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Yacht Insurance

DT&F: Expanding New Yacht Construction Business in U.S.

DT&F_Sorcha_152_crop1 web.jpg

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

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

DOT Offers Insurance For Commercial Ship Owners

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 Strengthens Regulatory Advisory Team

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 spearheads the launch of DCMMI

Khamis Juma Buamim addressing the meeting

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

MN 100: Gencorp Insurance Group


The Company: Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds, utilizing a team that has a Maritime Academy background or professional waterfront experience. Ask any group of Owners to design and build a full service insurance brokerage with all of the services and resources that they

Engstrom is Named Willis' Seattle CEO

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.

Vessel Title Insurance Helps Protect Assets

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

Proposal on Spray Painting Passes

NMMA in conjunction with Lauderdale Marine Center (LMC) and the National Fire Protection Committee on Spray Finishing, recently drafted and approved a new standard which reduces the fire risks of spray painting large objects, including yachts in temporary membrane enclosures. Temporary membrane enclosures are used in the marine industry to paint yachts that are too large to fit in a spray booth. The standard not only makes painting safer but eases the concerns of fire marshals and regulators

DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover

Photo courtesy of DSG Marine

P&I Insurance Seminar for Owners and Charterers held in Mumbai DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility, has advised Indian shipowners to consider the benefits of fixed premium P&I cover. DGS Marine spoke at a P&I Insurance Seminar held in Mumbai, India last week and jointly hosted by DGS Marine Group and the British European and Overseas (BE&O) P&I Facility

Nakilat Damen Shipyards Qatar JV is 5

Nakilat Damen Shipyards Qatar (Courtesy Nakilat Damen Shipyards Qatar)

  On 23 November 2015, Nakilat Damen Shipyards Qatar celebrated its first 5 years of operation. With 40 vessels delivered or under construction, the yard has proven its capability to support Qatar’s national strategy for economic diversification.

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;

Rates, Fees of Danish Maritime Authority to be Revised

Courtesy  Danish Maritime Authority

  A number of fee rates within the Danish Maritime Authority's area will be changed from 2016. The price schedule is available from the webpage of the Danish Maritime Authority. The Danish Maritime Authority has recalculated the rates of the fees within the Authority's area.

Lighter, Longer-lasting Laminate from Dimension-Polyant

DP LiteSkin JV40OD Dieskopp Courtesy Dimension-Polyant

  Dimension-Polyant, part of the DEUTSCHE YACHTEN working group, has developed a longer-lasting but lighter surface laminate for the discerning owner and skipper, one which can also be used on super yachts. Lite Skin protects the internal grid structure of carbon sails of all sizes with

Man Rescued From Sinking Yacht in Wrightsville Beach, NC

Courtesy USCG

The Coast Guard rescued a 59-year-old man Saturday from a yacht taking on water in Masonboro Inlet. A 29-foot Response Boat-Small (RBS) crew from Station Wrightsville Beach received a mayday call at 9:37 a.m. while on patrol. The 60-foot yacht Somewhere in Time was taking on water with one

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

MOL Containership Rescues Castaways

Scenes of rescue operations

  Mitsui O.S.K. Lines, Ltd. today announced that on October 29, 2015, the MOL-operated containership MOL PROFICIENCY safely rescued all two survivors 400 km offshore of Canary Islands. Details of the rescue follow: ・ At 09:05 (all times in local time) on October 29, 2015

Triton 1650/3 LP Introduced at Boat Show

New Triton Submarines 1650 -Low Profile- designed to Fit in a Superyacht Tender Garage

  Triton Submarines LLC, America’s leading builder of personal submersibles designed for yacht deployment, provided details of its new Triton 1650/3 LP (Low Profile) submersible model at a press conference at the Fort Lauderdale International Boat Show today

FarSounder 3D Sonar for NACOS Platinum

MULTIPILOT station showing FarSounder sonar and ECDIS. (Image: FarSounder)

FarSounder, a developer of 3D forward looking sonar systems for navigation and obstacle avoidance, announced it has entered an integration partnership with Wärtsilä SAM Electronics.   The partnership will see 3D sonar data from FarSounder’s navigation systems visualized and

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

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.

Maritime Cook Islands Expands Network to India

  Maritime Cook Islands (“MCI”), the leading ship registry, has recently established its presence in India with the appointment of two deputy registrars (“DR”), Mr Faust Pinto Jr and Ms Fereshte D Sethna, to serve the growing yacht owning community in the Indian

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