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Types Of Insurance

New Maritime Cargo Insurance – 'Undercover'

File image

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


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


DNV GL Certificates Support Envision

Photo: DNV GL

 DNV GL has issued full type certificates for Envision’s 2.3 MW turbine EN115-2.3. and 3.0 MW turbine EN120-3.0. This is an important milestone for the smart energy solution provider to compete in international wind energy markets.    These certificates confirm that both turbines comply with all the requirements of the global IEC 61400-22 standard ensuring safety and reliability of wind turbines and wind farms.  


Ethane Carrier GasChem Beluga Delivered

Photo: Hartmann Reederei

On November 11 the first vessel of the new ECO STAR 36k type, GasChem Beluga, was delivered to the owners Ocean Yield ASA in China. The design for this new type of vessel was developed under the lead of German ship owner Hartmann Reederei together with its long-term partners HB Hunte Engineering


Workboat vs. Jet Ski: A Mysterious Collision and Its Consequences

Randy O’Neill

As summer slowly fades to memory and commercial vessels have less frequent encounters with recreational vessels of all sizes, shapes and descriptions on America’s inland waterways, it might be a good time to review a strange, but not completely unusual incident that occurred in Louisiana on


2nd Asian Marine Casualty Forum Launched

FIRST ASIAN MARINE CASUALTY FORUM A HIGHLIGHT OF SINGAPORE MARITIME WEEK 2015 Photo LOC

Following the success of the inaugural Asian Marine Casualty Forum (AMCF) in 2015 and by popular demand, the bi-annual industry forum aimed at addressing the current crises in maritime casualty management, is back for the second time running and officially launched in Singapore today


Caterpillar Gains Approval for Analysis Software

Caterpillar Marine has received Type Approval certification from DNV GL for Cat Asset Intelligence (Cat AI) software, demonstrating Caterpillar’s commitment to quality and customer focus.  Caterpillar provides Cat AI advanced predictive analytics and expert advisory services to ship


InterDam Conducts Door Safety Test

An A60 fire rating is reached (Photo: InterDam)

Between July and September, 2016, the architectural safety equipment company InterDam’s engineers subjected its G21 Fire Door to a single sample blast and fire safety test.   The result, according to InterDam, was an unqualified success


Why Should I Care About Thermal Insulation?

Photo: Thermal Structures, Inc.

Compliance, Safety, Insurance, Emissions & Maintenance   There are a million important things to worry about on any vessel, so why does high-performance thermal insulation deserve a place on the list? Answer: Because it has a very important role to play in keeping your vessel out on the


What the Heck is ‘Privity’?

Photo: NTSB

Is the Limitation of Liability Act Still Relevant?   In the aftermath of the El Faro disaster, that vessel’s owners exercised their right to file a petition to limit their liability in accordance with the U.S. Shipowner’s Limitation of Liability Act, 46 USC §30501, et seq


Korean Register CEO Park Passed Away

Dr. B. S. Park ( Photo: Korean Register)

Dr. B. S. Park, Korean Register Chairman and CEO, has passed away after a short illness.   Dr. Park graduated from Korea Maritime and Ocean University in 1976 and joined Pan Ocean Shipping where he worked in a number of capacities until 2001


Merchant Ships off Yemen Bracing for More Danger

USS Mason (File photo: U.S. Navy / Rob Aylward)

Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say.   While shipping companies have yet to divert ships


Moore Stephens: 4th Straight Year of Operating Costs Decline

Richard Greiner (Photo: Moore Stephens)

International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by an average of 2.4% in 2015.   This compares with the 0.8% average fall in costs recorded for 2014, and is the fourth successive overall year-on-year reduction


Ship Operating Costs Set to Rise -Survey

(File photo: Thomas Poster)

Vessel operating costs are expected to rise in both 2016 and 2017, according to the latest survey by international accountant and shipping consultant Moore Stephens. Repairs and maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years


Lloyd's Register Renews Ecospeed Certificate for Ice Ships

“Only a few types of coatings are capable of providing this protection,” says Subsea Industries CEO Boud Van Rompay (Photo: Subsea Industries)

Classification society Lloyd’s Register has renewed its certification of the Ecospeed hard coating as an approved abrasion resistant hull protection system for vessels operating in Polar waters. Upon receiving the new Certificate, Subsea Industries’ CEO Boud Van Rompay said:


BAE Systems to Begin Building Next UK Warships in 2017

(Image: BAE Systems)

BAE Systems said it will cut first steel for the U.K. Royal Navy’s Type 26 Global Combat Ships in Glasgow in summer 2017, subject to final contract negotiations with the U.K. Ministry of Defense (MOD).   “Backed by Britain’s rising defense budget


New Cranes for Helsingborg, St. Petersburg Ports

Two fully assembled LHM 550 ready to roll-off the vessel and start operating at Container Terminal St. Petersburg right away (Photo: Liebherr)

Liebherr Maritime Cranes recently delivered a new mobile harbor crane, type LHM 550, to the Port of Helsingborg. In addition, Container Terminal St. Petersburg got two machines of the same type. All three machines are equipped with electric prime movers.  


Hanjin Commences Layoffs

Photo: Hanjin Shipping Co.

 Hanjin Shipping Co.  has notified 560 shipping crew that their service with the company ends on Dec. 10, reports the Pulse. The rest of 2,000 on the company payroll are expected to get dismissal notice within next month.   






 
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