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
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 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.
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
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
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
UK P&I Club, a shipping protection and indemnity mutual insurers, and TT Club, an international transport, freight and logistics insurance provider, have welcomed the amendment to the Safety of Life at Sea Convention (SOLAS) from the International Maritime Organization (IMO) on the
Nigeria's latest effort to combat theft could imperil its oil income lifeline, compounding the damage the crude price fall has done to its finances, access to dollars and imports. Oil traders and shipping brokers said a newly implemented "letter of comfort" requirement under which
IUMI – the International Union of Marine Insurance – at its annual conference in Berlin yesterday announced that global hull premiums for 2014 totalled USD 7.6bn, a 5.8% reduction from 2013. IUMI’s Ocean Hull Committee Chairman, Mark Edmondson, commented
Explosions in the Chinese port of Tianjin last month would lead to cargo losses of at least $1.5 billion, and were having a "significant impact" on the marine insurance sector, a trade body said on Tuesday. "We are expecting to see cargo losses of at least $1
The International Union of Marine Insurance (IUMI) unveiling its annual statistical report on the marine insurance market Global premiums for 2014 amount to USD 32.6bn. Although a 3.2% reduction on the 2013 figure, converting local currencies to a single US dollar figure was impacting on
At the highly anticipated International Union of Marine Insurance (IUMI) annual conference, IUMI President, Dieter Berg, detailed a number of key initiatives that will continue to raise the organisation’s profile and political influence on an international level.
London has come top of a listing of maritime service centres published by the Baltic Exchange and Xinhua, China’s news agency, whilst Singapore heads the overall list for its combined port and maritime services offering.
Seaspan, an association of Canadian companies primarily involved in coastal and deepsea transportation, bunkering, ship repair and shipbuilding services, named three senior leaders to its corporate executive team, the company announced today.
The UK P&I Club one of the leading shipping protection and indemnity mutual insurers, has awarded Tobias Rennekamp the Robin Travis Scholar for 2015. Tobias will spend three months in the Thomas Miller London office and the offices of selected lawyers, surveyors
Thomas Miller the international insurance, professional and insurance services provider announces the acquisition of the partners and staff of specialist marine law firm, Davies Johnson & Co of Plymouth. The acquisition brings an additional six fee earners to the Thomas Miller Law
The Company: Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverage. The firm offers both admitted and non-admitted products in all 50 states, packaged in flexible, competitively priced insurance options with broad terms and conditions for even the most
Partnering U.S. agencies have commenced surveying the historic shipwreck of an American lightship shelled and sunk by a German U-boat during World War I nearly 100 years ago. Teams from the National Oceanic and Atmospheric Administration’s (NOAA) Monitor National Marine Sanctuary
The Company: Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds
SUNY Maritime College will host the 2015 e-Navigation Underway North America Conference September 28-30 in New York It is likely that regions like the Baltic, the North Sea, the Strait of Malacca, Torres Strait and other areas will implement e-Navigation services that modern ships
HINODE Maritime Events is conducting the "Conference on Handling Marine Claims and Investigating Marine Casualties". According to the organisers, the program which is scheduled to be held on Wednesday, September 2, 2015 at the Vivanta by Taj - President, Cuffe Parade