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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


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.


Safe Harbor Pollution Insurance Broadens In-house Capacity

Safe Harbor Pollution Insurance broadens panel of security, increases marine pollution capacity    Vessel pollution liability insurance company Safe Harbor Pollution Insurance announced it has expanded its carrier partnerships to include Berkshire Hathaway Specialty Insurance Company (BHSI) and Argonaut Insurance Company.   With this expanded panel, Safe Harbor said it has more than tripled its in-house capacity


ITIC to Pay Continuity Credit for 21st Year in Succession

Stuart Munro (Photo: ITIC)

For the 21st year in succession, International Transport Intermediaries Club (ITIC) is to pay a continuity credit to all those members who renew their insurance cover during the 2016 policy year, which begins on June 1, 2016.   The CEO of ITIC, Stuart Munro, explains


LOC, Studio Navale Canepa Join Forces

Courtesy LOC Group

Leading international marine and engineering consultancy LOC Group has announced a collaboration agreement with marine survey experts Studio Navale Canepa (SNC) of Italy. Together the two organisations are combining expertise and their global networks to offer unrivalled casualty services to the


LOC Group Partners with Studio Navale Canepa

Marine and engineering consultancy LOC Group and marine survey experts Studio Navale Canepa (SNC) have entered a collaboration agreement whereby the two organizations will combine expertise and global networks to offer casualty services to the Italian market.  


Faulkner Joins Braemar SA as Manager

David Faulkner Courtesy Braemar

Braemar (incorporating The Salvage Association) has appointed David Faulkner as ‘Manager, Ports and Harbours (Middle East)’. David is a Master Mariner and pilot and will be based in the Braemar SA Abu Dhabi office. He has extensive experience in providing specialist port


Insurance Worries May Cancel Japan's Iran Oil Liftings

Japan will likely refrain from loading oil at Iranian ports in March because of the impending expiry at the end of next month of special shipping insurance cover provided by the government, industry and government officials said. The potential restriction from one of Tehran's biggest oil


Britannia and UK P&I Clubs in Merger Talks

The boards of the Britannia Club and the UK P&I Club announced today that the two groups are in merger discussions.   The boards of the Clubs will now begin a process to determine whether the merger is possible and delivers appropriate benefit to their respective Memberships


Pioneer Marine Posts Loss, Takes New Delivery

Image: Pioneer Marine

 Singapore-based dry bulk operator Pioneer Marine posted a loss of $80.6m for the fourth quarter, and a yearly loss of $96.9m for 2015.   Excluding the effect of the impairment loss, net loss as adjusted would have been $22.5 million for the year ended December 31, 2015 or $0


Solution to Iran Shipping Insurance Issues Months Away

Frontline, one of the world's largest independent tanker firms, says securing insurance for cargoes carrying oil from Iran is likely to take another two to three months, potentially limiting Iran's ability to quickly ramp up oil exports.  


Constrains on Iran Oil Shipping Insurance Still Remain

Photo: Frontline Management AS

 The chief executive of Frontline, one of the world's largest independent tanker firms, said it is likely to take another two or three months until insurance for cargoes carrying oil from Iran is secured, according to a report in Tasnim.  


Hong Kong's Maritime Industry in Cross Road

Photo: Hongkong International Terminals Limited

 The total port cargo throughput of Hong Kong has seen a sharp decrease of 13.8% in 2015, amounting to 256.6 million tonnes, according to the Hong Kong Census and Statistics Department. It is the biggest year-on-year drop in the past 10 years.  


Venture Insurance Programs Acquires Tidal Solutions

Philip J. Harvey, president of Venture Insurance Programs

Venture will rebrand and integrate Tidal Solutions specialty commercial marine products into its portfolio of industry leading programs. Venture Insurance Programs, a national insurance program administrator, today announced it has acquired Tidal Solutions, LLC, a Charlotte


Ship Insurers Plug Hole in Iran Oil Cover Left by US Sanctions

File photo: MOL

Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington's sanctions, according to officials involved in the initiative.  


Iran Seeks $2.5B to Modernize its Oil Tankers

(Photo: Greg Trauthwein)

Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday.


Manage and Mitigate Risk on the Water

Tracy Markowski

Strengthening your marine insurance   Early in the morning on August 29, 2005, Hurricane Katrina struck the Golf Coast of the United States. Hurricane Katrina was the worst insured loss event in the history of insurance anywhere in the world. It was bigger than 9/11


XL Catlin Unveils Cargo Insurance Policy

Anne Marie Elder (Photo: XL Catlin)

XL Catlin’s Americas Marine business has introduced its first new marine product, an insurance policy to offer cargo insurance coverage on a domestic, foreign or worldwide basis.   According to Anne Marie Elder, Chief Underwriting Officer of XL Catlin’s Americas Marine business






 
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