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.
Michael Else & Company, manager of the Charterers P&I Club and Transmarine, has launched a new product to provide innovative insurance solutions worldwide for small and medium-sized multimodal transport operators and shipping intermediaries such as freight forwarders, NVOCCs and ship agents. The new product, Portside Insurance Management Services operates as a brand within Michael Else & Company’s existing structure and the security is provided 100 per cent
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
In response to specific market demand for insurance cover not formerly available, the Shipowners’ Club has launched a policy for its high net worth super yacht client base to indemnify them against Seafarers Unpaid Wages Following Abandonment (SUWFA).
"This updated Navy Arctic Roadmap prepares the U.S. Navy to respond effectively to future contingencies, delineates the Navy's Arctic leadership role within the Defense Department, and articulates the Navy's support to achieve national priorities
North of England P&I Association (North) and Sunderland Marine Mutual Insurance Company Limited (SMMI) merged to form the North Group on Friday 28 February 2014 following approval by the Bank of England’s Prudential Regulatory Authority and other U.K. and overseas regulators
‘No man is an island.’ Today, the interconnectivity of business can drive opportunity, but those same interactions can significantly affect us and our businesses. Today’s marine businesses have to manage and prepare for the actions of “the other guy” as much as they
The U.S. Department of Transportation’s Maritime Administration (MARAD) today welcomed industry stakeholders to the first-ever National Maritime Strategy Symposium, a three-day conference aimed at supporting the growth of the U.S. maritime industry and ensuring the availability of U.S
Crewmembers aboard Coast Guard Cutter Healy recently supported scientific research in the Arctic’s dynamic waters. As the crew supported vital scientific research, they were joined by a multitude of scientists and support staff from the National Intelligence University, U.S
“In 2014, does it still make sense for P&I Clubs to underwrite routine health and accident claims?” asks Robert Johnston, head of the crew medical and personal accident insurance specialist Crewsure. “We are advised that this year
Judging by the findings of Drewry Maritime Research’s latest 'Ship Operating Costs Annual Review and Forecast' , ship operators were able to keep increases in operating costs in 2013 quite low – with increases in total costs typically ranging between 1.0-2
National Ocean Industries Association President Randall Luthi has issued the following statement in response to President Obama’s State of the Union address: “The President continues to take credit for the surge in domestic oil and natural gas production when the fact is
The members of North of England P&I Association (North) and Sunderland Marine Mutual Insurance Company Limited (SMMI) have voted in favor of the clubs' recent proposals to merge. A target date of February 21, 2014 has been set for the merger
A New York State Supreme Court Judge has ruled against WQIS in a dispute involving the marine pollution insurance arena. According to Safe Harbor, this is the second ruling against WQIS in its attempt to prevent start-up Safe Harbor Pollution Insurance from entering the insurance space where
National Shipping of America (NSA), which operates a fortnightly service between Houston, Port Everglades and Puerto Rico, has partnered with Rickmers-Linie (America) to provide more global connections to Puerto Rico shippers and greatly expand break bulk service opportunities to the island.
Watkins Syndicate Singapore Pte. Ltd. has appointed two senior underwriters to bolster its expanding presence in the Asia Pacific region. Watkins Syndicate Singapore, which is part of the Lloyd’s Asia Platform and represents Watkins Syndicate 457 at Lloyd’s
The Nigerian Ship Owners Association, NSA, has informed that some of its members are currently grappling with huge financial indebtedness to some banks, which has been aggregated at over $3billion (N480bn) reports the country's National Mirror.
Business owners put their companies at risk when a new project gets under way. With even the best advance preparation, things can still go wrong, with the potential for injury, property damage and financial loss lurking in the background. If you are the project owner who is hiring multiple