Inspections Produce 20-year Claims Low

Monday, September 13, 2004
The London P&I Club has reported that its level of claims for the 2003/4 year of account was down by fourteen per cent on the previous year. And it says its ongoing vessel inspection programme, which sees roughly half its entered fleet inspected each year, has helped produce this marked improvement.

John M Lyras, Chairman of the London Club, says, “Claims for the 2003/4 policy year are running at a lower level than at any time during the last twenty years, a fact that I believe is a reflection of the selectivity of our underwriting”. He adds that such selectivity results in part from tactical decisions based on the Club’s ship inspection programme and other means of assessing members.

Paul Hinton, Chief Executive of A Bilbrough & Co, Managers of the London Club, says that, while the Club’s comparatively benign claims experience – in contrast to that of many other members of the International Group of P&I Clubs – can sometimes be attributed simply to good fortune, the factors are usually more complex.

He notes, “Bilbroughs’ Loss Prevention Department continues to inspect, annually, roughly fifty per cent of all vessels entered, a figure that is believed to be by far the highest in the industry.

“Not only do regular inspections help ensure that the entered tonnage meets an acceptable standard in physical terms, but compliance with the ISM Code is also monitored. Clearly, strict compliance assists when it comes to reducing the number of accidents resulting in P&I claims.”

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Container Manufacturer Reports Profit Plunge

World-leading container manufacturer and logistics services provider Singamas Container Holdings Limited (Singamas) has  announced its unaudited interim results for the six months ended 30 June 2014.

CACI Named MSC Logistics Prime Contractor

CACI International Inc says it has been selected as a prime contractor to provide logistics support to the U.S. Navy’s Military Sealift Command (MSC) on the Worldwide

Iconic Star Ferry in Move to New Wan Chai Pier

With effect from the first departure on Saturday 30 August 2014, Hong Kong's “Wan Chai – Tsim Sha Tsui” ferry service will operate from the new Wan Chai Ferry Pier.

Finance

Container Manufacturer Reports Profit Plunge

World-leading container manufacturer and logistics services provider Singamas Container Holdings Limited (Singamas) has  announced its unaudited interim results for the six months ended 30 June 2014.

Bid to Rescue Clyde Shipbuilder Ferguson

Jim McColl, one of Scotland's richest men, has tabled a bid to rescue collapsed Clyde shipbuilder Ferguson and aims to return the yard to its former glory by creating hundreds of jobs,

Scotland Site for World's Biggest Tidal Array

The world’s biggest tidal array is to be built in North Scotland bringing jobs and energy security to the Pentland Firth region, informs a UK Government news release.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1718 sec (6 req/sec)