Chairman of the Board of Directors, Fidelis Group Holdings LLC and Continental Underwriters, Ltd. For those in the marine insurance and underwriting communities, H. Elder Brown, Jr. needs no introduction. That’s because over the course of the past 27 years, Brown has taken Continental Underwriters Ltd. (CUL) from a small family business to one of the largest brown water marine underwriters in the United States. More recently, Brown returned CUL to private ownership by purchasing CUL back from Houston Casualty Company in 2009. Today, CUL is an industry leader in part due to the company’s excellent underwriting and claims handling. A 1974 graduate of Loyola University, Brown has steadily risen through the ranks of marine insurance, serving along the way in the Claims Department, as Assistant Underwriter, Senior Underwriter and eventually earning his current position as Chairman of the board of directors. Starting out as an Offshore Crew boat captain, Brown at one time operated and managed oilfield crew boats. As such, his knowledge of this unique market niche extends far beyond simple dollars and cents. This month, he weighs in for MarineNews readers on a host issues affecting marine insurance and those who depend on those services. How do you view the marine insurance marketplace at the current time? How about in one year? Five?
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
Tactical Insurance Group has opened a new corporate office to facilitate the expansion of the company into its targeted industry sector – Logistics Insurance. One of the South Central region's leading insurance brokers, Tactical Insurance Group, has moved into a newly expanded corporate office facility in Dallas as part of its strategy to grow its Logistics Insurance practice throughout Texas and surrounding states.
To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages. "Crisis events like kidnapping, disappearance and hijack are increasingly real threats, especially on open seas," explained Denise Balan, Country Manager of XL's US Crisis Management business which developed the KRE endorsement
Wikborg Rein, a Norwegian law firm, said Norway's Supreme Court has closed a door to claimants attempting to act against foreign shipowners insuring themselves in Norway. Anders Faerden, a partner in Wikborg Rein's Oslo office, said, "A Mexican insurance company has unsuccessfully brought a claim in Norway against a major Russian shipowner. The claimant tried to sue the Russian company in Norway because it had its P&I cover with Oslo-based Skuld.
Moore Stephens has appointed Lloyd's insurance market expert Tim Walker a consultant to its insurance and business intelligence team. Walker has extensive experience of international - and particularly Lloyd's - underwriting markets. He was a director of Miller Underwriting Agencies for ten years until starting his own full-time Lloyd's consultancy in 1993, in which capacity he acts as manager to Charles Taylor & Co, managers of The Stop Loss Mutual Insurance Association Ltd.
Regulatory developments mean that failure to make proper use of business intelligence systems and actuarial consultancy to assess risk could lead not only to significant financial losses but also to disciplinary penalties for insurance underwriters and brokers, according to leading accountant and consultant Moore Stephens. John Harbor, head of the Moore Stephens Insurance Industry Group, says, "Professional risk analysis and modern data management techniques are
Barbican Group Holdings Limited (Barbican) announced that it has acquired Seacurus Ltd (Seacurus), a U.K.-based specialist marine insurance broker. Established in 2004, Seacurus focuses specifically on revenue protection in the marine insurance market. A provider of marine kidnap and ransom insurance, the company offers a range of products designed to help companies in the shipping industry manage a wide variety of operating and financial risks.
International Medical Group® (IMG) a leader in designing, distributing and administering global medical insurance benefits, has announced its enhanced flagship marine group medical insurance program. According to IMG, the enhancements enable ship owners to provide their crew comprehensive coverage for eligible medical expenses, which is increasingly important with the enactment of the Maritime Labour Convention (MLC, 2006).
McDermott Costa Insurance Brokers offers risk-reducing advice to marinas & shipyards regarding third party vendors Third party service providers can pose serious risk and liabilities for marina and shipyard owners. Without the proper due diligence these marine companies could find themselves footing large bills should a dispute occur. As a California insurance agency that specializes in ocean marine insurance for boat yards, marinas, yacht clubs
Insurance underwriters of diversified maritime exposures see a wide variety of approaches taken by vessel operators to manage human error to control risk. They have found through experience that the majority of hull and liability claims can be traced to a breakdown in preparedness and
DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has highlighted the benefits of fixed premium P&I cover for ship owners and operators in the Middle East.
Russian companies face billions of dollars in extra insurance costs as Western sanctions prompt foreign insurance firms to start pulling out, worried that any business they undertake is at risk from future measures and an increasingly sick economy.
Recruiting hires reflect demand for talent in the oil and gas and maritime sectors, across the U.S. and globe Faststream, an oil and gas and maritime recruiting and staffing services company, hired eight recruiters in its Houston and Fort Lauderdale offices to focus solely on placing talent
Scorpio Bulkers, Inc. received a commitment from ABN AMRO Bank N.V. for a loan facility of up to $39.6 million to finance up to 60% of the market value upon delivery of two Kamsarmax vessels currently under construction at Tsuneishi Zhoushan Shipyard, China for delivery in Q3 2015 and Q1 2016.
Brisbane-based shipbuilders Aluminium Boats Australia Pty Ltd has been placed into voluntary administration after a shipyard fire in August has set the company toward financial instability. The fire, which occurred at the company’s Hemmant dockyard 11 weeks ago
DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has held the first BE&O P&I Seminar in Limassol, Cyprus. Hosted by Captain Andreas Efthimiades
On Sunday, November 2, the Chancellor of the World Maritime University (WMU) and IMO Secretary-General Sekimizu conferred postgraduate degrees on the WMU's Class of 2014. Compiling the largest class in the 31-year history of WMU, 124 students graduated from the Malmö-based M.Sc
China has issued further guidance to support and modernize its shipping industry, saying it would encourage mergers and private investment as well as develop its cruise industry. The world's biggest trading nation is focusing on the shipping industry as it grows more assertive over territorial
Braemar (incorporating The Salvage Association) welcomed an invited group of marine insurance professionals onto its specialist port and shipyard familiarization course in Falmouth designed to introduce participants to the technical aspects of marine surveying, investigating
Once, the stars were all that mariners needed to navigate the seas. Today, maritime companies rely on hi-tech systems to operate and navigate equally hi-tech vessels. All of that comes with new and significant risks. On one side, automation has its benefits
The TT Club, an international transport and logistics insurance provider, released a trading update for the period 1 January - 31 August 2014. Charles Fenton, Chief Executive of the TT Club, said: “Low claim levels have continued through from 2013 which have contributed to TT
European Union sanctions on Iran's main oil tanker firm NITC have been annulled after the EU failed to appeal against a court ruling that ordered the measures to be lifted, the shipping company said on Tuesday. An EU official told Reuters the European Union was working to resolve the issue
First U.S. Homeland Security Secretary Tom Ridge Partners with Five Lloyd’s Syndicates to Offer ‘Intelligent’ Cyber Insurance. Ridge Insurance Solutions Company to close dangerous cyber insurance gap by providing informed-assessment capabilities and insurance.
Singapore has to further develop and strengthen the pillars of marine insurance and shipping finance if it is to be fully regarded as an influential International Maritime Centre, according to Singapore Shipping Association President Patrick Phoon.