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, created by a trusted former national security leader and the world’s premier insurance brand. The Honorable Tom Ridge, in London today meeting with leading cyber Lloyd’s Syndicates, today announced the launch of Ridge Insurance Solutions Company, offering best-in-class informed assessment and cyber insurance. The packaged, customized assessment capabilities and insurance enable C-suite executives to mitigate cyber risk, thereby closing a dangerous cyber insurance gap that often leaves companies – particularly small- and mid-cap firms – vulnerable to the consequences of proliferating attacks. Boards of directors for financial services, retail, healthcare and energy companies, among others, now will have access to unique cyber insurance that leverages real intelligence that is sector and company specific, rejecting the ‘cookie-cutter,’ process-oriented approach inherent in most cyber insurance offerings today. Policies of up to $50 million (USD) each are available beginning immediately.
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
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
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.
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
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.
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
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
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
Mexico on Friday said it will cap its greenhouse gas emissions by 2026, becoming one of the first countries to formally submit its national climate plan the United Nations ahead of a key climate summit in Paris in December. Mexico's Foreign and Environment Ministries presented the
Congressman John Garamendi (D-Fairfield, CA), the Ranking Member of the House Transportation and Infrastructure Subcommittee on the Coast Guard and Maritime Transportation, introduced the bipartisan National Positioning, Navigation, and Timing (PNT) Resilience and Security Act of 2015, H.R. 1678
Resilience is defined generally as the ability to recover quickly from setbacks. Setbacks are inevitable. Individuals and entities are best judged by their resilience – their ability to get back on track after experiencing a reversal.
If you own a ship with a gross tonnage (GT) of or above 300, you must inform the Danish Maritime Authority about your insurance for maritime claims by 31 March 2015. The requirement does not apply to foreign ships. It is about time to check your insurance for maritime claims.
Speaking during Baltic Transport Week in Gdansk this week Andrew Huxley, Development Director at freight transport insurance specialist TT Club, warned port and terminal operators to be aware of the reputational damage that can be a serious consequence of uninsured incidents resulting from
U.S. fines Italian shipping company $2.75m for falsifying oil records Carbofin S.p.A., an Italian domiciled company that owned and operated the M/T Marigola was sentenced to pay an overall criminal penalty of $2.75 million for knowingly falsifying the vessel’s oil record book in
The Cook Islands has acceded to the Nairobi International Convention on the Removal of Wrecks, 2007 (“The Nairobi Convention”). As a State Party, Cook Islands will issue Wreck Removal Certificates to its own ships and also to ships flying the flags of states that have not yet
The U.S. Coast Guard is declaring 'Sea Area A1' service in certain areas off the coast of the United States based on the performance of the General Dynamics-built Rescue 21 system. The declaration is in accordance with provisions of the International Convention for the Safety of Life at
The TT Club has alerted the supply chain industry to a persistence of claims in a handful of loss types. The international transport, freight and logistics insurance provider said it has found that 66% of its claims by number and 62% by value over a five year period can be categorized into just
The Harbour Master at Panjang has advised that ship owners must have marine insurance for shipwreck removal and/or protection indemnity. For all vessels of GT35 or more, the owner must have the vessel covered with Ship Body Removal insurance and or Lost Coverage.
When a land-based contractor decides to work on water, risk can arise from unexpected places. It doesn’t have to be that way. In the past, companies involved in the marine industry, whether they were vessel operators, riggers, longshoremen, ship builders, repairers
German liner company Hamburg Sud said it expects to seal the acquisition of the container shipping operations of Chilean shipping group Compania Chilena de Navegacion Interoceanica [CCNI] by the end of March. Earlier, Hamburg Süd has confirmed the long-awaited signing of its
Shanghai’s Pudong New Area has made progress in building an international shipping center last year and the opening-up reforms in the city’s free trade zone (FTZ) have lured another six global ship management firms to dock there, reports Shanghai Daily.
The Texas Supreme Court on Friday ruled that BP Plc cannot claim about $700 million in insurance that was carried by offshore driller Transocean Ltd to cover the blowout of BP's Macondo well in 2010, the biggest offshore spill in U.S. history.
During a meeting in Brussels on Thursday 12 February, members of European Union decided to sanction again the Iranian Oil Tanker Company which is transporting oil around the globe. The EU's second-highest court ruled last July there were no grounds to blacklist the National Iranian