Types Of Insurance
Willis Group Holdings has launched a new insurance facility, called Undercover, to protect cargo in transit and in store against all types of political violence, terrorism and war risks, informs shipping trade association Maritime London. The global risk adviser, insurance and reinsurance broker says that, in recent years, cargo losses worth more than one hundred million dollars have not been recovered under traditional cargo insurance policies due to critical exposures being excluded. Willis explains that traditional cargo insurance policies typically exclude certain losses, such as those arising from civil war, insurrection, rebellion and terrorism for goods in store. Meanwhile, political violence policies, which typically respond to these types of risk, usually exclude transit exposures and cover fixed assets rather than stock. Willis says its new facility, Undercover, has received support from a panel of leading London insurers and that it wraps up the coverage provided by these different policies under a single facility, eliminating gaps in coverage and reducing premium costs by removing duplication of cover. It is understood that there is currently no other such facility available in the market. Trevor McGarry, executive director of Willis’ marine insurance business, said: “It is apparent that many companies misunderstand their cover. They think they’re protected when in fact they are not
A new survey from Moore Stephens finds that vessel operating costs are expected to rise by more than 3% in both 2013 and 2014. While this news should not be unexpected it is nevertheless bad news for ship owners that continue to struggle with low freight rates and over capacity across several oceangoing sectors. In total the survey examined 10 main cost areas, summarized in charts one and two. Crew expenses, broken in two categories as ‘wages’ and ‘other’ by far
By Fred B. Goldsmith From MarineNews August 2010 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. Work to be Performed Vessel repairs are usually an expensive proposition. The vessel must be taken out of service and thus is not generating income while being repaired
International accountant and shipping consultant Moore Stephens reports an average fall of 2.0 per cent in total annual operating costs in OpCost 2010, its unique ship operating costs benchmarking tool. This is the first time since 2002 that OpCost has revealed a fall in total operating costs, which compares with the 15.8 per cent average increase recorded in OpCost 2009. All cost categories were down this time, except for crew costs
The US Court of Appeals for the Seventh Circuit ruled that, under Michigan law, a builders risk insurance policy is a form of inland marine insurance and is controlled by the statute of limitations applicable thereto. For our purposes, the decision is probably most interesting in its historical analysis of the insurance industry and the division of casualty insurance into two large groups: fire insurance and marine insurance
Business is cyclical, and nowhere is there more evidence of its cyclical nature than in the insurance market, characterized by ups and downs in insurance premiums, coverages and profitability. By most accounts, the current insurance market has been one of the most competitive in recent memory. With intense price-cutting and expanding coverages, these conditions are typical of a “soft” market which is very much a buyers’ market
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
Hong Kong headquartered FP Marine Risks provides insurance program to INTTRA network members via INTTRA's e-commerce platform. Leveraging the buying power of the INTTRA network, INTTRA members can elect to purchase cargo insurance at competitive rates during the shipping process through Alto, FP Marine Risks’ online insurance platform. Effective immediately, shippers can click a link to request a quote from FP Marine Risks through the INTTRA platform
LIG Marine Managers’ sister company, LIG Educational & Consulting Services, in conjunction with the International Institute for Marine Insurance Studies, announced the 2011 CMIP Seminar Schedule for those individuals working towards earning the Certified Marine Insurance Professional (CMIP) Designation. The designation is designed for agents, brokers, CSRs, Insurance Company Personnel, Underwriters or other insurance industry professionals who wish to expand their
Sumitomo Marine & Fire Insurance Co. and Mitsui Marine & Fire Insurance Co. on Tuesday announced terms under which they will merge next October, creating Japan's largest non-life insurer with assets of 5.7 trillion yen ($51.6 billion). In a joint statement, the companies said 1.09 Mitsui Marine shares will be allocated for one Sumitomo Marine share. The merged entity will be named Mitsui Sumitomo Insurance Co. with Mitsui Marine president Takeo Iguchi and Sumitomo Marine president
Mitsui O.S.K. Lines, Ltd. has signed a deal for construction of four 20,000 TEU containerships with Samsung Heavy Industries. MOL also concluded an MOU for long-term chartering of two 20,000 TEU containerships with Shoei Kisen Kaisha, Ltd
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.
Britain agreed an 859 million pound ($1.32 billion) contract with BAE Systems on Friday, giving the green light to the British defence company to continue with the next phase of design for a new fleet of warships. BAE Systems has been working on plans to provide Britain with 13 new Type 26
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
New cooperation provides manufacturers of ballast water management systems (BWMS) with an opportunity to obtain German and U.S. type approvals from a single test NSF International, the first Independent Laboratory (IL) designated by the United States Coast Guard (USCG) to evaluate and
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.
Dutch bank ABN Amro and China Export & Credit Insurance Corporation (Sinosure) have signed a memorandum of understanding (MoU) to develop business in the ship building sector. ABN Amro will provide local and sector knowledge in shipping and offshore transactions
The mega container ships raising concerns among vessel operators, insurers and regulators about the potential for catastrophic accidents. Shipping lines have sought to stay competitive by running larger, more fuel-efficient container ships in major shipping lanes
Speaking today before a conference on ballast water treatment regulation, World Shipping Council President Chris Koch outlined the conundrum facing the maritime industry caused by the lack of any globally accepted ballast water treatment technology.
Specialist marine insurance intermediary Seacurus has launched a petro-piracy endorsement for ships operating in the South China Sea, Malacca Straits, Indonesian Archipelago and Gulf of Guinea. South-East Asia accounted for three-quarters of global maritime piracy last year
The insurance and certification requirements of the Convention on the Removal of Wrecks become effective this April. In this connection, the Danish Maritime Authority has a request for Danish companies and shipowners. Therefore new regulations will be implemented
Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers, the largest type containerships in the world as of today. The new ships
SSI has today released ShipConstructor 2015 R2.1 software. The software release comes in response to emerging ship design, engineering and building trends as identified by SSI’s Client Council of industry leaders. The advisors on this software launch were representatives