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Venture Insurance Programs Acquires Tidal Solutions

Philip J. Harvey, president of Venture Insurance Programs

Venture will rebrand and integrate Tidal Solutions specialty commercial marine products into its portfolio of industry leading programs. Venture Insurance Programs, a national insurance program administrator, today announced it has acquired Tidal Solutions, LLC, a Charlotte, NC-based managing general underwriter serving the North American specialty commercial marine market. Venture will integrate the Tidal Solutions marine products into its portfolio of industry specific insurance programs. The products, which include Hull & Machinery, Protection & Indemnity, General Liability and Maritime Employer’s Liability coverage, will be marketed nationwide by Venture under the brand TIDAL MARINE through Venture’s agent and broker network.  Venture intends to integrate and broaden Tidal’s commercial marine offerings. “The extensive experience of Tidal Solutions’ management team in the marine and energy space, along with their established platform and exclusive supply provides a great value proposition,” said Philip J. Harvey, president of Venture Insurance Programs. “This opportunity further enhances our goal of providing superior offerings as a strong advocate for our agents and brokers.” Tidal Solutions’ current management will be retained to service and grow the marine program, with David Pearlstein, the current CEO of Tidal Solutions


Former DHS Chief Ridge Introduces Cyber Solutions

Former U.S. Homeland Security Secretary Tom Ridge

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.   Companies struggling to protect their assets and brands from the growing scourge of cyber attacks can now access a new product designed specifically for their needs


U.S. Marine Insurers To Review State Of Market

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


Study: Title Issues Abound in Maritime Deals

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.


IUMI Conference Set for September

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


Iranian Tankers Free to Enter International Ports

Photo: National Iranian Tanker Company

 Restrictions on Iranian tankers’ insurance have been removed and the country’s crude carriers are now allowed to enter any oil terminal in the world, National Iranian Tanker Company (NITC)'s CEO Ali Akbar Safaee said.   “With the resolution of insurance problems, international insurance institutes have  expanded their coverage to Iranian vessels, which can now berth at all ports,”he said.  


Mitsui Marine, Sumitomo To Merge By April 2002

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


PVA Advises On Terrorism Insurance

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.


Denmark Updates Insurance Claims Requirements

Ships without P&I insurance for maritime claims must inform the Danish Maritime Authority about their insurance Danish ships with a gross tonnage of or above 300 without a Certificate of Entry in a P&I Club from the international group of P&I clubs must inform the Danish Maritime Authority about alternative insurance for maritime claims before March 31, 2014. Danish ships with a gross tonnage of or above 300 must carry a certificate confirming that insurance has been taken


US Obamacare Impacts the Global Marine Industry

The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG). Maria, who is president/broker at SYIG, said, “The biggest challenge presently is Obamacare. Interestingly enough, it’s actually affecting the international marine industry


Inland Waterways to Get Boost in India

Image: The Inland Waterways Authority of India (IWAI)

 The National Waterway Act, 2016 declaring 111 national waterways, including the 5 national waterways declared earlier has been enforced w.e.f. 12th April, 2016.    The process for preparation of techno economic feasibility (TEF) study/Detailed Project Report (DPR) of new national


Iranian Fleet Regains P&I Insurance

Pic: Islamic Republic of Iran Shipping Lines

 A large portion of Iran’s shipping fleet has regained Protection & Indemnity (P&I) insurance from Steamship Mutual, reports Mehr News Agency. Steamship Mutual, said in a statement that a considerable number of Iranian vessels have taken out insurance form the company.


The American Club Celebrates Its Centenary

	Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc. (Photo:  American Club)

The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published.   The book tells the story of the Club across ten decades of maritime and marine insurance history both


American Hellenic Insures 1,000 Vessels

Photo: American Hellenic Hull Insurance Company

 American Hellenic Hull Insurance Company (AHHIC) has already provided cover for 1,000 vessels managed from Europe, the Americas and Asia, said said Vincent Solarino, Chairman of the Board of Directors of AHHIC and President and COO of Shipowners Claims Bureau, managers of the American Club.


Moore Stephens: 4th Straight Year of Operating Costs Decline

Richard Greiner (Photo: Moore Stephens)

International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by an average of 2.4% in 2015.   This compares with the 0.8% average fall in costs recorded for 2014, and is the fourth successive overall year-on-year reduction


Hanjin Commences Layoffs

Photo: Hanjin Shipping Co.

 Hanjin Shipping Co.  has notified 560 shipping crew that their service with the company ends on Dec. 10, reports the Pulse. The rest of 2,000 on the company payroll are expected to get dismissal notice within next month.   


Workboat vs. Jet Ski: A Mysterious Collision and Its Consequences

Randy O’Neill

As summer slowly fades to memory and commercial vessels have less frequent encounters with recreational vessels of all sizes, shapes and descriptions on America’s inland waterways, it might be a good time to review a strange, but not completely unusual incident that occurred in Louisiana on


2nd Asian Marine Casualty Forum Launched

FIRST ASIAN MARINE CASUALTY FORUM A HIGHLIGHT OF SINGAPORE MARITIME WEEK 2015 Photo LOC

Following the success of the inaugural Asian Marine Casualty Forum (AMCF) in 2015 and by popular demand, the bi-annual industry forum aimed at addressing the current crises in maritime casualty management, is back for the second time running and officially launched in Singapore today


Bahri Signs $350 mln Islamic Finance Deal for Oil Tankers

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered


India Announces Projects Status of Inland Waterways

Image: Inland Waterways Authority of India (IWAI)

 The Shipping Ministry of India has announced the details of various ongoing major projects for development of National Waterways (NWs), which are as under four divisions.    The government also revealed the techno–economic feasibility studies and Detailed Project Report


India Readies Draft Inland Vessels Bill, 2016

Indias Minister of State for Shipping Mansukh L. Mandaviya. Photo: Press Information Bureau, Government of India

 The following are the salient features of the draft Inland Vessels Bill, 2016 of India.   The Draft Inland Vessels Bill, 2016 covers the Preamble and has 16 parts i.e. Part I to Part XVI. The salient features are:   1.         Part I- enables the Central


Market Forces Down Ship Operating Costs

© chrisberic / Adobe Stock

 The cost of operating cargo ships has fallen for two successive years but is forecast to rise in 2017 and beyond, according to the latest Ship Operating Costs Annual Review and Forecast 2016/17 report published by global shipping consultancy Drewry.  


Power Presented with Alexander Hamilton Award

Photo courtesy of National Coast Guard Association

The National Coast Guard Museum Association, Inc. presented the 2016 Alexander Hamilton Award to Coast Guard veteran and founder of J.D. Power and Associates, Inc., J. David Power III, who served as an officer aboard the Coast Guard icebreaker EASTWIND during the mid-1950s.


NOIA Decries Obama Withdrawal of Offshore Areas

Randall Luthi (Photo: NOIA)

National Ocean Industries Association (NOIA) President Randall Luthi issued the following statement on the withdrawal of portions of the Atlantic and Arctic Oceans from future oil and natural gas leasing:    “President Obama’s short sighted


Renewal Time for CLC, Bunker, Athens and WRC Certificates

Photo: Danish Maritime Authority

 Time has come for most shipowners to apply for renewal of their CLC, Bunker, Athens and Wreck Removal Certificates from the Danish Maritime Authority. Certificates must be renewed when the underlying insurance expires.   Ships subject to a requirement for a certificate are not allowed






 
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