Yacht Insurance
DT&F: Expanding New Yacht Construction Business in U.S.
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
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
Vericor Gas Turbines Will Power High-Speed Yacht
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 to Acquire IYC
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.
Peri Yachts Picks Displays at MYS
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.
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
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.
Drydocks World spearheads the launch of DCMMI
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
Pollution Liability Underwriters WQIS, Make Appointments, Share Business Insights
WQIS has learned that even market leaders and pioneers need to stay dynamic and never get complacent. Shaking things up can break barriers for even the strongest organizations. By insuring some 35,000 vessels, across every major waterway in the US
Boat Design Courses at Westlawn IMT: Student Grants Extended
The Westlawn Institute of Marine Technology is able to extend its grant and scholarship program in Small Craft Design thanks to further funding from the Kathy & Jerry Wood Foundation. The funds were originally for three years, but an additional thirty thousand dollars was given to assist
Annual Economic Sanctions Update
Iran Continues to Dominate U.S. Sanctions headlines Since last year’s update appeared in the May 2012 issue of Maritime Reporter & Engineering News, Iran has continued to dominate U.S. sanctions headlines. Significant actions by both the U.S
Cargo Morphs in New Directions
As Exports Climb to All-Time High After a decline during the recession years, U.S. exporters today are pleased with the record-breaking value of overseas shipments. At the same time, they are learning to cope with shipping cargo that can be far different than the types of goods sold in the past
IMUA Names Award-winning Marine Underwriter
Gina Domitrovich, AMIM, Senior Marine Underwriter, AIG Global Marine & Energy, is the first recipient of the new American Marine Claims Award, by Inland Marine Underwriters Associations (IMUA). The award presentation was made closing ceremonies during IMUA"s 83rd Annual Meeting held
Atlas Enterprises Moves Heaviest Object Yet: A Superyacht
Atlas Enterprises recently moved the heaviest object employees have transported since it was founded as Ron Holland Housemoving in the early 70s. The superyacht, a 215-foot and 480-ton structure, is equipped with a swimming pool on deck that doubles as a helicopter pad when the pool cover closes
IMUA Honors Three at 83rd Annual Meeting
Grace D. Thomas, Senior Vice President at Great American Insurance Company and a former Chairperson of the Inland Marine Underwriters Association (IMUA), was presented with a Lifetime Achievement Award at the association’s Annual Meeting held mid-May. Ms
Following the Path of the Transport Revolution
TT Club, established to fill a gap in insurance as the freight container revolutionized trade, celebrates 45 years dedicated service to the transport and logistics sector. In 1956, the first strengthened containers were loaded onto a spar deck of the converted tanker, Ideal X
Simrad Launch Entry-level Autopilot
Simrad Yachting introduce its AP60 entry level commerical autopilot complementing their AP 70 amd AP 80 range. Unlike many other entry-level commercial autopilots, the Simrad AP60 includes thruster integration for improved low speed maneuvering, the manufacturer said, adding
Gulf Coast Shipyard Group Investment by Littlejohn
Littlejohn & Co., LLC, a private investment firm based in Greenwich, CT, has made an equity investment in Gulf Coast Shipyard Group, Inc. Gulf Coast Shipyard Group, is a manufacturer of a variety of ocean-going and inland marine vessels for commercial and military markets under the brand name
GL ShipManager Software for Q-Shipping
Dutch shipmanager Q-Shipping to equip its whole fleet with Germanischer Lloyd's ship management solution. Q-Shipping provides ship management services for vessel type such as bulk carriers, general cargo vessels, MPP vessels, ro-ro vessels, container vessels, offshore vessels
Bulk Cargo Loading Instant Prompt Published
UK P&I Club, Lloyd's Register and Intercargo have produced a pocket guide & checklist for ship's officer and agents who arrange cargoes for loading. The P&I Club explains that when bulk cargoes shift, liquefy, catch fire or explode as a consequence of poor loading procedures
Overboard Sailor Rescued off French Coast
A British man has been rescued after falling overboard from a yacht off the coast of Ushant in France. Brixham Coastguard received a 999 call just after 3 p.m. this afternoon reporting that one of the two people on board the yacht had been washed overboard by a large wave.
Baker, Lyman Hires Senior Consultant for TSMS
Baker, Lyman and Co., Inc. hired John Scarborough as senior consultant. He is an authorized agent for Germanischer Lloyd on the Corsair Towing Safety Management Systems (TSMS) Strategic Alliance for Subchapter M compliance software for the domestic towing industry.
TT Club Reports Positive Trading Performance
Specialist liability insurer for the international transport and logistics industry TT Club said it had another good performance for the year ended December 31, 2012, with further increased gross written premiums, and the club now maintains its A- (Excellent) rating for the past eight years.