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Types Of Insurance

New Maritime Cargo Insurance – 'Undercover'

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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


Coming your way, a 3% rise in Operating Costs

(Photo: Alex Sergienko)

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


Builders Risk Policy Serves as Inland Marine Insurance

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


Must-Haves for Vessel Repair Contracts

Fred-Goldsmith_web.jpg

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


Report of First Drop in Ship Operating Costs Since 2002

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


Understanding the Ups and Downs of Insurance

 Rich DeSimone is President of XL Group’s North America Marine business.  XL Group plc’s (NYSE: XL) insurance companies offer property, casualty, professional and specialty insurance products globally. w: http://www.xlgroup.com

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


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


Admiralty Law Firm’s Insurance Rescinded

In an unpublished decision, the U.S. Court of Appeals for the Sixth Circuit ruled that an insurance company could rescind the professional liability insurance of an admiralty law firm for material misrepresentation in the application. The law firm (noted for filing asbestos claims against ship owners, among other things) indicated in its application that none of its lawyers knew of any circumstances that could result in a professional liability claim


LIG Marine Managers 2011 CMIP Seminars

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


INTTRA to Offer Cargo Insurance on e-Commerce Network

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


Fukushima Floating Offshore Wind Project Progressing

Photo: Mitsubishi Heavy Industries

An experimental offshore floating wind farm project sponsored by the Japanese Ministry of Economy, Trade and Industry has been underway since March 2012. Participating in the project is a consortium comprised of Marubeni (project integrator), the University of Tokyo (technical advisor), Mitsubishi


Wartsila Tunnel Thruster Gets LR Approval

Wartsila has successfully passed the final step of the Lloyds Register (LRS) classification societys Type Approval process to obtain an LR Type Approval Certificate for the Wartsila WTT11 tunnel thruster. Having Type Appr

  Wartsila has successfully passed the final step of the Lloyd's Register (LRS) classification society's Type Approval process to obtain an LR Type Approval Certificate for the Wartsila WTT11 tunnel thruster. Having Type Approval means that the thruster will not have to undergo a design


Evergreen Names Penultimate L-type Containership

From left to right: Sun-Quae Lai, CSBC Chairman; Pier Luigi Maneschi, Chairman of Evergreen Shipping Agency (Italy) S.p.A.; Anna U. Obermeier and Bronson Hsieh, Evergreen Second Vice Group Chairman (Photo: Evergreen Group)

A naming ceremony was held for the Evergreen Group’s newest containership, Ever Lovely, the ninth of its L-type vessels to be built by CSBC Corporation in Taiwan and the penultimate vessel in a series of 30 ships.   The ceremony took place at CSBC's Kaohsiung shipyard and was


Motion Compensation Solution for Solan Field

First landing West of Shetland (Photo: Ampelmann)

Ampelmann provides access solution for commissioning of the Solan project in West of Shetland   Motion compensated access solutions developer Ampelmann informs it  will provide one of its offshore access solutions to enable ‘walk to work’ for a commissioning campaign on


Logistics and Warehouse Insurance: Understanding its Complexity

Virginia Cameron

In October 2013, a fire blazed through Brazil’s Santos port, destroying six warehouses and the 180,000 tons of raw sugar inside Sugar Company Copersucar’s terminal. The fire hit all of the sugar giant’s warehouses at the port and left many exporters holding contracts for sugar


‘Beware the Big Ship Hype’ -TT Club

Phillip Emmanuel (Photo: TT Club)

TT Club’s Phillip Emmanuel has put into perspective some of the “sensationalism” surrounding the recent growth trend in containerships. Speaking during a plenary session of the TOC Asia Conference in Singapore on Tuesday, he advised ports and terminals to take a measured approach


Seminar Highlights Freight Liability in Russia

Kevin King

International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow.  Lead by TT Club’s General Manager, EMEA, Kevin King and Kirill Berezov from the insurer’s long-established Russian network partner


Yemen War Risk Could Strangle Sea Trade Routes

With Middle East giants Saudi Arabia and Iran squaring up on opposing sides in the Yemen war, the dangers to vital oil tanker and goods voyages are growing daily.   Millions of barrels of oil pass through the Bab el-Mandeb and Strait of Hormuz everyday to Europe


Challenges Ahead for Marine Insurance

Dieter Berg, president of the International Union of Marine Insurance. Photo by IUMI

 The marine insurance sector is undergoing a rapid period of change and it is critical that insurers understand the risks the industry is facing and offer products that match these new trends, Dieter Berg, president of the International Union of Marine Insurance (IUMI) said.  


BIO-SEA Undergoing USCG Type Approval Trials

Photo: BIO-UV

BIO-UV informs it has started the process of USCG Type Approval for its BIO-SEA BBWTS. Land-based and shipboard tests are currently underway. The original design has been retained, due to its efficient and relevant technology, and some technical improvements have been made.


NY Maritime Law Firm Cited as a Top Practice

Daniel G. McDermott

The Maritime Litigation Practice Group in the New York City office of Marshall Dennehey Warner Coleman & Goggin, has been recognized among the top national maritime practices by Chambers USA: America's Leading Lawyers for Business.  


Master Port Risk Program Launched by Fidelis Group

H. Elder Brown, Jr., President and Chief Executive Officer of FGH

Fidelis Group Holdings, LLC Launches Master Port Risk Program For The Maritime Industry.   Fidelis Group Holdings, LLC (FGH) with its subsidiary company Continental Underwriters, Ltd. (CUL), a National Marine Insurance coverage and service leader


UK Defense Club Reports Strengthened Financial Position

The UK Defence Club, the provider of FD&D (legal costs) insurance to the maritime industry, announced its financial results for the year ending February 20, 2015.   According to the club, highlights include 3,700 ships covered, total assets of £56


Russian Ship Collides with Icelandic Coast Guard Vessels

STS Kruzenshtern. Photo by Barque Kruzenshtern

 The Russian tall ship Kruzenshtern collided with the Icelandic Coastguard patrol ships Þór and Týr, which were docked at the quayside. Both Icelandic vessels sustained damage.   “These things can happen when a big ship is approaching the quay, or leaving it


The Powerful TGS Salvage Grab

Photo: TGS Salvage

The TGS Salvage grab is reported to be the only one of this type in the world with four independent claws of 250 Mt each and a total pinch force of 1,000 Mt. Its lifting capacity reaches more than 1,000 Mt. This grab is built out of the latest high tense steels in order to achieve a super light






 
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