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
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 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 first group of candidates has successfully completed the full Protection and Indemnity Qualification (P&IQ). The examination program was launched in 2010 by the International Group of P&I Clubs (IG) to support education in P&I insurance. The successful candidates were presented with their certificates by Grantley Berkeley, Chairman of the IG and of Tindall Riley (Britannia) Limited, at an awards ceremony to mark the candidates’ achievements held on 12th November 2013 at
LOC Group Ltd (incorporating London Offshore Consultants) – a leading global marine engineering consultancy – has secured a minority external investment from Bridgepoint Development Capital (BDC). Financial details of the investment were not disclosed.
Vessel operating costs are expected to rise by more than 3.0% in both 2013 and 2014, according to a new survey by international accountant and shipping consultant, and Maritime London member, Moore Stephens. The survey is based on responses from key players in the international shipping industry
Several years ago, the 1971 Fund was replaced by the two subsequent Funds that pay higher compensations to the victims of oil pollution. It was an international innovation when a global, solidary scheme on compensation for the victims of oil pollution caused by tankers was established with the
Huntington Ingalls Industries (HII), a company that designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe, reported third quarter 2013 revenues of $1.64 billion, up 2
Legal and contractual issues, piracy and crime, and international sanctions are the most important areas of concern to merchant shipowners, according to a recent survey by the UK P&I Club. Close behind are crewing and personnel, insurance regulation, loss prevention, environmental legislation
Stolt-Nielsen Limited reported unaudited results for the third quarter ended August 31, 2013. Net profit attributable to shareholders in the third quarter was $21.8 million, with revenue of $521.8 million, compared with $25.7 million, with revenue of $533
The Shipowners’ P&I Club, experts in the provision of liability insurance for specialist vessels, is on a mission to bring clarity to policy wordings; the in-depth knowledge accrued from its particular focus on certain sectors of the global fleet assists the club in making insurance
Inmarsat, a provider of global mobile satellite communications services, said it has triggered an option to purchase a fourth Inmarsat-5 satellite under its existing contract with Boeing Satellite Systems International, Inc. The program schedule from Boeing has a satellite delivery date of mid-2016
In a decisive move to convert Oman's Sultan Qaboos Port into a tourism hub August 31, 2014 would be the deadline for receiving container, cargo, vehicle carriers and other vessels carrying project material at the port, reports the Times of Oman, citing Minister of Transport and Communications
Nautical Control Solutions, LP (NCS) announced that Marine Fuel Management (MFM) systems consultant Mustang Technologies has been signed as an official representative in the Asean Free Trade Area (AFTA). “We are delighted to be appointed a FuelTrax representative,” said Mr
North P&I Club has decided on a 7.5% general premium increase for protection and indemnity (P&I) cover next year and will continue with a moderated payment plan similar to last year. The increase reflects the board’s commitment to maintaining the financial strength and stability
ITIC has warned shipping intermediaries to be on the look-out for cleverly forged documents which could result in them being held liable for substantial claims by cargo interests. In the latest issue of its Claims Review, ITIC refers to the case of a Belgian ship agent which released six
Regional insurance brokerage and risk management company AAIB first to be granted license to operate in Somalia as economic opportunities drive demand. Regional specialist in broking, risk management and consultancy Anglo Arab Insurance Brokers (AAIB), has broadened its footprint
Braemar Adjusting continues its global expansion with the addition of one director in London, two directors in Houston and an energy adjuster in Singapore. Ian McInroy re-joins Braemar’s London office as a Director in October 2013 from a leading international insurance broking and
A new survey from Moore Stephens finds that vessel operating costs are expected to rise by more than three% in both 2013 and 2014, unwelcome news to shipowners that continue to struggle with low freight rates and over capacity across the oceangoing sectors.