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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


Must-Haves for Vessel Repair Contracts

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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


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


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


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


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


Sumitomo And Mitsui Finalize Merger Conditions

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


IUMI to Celebrates 140th Anniversary in Hong Kong

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  Members of the International Union of Marine Insurance, in its 140th year, will gather in Hong Kong from 21-24 September at the Intercontinental Hotel, Kowloon for its annual conference themed Building Expertise for a Changing World.


Laurin Maritime Selects Trojan Marinex

Photo: Laurin Maritime

Trojan Marinex today announced that Laurin Maritime has selected the Trojan Marinex Ballast Water Treatment (BWT) system for its 11-vessel tanker fleet. “Laurin Maritime and Trojan Marinex is an outstanding partnership,” said Dr


MN 100: Continental Underwriters, Ltd.

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2235 N. Hwy 190 Covington, LA 70433 Tel: (985) 898-5300  Email: ebrownIII@fidelismarine.com Website: www.cultd.com President & CEO: H. Elder Brown, Jr. The Company: Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverages


RayClean BWTS is IMO and DNV Type Approved

Ballast water treatment system RayClean, developed by DESMI Ocean Guard, has received IMO and DNV type approval. On September 5, 2014 DNV GL issued type approval certificate for the RayClean system. The type approval certificate includes approval according to both the IMO Ballast Water


SeaCURE BWTS Gains USCG AMS Acceptance

SeaCURE Ballast Water Management System

The U.S. Coast Guard (USCG) has granted alternate management system (AMS) acceptance of Evoqua Water Technologies SeaCURE ballast water management system for use in fresh, brackish and sea water. Evoquas AMS acceptance for use in U.S. waters is exceptional in the ballast water market in that it


Achinsk Refinery Resumes Operation on Tight Schedule

Rosneft had Halted Achinsk Oil Refinery After Explosion Kills Seven

Achinsk Oil refinery, suspended after the incident of June 15, 2014 has recovered the processes of primary crude oil processing on a tight schedule, according to the plan of repair activities. From the 1st of September the enterprise has commenced production of the main types of oil products:


MN 100: Gencorp Insurance Group

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16 Main Street East Greenwich, RI 02818 Telephone: 401 336 2182 E-mail: rcarnahan@gencorp-ins.com Website: www.gencorp-ins.com CEO/President: Robert G. Padula Number of Employees: 70 The Company: Gencorp Insurance Group provides the insurance and surety needs of marine contractors


Trojan Marinex BWTS Earns USCG AMS Acceptance

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Trojan Marinex ballast water treatment system receives U.S. Coast Guard AMS acceptance for all water qualities Trojan Technologies’ Trojan Marinex ballast water treatment (BWT) product suite is one of the few to receive United States Coast Guard (USCG) Alternate Management System (AMS)


BWTS SeaCURE Gains USCG AMS Acceptance

Ballast water discharge: File photo

Evoqua Water Technologies LLC says that its SeaCURE Ballast Water Treatment System (BWTS) has been granted AMS Acceptance in all salinities. System highlights SeaCURE benefits ship owners by providing a solution that can operate in fresh


Allianz Reports Strong 2Q 2014 Results

Michael Diekmann “In view of these good half-year results, we maintain our outlook for the operating profit for 2014 of 10 billion euros, plus or minus 500 million euros, but expect the upper end of the target range to be i

  Allianz Group achieved strong results in the second quarter of 2014. Total quarterly revenues increased 10.0 percent to 29.46 (second quarter of 2013: 26.78) billion euros. Operating profit climbed 17.1 percent to 2.77 (2.37) billion euros


American P&I Club Rings in Posidonia

Stuart Todd

While Posidonia is well regarded for its exhibition, it is famous for its parties. The American Club held its traditional party on the evening of Thursday, May 29, to mark the start of Posidonia week, with more than 600 guests from the club’s expanding Greek membership


The Cause behind the Clause Piers & Docks Insurance

As a maritime business owner, your day-to-day focus is on managing and growing your business. Understandably, thinking about and understanding the nuances of your insurance coverage is not likely to be among your top priorities. However, what if the unthinkable happens and your docks and piers are


Iran Oil Tanker Firm Still Faces Sanctions

Iran's main oil tanker firm NITC will struggle for some time to call at European ports, get foreign insurance and overcome obstacles under western sanctions, even after a top court has annulled its blacklisted status in the European Union.


Maritime Legal Firms Announce Merger

Houston- and New Orleans-based law firm Bland & Partners P.L.L.C. announced that Crain Wilson, P.L.L.C.’s Houston office merged with its firm as of July 1, 2014. The merger results in growth for the firm, including the addition of six attorneys and four legal support staff


Vic-Press Receives Five New Type Approvals

Vic-Press (Image courtesy of Victaulic)

Approvals from ABS, BV, DNV, Korean Register and Lloyd’s Register add to previous GL approval Victaulic, a manufacturer of mechanical pipe-joining systems, has received type approvals from American Bureau of Shipping (ABS), Bureau Veritas (BV), Det Norske Veritas (DNV)






 
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