Trends and developments affecting the U.S. ocean marine insurance market will be discussed at the annual meeting of the American Institute of Marine Underwriters (AIMU) on Friday, Nov. 19 in New York City. The meeting will be held in the Ricker Auditorium, 180 Maiden Lane, beginning at 9:30 a.m. Ed Badolato, chairman of the National Cargo Security Council (NCSC), will be the featured speaker. The NCSC is a broad-based organization of government agencies and private industry working together to fight cargo theft. AIMU chairman James A. Zrebiec, chairman of International Marine Underwriters, a member of the CGU Insurance Group, will report on issues in the global marine insurance marketplace. Walter Kramer, AIMU president, will discuss AIMU program initiatives.
The 2007 conference of the International Union of Marine Insurance in Copenhagen is set for next month. As finishing touches are being put to the four-day program of committee meetings, keynote speeches, presentations, panel discussions and workshops, covering all branches of marine insurance, IUMI has announced record attendance figures. With over two weeks still to go to the start on September 9, the organizing committee from the Danish Insurance Association reports that more than 750
Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company will outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Analysts say the merger will accelerate consolidation in the sector, where competition is intensifying, due mainly to the deregulation of insurance premiums in July 1998
A recent study conducted by First American Transportation Title Insurance Company, a subsidiary of First American Title Insurance Company, finds that more than 35 percent of recorded maritime vessel ownership records contain potential title issues. The October study evaluated more than 100 randomly selected commercial and recreational vessels listed on the U.S. Coast Guard’s National Vessel Documentation Center (NVDC) registry.
The U.S. Maritime Administration (MARAD) is sponsoring a seminar in New York on May 31, 2002 entitled Issues regarding Terrorism Insurance in the Maritime Industry. The keynote address will be given by MARAD Administrator William Schubert. Items on the agenda include Terrorist Insurance Legislation Proposals and Status and Insurance and Beyond.
The Passenger Vessel Association (PVA) recently distributed the following to advise its members regarding terrorism insurance. The shocking events that occurred on September 11 took all of us by surprise. Since then, we've all started to ask ourselves some basic questions that will help us to protect our companies, property, and employees from further harmful situations, if they should occur. One of these important protective elements is insurance.
Moore Stephens have warned companies engaged in the insurance industry that they must put in place formal, anti-fraud structures, or risk being targeted both externally and internally. Writing in the firm’s Insured Interest newsletter, Moore Stephens’ Alan Tidy says, “There is evidence to suggest that there are potential gaps in the systems that the insurance industry has put in place to detect and eliminate fraud.
Speaking at the Panama Maritime VI World Conference, Dan Negron, vice president at Through Transport Mutual Services (Americas), stated that port operators face significant liability risk unless they are properly advised by specialist insurers and are in possession of a bespoke port and terminals policy. The devastation caused to New York in the September 11 terrorist attacks has inevitably led to repercussions in the insurance markets
Moore Stephens has further strengthened its regulatory advisory capability with the appointment of John Westlake as compliance manager. John Westlake has a broad perspective of the insurance industry acquired through a variety of roles, which has enabled him to support insurers and brokers in establishing effective compliance solutions. He has a strong commercial background, having acted as operations director with a personal lines insurer
John Moy has joined the team at Water Quality Insurance Syndicate as Vice President of Underwriting. John will lead the WQIS underwriting department. John came to WQIS from Crum & Forster where he served as the Vice President of United States Fire Insurance Company for the past five years. Previous to his tenure there, he was the Regional Underwriting Manager at XL America, working in marine and offshore energy insurance
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 National Freight Advisory Committee yesterday unanimously approved a recommendation to pass legislation that will ensure that the Harbor Maintenance Tax is utilized for its intended purpose - to keep the nation's harbors and channels dredged and maintained at their maximum authorized depth for
Leaders from key sectors of the Greater New Orleans region will meet on Tuesday, December 3, 2013 to address gaps in national domestic response capability by including regional best practices as part of a template to be shared by America's strategic military base and port communities
The American P&I Club is reorganizing its underwriting and business development functions into a regionalized structure comprising the Americas, EMEA (Europe, Middle East, Africa), South and Southeast Asia, and Greater China and North Asia.
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
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.
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