance. Photo by IUMI

 The marine insurance sector is undergoing a rapid period of change and it is critical that insurers understand the risks the industry is facing and offer products that match these new trends, Dieter Berg, president of the International Union of Marine Insurance (IUMI) said.  


NY Maritime Law Firm Cited as a Top Practice

Daniel G. McDermott

The Maritime Litigation Practice Group in the New York City office of Marshall Dennehey Warner Coleman & Goggin, has been recognized among the top national maritime practices by Chambers USA: America's Leading Lawyers for Business.  


Master Port Risk Program Launched by Fidelis Group

H. Elder Brown, Jr., President and Chief Executive Officer of FGH

Fidelis Group Holdings, LLC Launches Master Port Risk Program For The Maritime Industry.   Fidelis Group Holdings, LLC (FGH) with its subsidiary company Continental Underwriters, Ltd. (CUL), a National Marine Insurance coverage and service leader


UK Defense Club Reports Strengthened Financial Position

The UK Defence Club, the provider of FD&D (legal costs) insurance to the maritime industry, announced its financial results for the year ending February 20, 2015.   According to the club, highlights include 3,700 ships covered, total assets of £56


Russian Ship Collides with Icelandic Coast Guard Vessels

STS Kruzenshtern. Photo by Barque Kruzenshtern

 The Russian tall ship Kruzenshtern collided with the Icelandic Coastguard patrol ships Þór and Týr, which were docked at the quayside. Both Icelandic vessels sustained damage.   “These things can happen when a big ship is approaching the quay, or leaving it






 
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