Following its assessment of activity at this year’s Monaco Yacht Show, Dwight Tracy & Friends Yacht Sales announced expansion of its program for representing new construction shipyards, both in the U.S. and Europe. According to DT&F founder and CEO Dwight Tracy, “The current strength of the euro against the U.S. dollar, and the current situation in our domestic new yacht market, makes this a time of opportunity for European yacht buyers in search of first-quality vessels. The key, however, to a successful buying experience is to have representation that is knowledgeable and experienced. We’ve positioned ourselves with a New Build Program that is led by a former CEO of world renowned new build shipyard, Palmer Johnson Yachts. So, when we say that DT&F can deliver to a client the best and most successful new yacht purchase experience available, we really can. No ands, ifs, or buts.” According to New Build and Refit Program director Phil Friedman, the latest DT&F initiative is an omnibus menu of value-added services that includes initial concept development to project planning, build team coordination, project management, owner representation, and ancillary support in the areas of finance and insurance. Noted designers, naval architects and engineers, shipyards
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
By Sharon Donovan When maritime liens turn up, an unsuspecting vessel owner and the lender can be left in the wake of a deal gone sour. But thanks to a new form of title insurance tailored to the maritime industry, owners, lenders and lawyers who might have green-lighted the transaction with a legal opinion are insulated from the potential risk. First American Transportation Title Insurance Co., a member of The First American Corp
Maritime Administrator William G. Schubert today announced that the Maritime Administration (MARAD) is now accepting applications for war risk insurance to cover commercial ship operations in the Middle East. President Bush authorized the Department of Transportation (DOT) to provide the insurance at the request of Transportation Secretary Norman Y. Mineta. U.S.-flag vessels are eligible, as are ships owned by U.S. companies
Moore Stephens has further strengthened its regulatory advisory capability with the appointment of John Westlake as compliance manager. John Westlake has a broad perspective of the insurance industry acquired through a variety of roles, which has enabled him to support insurers and brokers in establishing effective compliance solutions. He has a strong commercial background, having acted as operations director with a personal lines insurer
Drydocks World, a service provider in the maritime industry, has announced the formation of the Dubai Council for Marine and Maritime Industries (DCMMI), a specialized non-profit trade and industry council to promote the interests of the marine and maritime industry in Dubai and the UAE. DCMMI represents a wide cross-section of the UAE’s marine and maritime industry such as Offshore & Engineering, Ship Repair & Maintenance, Shipbuilding & Conversion, and Rig building
Three Vericor Power Systems’ TF™50 marine aeroderivative gas turbines have been selected to power the 118 Wallypower high-speed yacht being built by Intermarine Shipyard, Sarzana, Italy for Wally Yacht. This is Wally Yacht’s first foray into high-speed power yachts, and the company’s initial application of gas turbines. Wally Yacht, based in Monte Carlo, Monaco, is a world-renowned designer of high-speed sailing and power yachts.
Trinity Yachts, LLC (Trinity) and International Yacht Collection (IYC) have announced today that they have signed a Letter of Intent for Trinity to acquire IYC. This acquisition will expand Trinity's capabilities and enable it to offer its clients the entire range of yachting services: new construction, repairs, brokerage, charter management, retail charter, yacht management, and crew placement. It is expected that the purchase should be completed by July 1, 2007.
For the first time, Peri brought one of its Turkish-built yachts to the Monaco Yacht Show. The newly built 29-metre yacht stood out with her golden-looking hull. Peri also announced it has a new 37-metre model under production and a triple deck 41-metre vessel, Peri’s largest, is being planned. The yard now offers 29-m, 33-mm, 37-m, 37-m triple and 41-m triple composite yachts.
Willis has named Chris Engstrom CEO of its Seattle office, one of the global insurance broker's leading U.S. operations. Engstrom brings tremendous local market knowledge and 16 years of insurance industry experience. He previously served as senior vice president for Wagle Insurance Companies in Seattle.
Specialist transport insurance provider, TT Club has appointed a network partner in The Philippines. Del Rosario Pandiphil Inc. becomes the seventh such partner that the international logistics and freight handling insurer has in the Asia-Pacific region
Shipowner liability on the horizon as Denmark ratifies international instrument The Nairobi International Convention on the Removal Wrecks will enter into force on April 14, 2015 following the deposit, on April 14, 2014, of an instrument of ratification by Denmark
The world’s largest container shipping company, Maersk Line, is the official shipping partner for the Volvo Ocean Race, the pre-eminent round-the-world yacht race. The race takes place from 4 October 2014 to 27 June 2015. During the nine month race, seven 65-foot (19
Shipowner liability is on the horizon as the Nairobi International Convention on the Removal Wrecks will enter into force on 14 April 2015 following the deposit, on 14 April 2014, of an instrument of ratification by Denmark, with the International Maritime Organization (IMO).
Ships without P&I insurance for maritime claims must inform the Danish Maritime Authority about their insurance Danish ships with a gross tonnage of or above 300 without a Certificate of Entry in a P&I Club from the international group of P&I clubs must inform the Danish Maritime
Two foreign nationals rescued from distressed yacht off Tubbataha, Palawan Two foreign nationals are now placed into safety by the Philippine Coast Guard after sustaining minor injuries from an incident while sailing east of Basterra Reef, Palawan.
Specialist freight transport insurance provider TT Club said it is reinforcing its presence in Dubai with a move which aims to support the Club’s existing claims team in the UAE and underlines the insurer’s commitment to what is a dynamic region and provides an additional service level
Ku-band coverage boosted with Seychelles region extension delivering high-speed data. Airbus Defence and Space has expanded its Ku-band VSAT (Very Small Apperture Terminal) coverage in the Indian Ocean Region (IOR), using the Intelsat IS-702 S2 satellite.
J.K. Fabrication announced it has received DNV Type Approval on its Model 40-30-3000 Anchor Winch. The winch can now be specified into existing commercial applications on barges, tugs, fishing and yacht vessels around the world. The company said the new Arctic Prowler Longlining vessel
Crewmembers aboard the Coast Guard Cutter Diamondback are towing a 70-foot motor yacht Wednesday and are scheduled to arrive at the entrance to the St. Johns River at approximately 9 p.m. There, the tow will be transferred to a 45-foot Response Boat - Medium from Station Mayport, Fla
Sunday, March 30, during the night, M/T Glenda Meryl (jointly owned by d'Amico and Glencore and managed by Ishima ship management) rescued all the American crew of the stricken sailing yacht Even Star. The crew had taken to the ship's liferaft
Energy companies have no insurance against major cyber attacks, reinsurance broker Willis said on Tuesday, likening the threat to a "time bomb" that could cost the industry billions of dollars. Willis highlighted the industry's vulnerability to cyber threats in its annual review of
The overwhelming majority of insurance claims analysed by TT Club have showed that costly damages and loss, as well as serious bodily injury can be prevented or significantly minimised by sensible and concerted risk management efforts. Speaking at this week’s TOC Container Supply Chain
Approximately 34 yachts are expected to participate in a race from Hong Kong to the Philippines will take place from April 16-21, GAC said in its daily Hot Port News report. The race will commence on Wednesday, April 16 at 1:20 p.m. off the Causeway Bay Typhoon Shelter
A solo Canadian sailor has been rescued from his sinking yacht in rough conditions 1,250 nautical miles (2,300km) north-east of Auckland - about 600nm (1,100km) south of Rarotonga - after a mercy dash by the car-carrier 'Fidelio', reports Maritime NZ.