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
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
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
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
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.
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 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.
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 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
Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say. While shipping companies have yet to divert ships
International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by an average of 2.4% in 2015. This compares with the 0.8% average fall in costs recorded for 2014, and is the fourth successive overall year-on-year reduction
Hanjin Shipping Co. has notified 560 shipping crew that their service with the company ends on Dec. 10, reports the Pulse. The rest of 2,000 on the company payroll are expected to get dismissal notice within next month.
Following the success of the inaugural Asian Marine Casualty Forum (AMCF) in 2015 and by popular demand, the bi-annual industry forum aimed at addressing the current crises in maritime casualty management, is back for the second time running and officially launched in Singapore today
The cost of shipping oil through the Black Sea and Mediterranean fell on Monday after a failed coup in Turkey over the weekend and shipping sources said there were no disruptions through Istanbul's vital Bosphorus Strait. More than 290 people were killed and around 1
During the incident involving Dream II Very Large Crude Carrier (VLCC) and MSC Alexandra (Container Ship) on 3rd August, 10 empty containers fell overboard. (See report in Marinelink ) Of these, five fell overboard onto the deck of Dream II VLCC and another five fell into the sea
Braemar Adjusting has agreed a strategic partnership with Beckett Liquidadores de Seguros S.A of Chile, to act as its local resource partner in a number of countries in South America. Braemar Adjusting provides Loss Adjusting, Risk Assessment
Norway-based owner and operator of floating LNG import terminals, Höegh LNG reported a second quarter profit after tax of US$3.5 million, down from $6.3 million in the first quarter 2016. The company’s profit after tax was also down in comparison to the
Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities. For many years the companies have worked together in ship insurance and ship brokerage. These partnerships are to be intensified and extended to other ship
The Company: Since 1935, MOPS Marine License Insurance has defended the USCG licenses of mariners operating in every maritime sector in the United States. Its network of over 80 maritime law firms, representing almost 200 experienced maritime attorneys
The International Maritime Organization (IMO) treaty covering wreck removal is on the agenda at the 7th Maritime Salvage and Casualty Response Conference in London (7-8 September). IMO’s Jan de Boer gave an insight into the Organization’s Nairobi Wreck
The Company: XL Group plc through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world
The International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure.
Is the Limitation of Liability Act Still Relevant? In the aftermath of the El Faro disaster, that vessel’s owners exercised their right to file a petition to limit their liability in accordance with the U.S. Shipowner’s Limitation of Liability Act, 46 USC §30501, et seq
Dr. B. S. Park, Korean Register Chairman and CEO, has passed away after a short illness. Dr. Park graduated from Korea Maritime and Ocean University in 1976 and joined Pan Ocean Shipping where he worked in a number of capacities until 2001