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.
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
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
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
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
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
Maritime Training Academy are adding to its portfolio of training courses with the addition of seven new Diplomas, confirming its position as a world leader in the provision of distance learning training within the maritime industry. The seven new training courses cover Maritime Firefighting
The European Union Ship Recycling Regulation has been effective since 2013 and applies to all ships entering ports and terminals of EU Member States. While it is consistent with the broad objectives established in the International Maritime Organisation’s Hong Kong
2015 saw further growth in total Group entered tonnage, which increased from 1,047 billion GT as at August 2014 to 1,088 billion GT as at August 2015, says annual review of International Group P&I Clubs (IGP&I) published by Gard on July 14, 2016.
Harry Diamond, Vice President and Chief Claims Officer at WQIS, is celebrating 21 years with the company this year. Diamond is a graduate of LaSalle University with Bachelor of Arts degrees in social studies education and history; he also holds an Associate degree in Risk Management
Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing's claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway. A tribunal in The Hague, Netherlands
India's biggest shipping company Shipping Corporation of India (SCI) will resume sailing to Iran this month after a hiatus of about four years, reports Reuters. The company says it will accordingly use one of its Suezmax-sized tankers to ship an oil cargo for state-refiner Hindustan
With a one stop shop offer to facilitate your shipping experience, CMA CGM, in partnership with one of the largest marine insurance companies in the world, has developed a Unique Cargo Insurance Program to cover the unexpected and unforeseeable events that may lead to loss or damage of your
Maritime security company Maritime Asset Security Training (MAST) has announced their partnership with Astbury Marine Services & Associates (AMSA), a specialist shipping and insurance response business. The combination of front-line experience and industry knowledge place MAST and
Starting July 1, Crowley Maritime Corporation will offer weekly, fixed-day, less-than-container-load (LCL) shipping services from Houston to 33 port destinations throughout the Caribbean Basin, the shipper announced today. The new logistics service is designed to enhance supply chain
Helle Hammer, Managing Director Cefor & Chair of the International Union of Marine Insurance (IUMI) Political Forum discuss about Container Weighing Rules. As of 1 July 2016, only containers with a verified gross mass will be allowed to be loaded on board a vessel (although IMO
Neil Roberts, Manager, Marine and Aviation, Lloyd’s Market Association (LMA), United Kingdom, and International Union of Marine Insurance (IUMI) Ocean Hull Committee Secretary and Political Forum Liaison discuses about the position paper published by IUMI.
Braemar Shipping Services PLC on has terminated its involvement in the ACM ICON Shipping DMCC venture, announcing the sale of its 50% stake to its joint-venture partner Icon Chartering Ltd, says a report by Alliance News. Braemar said it has determined the venture is no longer
South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT.
Iran said on Wednesday it had stopped exports of liquefied petroleum gas (LPG) to Japan, but there were other customers available to buy the Islamic republic's LPG, the semi-official Mehr news agency reported. The report did not give a reason but difficulties for shippers in obtaining