Insurance Underwriters News

A number of insurance underwriters are interested in providing cover for grain shipments from Ukraine after an agreement was reached to re-open Black Sea ports, although the first shipments are expected to be weeks away, industry sources said on Friday.Russia and Ukraine signed a landmark deal on Friday to reopen the ports for grain exports, raising hopes that an international food crisis aggravated by the Russian invasion can be eased. The accord crowned two months of talks brokered by the United Nations and Turkey…

Responders have called off a search for two fisherman missing following a fatal ship collision near Galveston, Texas, the U.S. Coast Guard said on Thursday.One crew member has been rescued, one is deceased and two remain missing at the conclusion of a three-day search involving the Coast Guard and local responders that covered more than 49 square miles by aerial flights, shore patrols and maritime searches.“It is never an easy decision to suspend a search," said Cmdr. Jordan Baldueza, Sector Houston-Galveston search and rescue mission coordinator.

Anyone who has been around the Offshore Oil and Gas or the Marine industries for long has heard of plans for mining various minerals located on or just below the seafloor. In fact, when Howard Hughes built the Glomar Explorer in 1972, the cover story for its true mission – recovering a Soviet submarine - was that the rig would be used to mine manganese nodules from the deep ocean floor. This cover story was so effective that it had the unintended consequence of stirring great interest in ocean mining among offshore companies and the general public.In the years since…

With advances in technology, increased regulatory requirements for training, and an industry that has been committed to improving working conditions, especially those associated with confined space entry and fire prevention, why are we still seeing maritime related fires and explosions that often include serious injury or loss of life? HistoryFollowing the First World War, as cargo vessels, particularly tank ships, were being converted to carry larger cargos, the incident rate of fires and explosions during shipbuilding, repair, and conversion began to rise.

Since mid 2015 when MCA first approved a Thailand based seafarer training facility, that destination has experienced growth as a popular focus for both advanced seafarers and also entry level crew to complete STCW 2010 and the new updating STCW courses.Anthony Gould, CEO and major investor in Galileo Maritime Academy, said at the recent launch of their Survival Craft and Fast Rescue Boats training facility in Phuket, “Over the last three years international professional seafarers coming to Phuket…

ISU’s President weighs in on the current state of international salvage, a changing landscape and the need for mutual fairness from all stakeholders in the global salvage and response arena. The last three decades have seen a significant reduction in marine casualties which is to be welcomed by all. Better ships; better inspection and port state control; the SOLAS convention; improved operational practices, liability concerns – both civil as well as criminal – and better crew training have all played their part.

Press release - International Transport Intermediaries Club (ITIC) has reported a case in which hull and machinery insurance underwriters instituted proceedings against a marine consultancy firm for alleged negligence in failing to properly review shipyard quotes in respect of the cost of repairing a fire-damaged vessel. The insured vessel had suffered extensive fire damage. The owners claimed that the ship was a Constructive Total Loss (CTL), alleging that the cost of repairing it was in excess of its insured value. The insurers rejected this claim, maintaining that the vessel was capable of economic repair. The vessel was ultimately scrapped, and the only remaining dispute was over the amount which the insurers were obliged to pay under the policy.

Insurance underwriters of diversified maritime exposures see a wide variety of approaches taken by vessel operators to manage human error to control risk. They have found through experience that the majority of hull and liability claims can be traced to a breakdown in preparedness and decision-making. Maritime operators that set a high bar and build well-constructed methods of managing the human element of risk – and those that monitor it closely – can save significantly on insurance costs due to lower frequency and severity of claim activity. Managing the human factor is the most difficult of all risk management processes. We are all fallible and prone to error.

A vessel owner who takes on paying passengers knows he or she has to meet U.S. Coast Guard requirements for safety. If corners are cut, a barge operator can develop a reputation for accidents and business could disappear. And marine companies, just like other businesses, know the value of protecting themselves against liability with insurance. Yet, in trying to cost-effectively manage risks, marine operators frequently question whether they should go beyond the minimum. However…

Mr John Walker has been appointed as head of GL Noble Denton's growing Marine Casualty Investigation practice for the Americas region. Based in the New York office, John leads a team of expert marine engineers, master mariners and naval architects. His team play a key role in determining the cause and extent of machinery damage, fires, collisions, groundings, salvage operations and other marine incidents. John brings nineteen years of professional experience in vessel engineering, project management and marine accident investigation to his role.

