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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


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:

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

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

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

BW Offshore Suspends Dividend

BW Offshore, a builder and operator of ships that can produce and store oil offshore, suspended its dividend until outlook for the oil sector improved, it said on Monday. The firm posted third-quarter earnings before interest, taxes and depreciation and amortisation of $174 million against

North Group Increases Projected Free Reserve

Directors of the North P&I Club and Sunderland Marine Insurance Company (North Group) have revised their projection for the group’s year-end free reserve up to $380 million, an increase of 12 percent on last year and $20 million more than estimated at the half-year point.

MacGregor Wins Orders for Pusnes Deck Machinery

Pusnes Deck Machinery (Photo: MacGregor)

MacGregor, part of Cargotec, announced it has secured orders for a series of Pusnes deck machinery packages for several shipowners. The Pusnes equipment has been specified for different ship types that are going to be built by the Hyundai Group and Sungdong Shipbuilding & Marine Engineering

S&P Raises Steamship Mutual outlook to Positive

Pic Credit Steamship Mutual

  Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. In their announcement Standard & Poor’s note: • the Club’s risk-based capital is expected to remain extremely strong;

Swiss Re Establishes North America Marine Team

Swiss Re Corporate Solutions has expanded its marine business by opening a North America marine office. Beginning October 1, 2015, the New York-based team will provide ocean cargo insurance, with additional products to follow, the company said.  

Re-Drawal of High Risk Area in Indian Ocean

Revision of the HRA boundary back to its original state should thus greatly reduce the insurance costs of Indian shipping companies.

  The International bodies have agreed to India’s efforts to push back the High Risk Area (HRA) from 78 degrees East longitude to the 65 degrees East longitude. This will result in huge savings for India’s EXIM trade and consumers on account of reduced insurance premium and

Paris MOU's Vessel Inspection Data Now Available Online

Photo: Paris MOU

A newly introduced statistical feature on the Paris MoU website,, grants access to the region’s vessel inspection results.   “It is important we communicate about the results of our efforts to prevent sub standard shipping,” said Richard W.J

Phillips Heads Gulf Petrochem's Credit Risk, Bunkering Div.

John Phillips

Gulf Petrochem has appointed John Phillips as Head of Credit Risk for the Group’s Bunkering division. With over 30 years experience in the Maritime sector, John is a well known expert in the industry and will focus on areas such as Credit Management (focused on Bunker business)

New 'Guide to Hull & Machinery'

Image: Braemar SA

International multidisciplinary marine surveyors and consultants Braemar (Incorporating The Salvage Association), (Braemar SA), has published the third edition of its Guide to Hull & Machinery.   The publication is primarily designed to help those with a nontechnical background and who

Radio Holland Inks Sevice Deal with Cassens & Plath

Photo courtesy of Radio Holland

Radio Holland has been appointed by Cassens & Plath to conduct Magnetic Compass replacement services, in all countries where Radio Holland holds office. Before, these services were conducted by Cassens & Plath themselves, and forwarded to an appropriate service agent.

Another Hurdle for Iran Oil Tankers Comeback

Sourena is a FSU for Iranian crude export located in the Persian Gulf, south of Iran. Photo by National Iranian Oil Company

 Iran's oil tanker fleet is expected to face more hurdles before many of the vessels can start trading again due to insurance hiccups and tougher requirements over sea worthiness by potential foreign clients, despite easing of sanctions, reports Reuters.  

Indian Ocean: No Insurance Premium Reduction Likely

Image: Protection Vessels International Ltd

 In October a number of trade bodies released a joint press release to formally announce a reduction of the High Risk Area (HRA).     Insurance companies have said the reduction may not result in reduced insurance costs due to the assessment of insurance risk being dependent on

Liberian Registry Appoints London GM

Kostas Ladas (Photo: Liberian Registry)

The Liberian International Ship & Corporate Registry (LISCR), the U.S.-based manager of the Liberian Registry, has appointed Kostas Ladas as general manager of its London office. Ladas joins LISCR from London-based ship and insurance broker and agent Victoria Steamship Co. Ltd

LR to Class Nine Tankers for Maersk


 Lloyd’s Register (LR) won the deal for classification of nine Medium Range (MR) type product tankers. Owned by Maersk Tankers, the vessels are to be built at Samsung’s Ningbo yard in China.    These are the first ever vessels ordered by a Danish ship owner to the

SAFE Boats' Riverine Interceptor for Colombia

Courtesy SAFE Boats International

SAFE Boats International has been selected by the Colombian Navy/Coast Guard to build its new Type-F Riverine Interceptor Vessel.   The contract will provide the Colombian Navy/Coast Guard with a state-of-the-art, shallow draft, aluminum high speed intercept vessel designed to provide

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