Japan Insurers in Talks with Reinsurers to Resume Coverage in Russian Waters
Three Japanese insurance companies that are set to halt marine coverage of risks related to the war in Ukraine starting next month are in talks with reinsurers to resume those operations, they said on Monday. Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan. 1, spokespeople at the companies said. Their comments confirmed local media reports on Saturday.
Inland Marine Insurance: Assuring Property and Goods Move Forward
Though water covers more than 70 percent of the Earth’s surface, businesses engaged in marine shipping operations and logistics, and other businesses that manufacture and ship product still have a lot of ground to cover getting their various goods to their final destinations. The ocean marine insurance market, the oldest insurance market in the world, was initially developed to protect these goods while crossing the ocean’s open waters, later to morph into a product to protect all international transportation regardless of mode.
Must-Haves for Vessel Repair Contracts
By Fred B. My last column addressed critical clauses in vessel charters. Since this issue of MarineNews is focused on vessel construction and repair, this column will focus on some, but due to space limitations, not all, critical clauses in vessel repair contracts. Vessel repairs are usually an expensive proposition. The vessel must be taken out of service and thus is not generating income while being repaired. Often, the vessel has to be drydocked. Thus, owners usually want to get as much done at once during this disruptive period.
Is No Guarantee of Future Performance, Says North of England
Shipowners were warned in Greece on December 15 that the increasing financial transparency of P&I clubs was no guarantee of their future financial performance. The warning from the 45 million GT North of England P&I club was given at the Piraeus Marine Club's prestigious annual P&I seminar. North of England director Mike Salthouse, formerly head of the club's Piraeus office, told delegates: 'It has never been easier to monitor a P&I club's financial performance. He said sophisticated regulatory controls, the International Group's comprehensive disclosure requirements and the constant probing by ratings agencies and brokers meant it was very difficult for a P&I club to mislead its members or the industry, either inadvertently or intentionally.