Tidewater Inc. (NYSE:TDW) announced today fourth quarter net earnings for the period ended March 31, 2011, of $12.0 million, or $0.23 per share, on revenues of $254.0 million. For fiscal year ended March 31, 2011, net earnings were $105.6 million, or $2.05 per share, on revenues of $1,055.4 million. For fiscal year ended March 31, 2010, net earnings were $259.5 million, or $5.02 per share, on revenues of $1,168.6 million. •    a $6.3 million ($6.3 million after-tax, or $0.12 per…

Tidewater Inc. (NYSE:TDW) announced fourth quarter net earnings for the period ended March 31, 2010, of $56.9 million, or $1.10 per share, on revenues of $260.0 million. For the same quarter last year, net earnings were $109.7 million, or $2.13 per share, on revenues of $341.6 million. For fiscal year ended March 31, 2010, net earnings were $259.5 million, or $5.02 per share, on revenues of $1,168.6 million. For the fiscal year ended March 31, 2009, net earnings were $406.9 million, or $7.89 per share, on revenues of $1,390.8 million. •    a $5.4 million ($3.5 million after-tax, or $0.07 per common share) reduction of the previously recorded “Provision for Venezuelan operations…

Hugh Shaw, the Secretary of States Representative for Maritime Salvage and Intervention (SOSREP) officially declared an end to the salvage and wreck removal operations of the MSC Napoli on Thursday 29th July 2009, 924 days after it all began. The MSC Napoli was beached at Branscombe on Saturday 20 January 2007 and since then there have been several salvage and wreck removal phases aimed initially at removing her fuel oil, then her cargo, and ultimately the wreck of the MSC Napoli itself.

The Board of Braemar Shipping Services announced the acquisition of Steege Kingston Partnership Limited. Steege Kingston provides specialist loss adjusting and other expert services to the energy (oil and gas), marine, power and other related industrial sectors. It is one of the leading international players in the energy adjusting market, with a particularly strong reputation and presence in the offshore/upstream sector. Its client base covers insurance underwriters, insurance brokers as well as the insured parties in the oil and gas industry itself. First established in 1975, the group now operates from offices in London, Houston, Singapore, Calgary and Mexico City with a total of 62 employees.

The Board of Braemar Shipping Services plc announced the acquisition of Steege Kingston Partnership Limited (“Steege Kingston”). Steege Kingston provides specialist loss adjusting and other expert services to the energy (oil and gas), marine, power and other related industrial sectors. It is one of the leading international players in the energy adjusting market, with a particularly strong reputation and presence in the offshore/upstream sector. Its client base covers insurance underwriters, insurance brokers as well as the insured parties in the oil and gas industry itself. First established in 1975, the group now operates from offices in London, Houston, Singapore, Calgary and Mexico City with a total of 62 employees.

consultancy to assess risk. foundations. Now is not a time for being wise after the event. insurance can de designed and sold on price alone. "The best insurance is a combination of commercial acuity, actuarial perception, technical awareness, intuition and luck. Many underwriters and brokers make use of financial and actuarial consultancy to assess risk. don't. Today, those services are more valuable than at any time in history and the good news is that software tools today facilitate the ability to analyze data in ways that were simply not feasible in the past. "Underwriting in ignorance of the true nature of risk and of potential and aggregate liabilities can no longer be considered a viable option.

Regulatory developments mean that failure to make proper use of business intelligence systems and actuarial consultancy to assess risk could lead not only to significant financial losses but also to disciplinary penalties for insurance underwriters and brokers, according to leading accountant and consultant Moore Stephens. designed to support the development of effective reserving and forecasting procedures. They are now an essential part of insurance industry practice. analytical and risk management services. Steve Downing says, "The insurance industry must embrace a centralized approach to risk management, one which has the ability to analyse data in a flexible way, to search for trends and patterns, to analyse productivity and to help business planning and forecasting.

With the worsening conflagration in Lebanon-Israel and the resulting consequences for maritime traffic, ship operators are bracing themselves for a hike in war risk insurance premiums for vessels that transit the Eastern Mediterranean. The 12-member Europe Mediterranean Trade Agreement that includes A.P. Moller-Maersk, Mediterranean Shipping Company and CMA CGM issued a statement: "In the event that extra costs do arise for war risk insurance, the lines wish to inform their customers that they will have no option but to pass these on to customers by way of a war risk surcharge with immediate effect.” According to Gulf News, a number of Flag-states have also issued directives…

Insurance underwriters and average adjusters have welcomed the recent publication of BIMCO’s Standard General Average Absorption Clause. It is hoped that the initiative will help to promote a broad move away from declaring general average for small and uneconomic claims in all sectors of the industry. The Standard Absorption Clause is designed to be of benefit both to shipowners and insurers by avoiding the time and expense associated with pursuing small general average claims. The Clause is targeted for use in hull and machinery policies covering all types of vessels from container ships, bulk carriers, and tankers to cruise ships.