Liability Insurance News

Britannia, the insurer of container ship the Dali, is working with the vessel's owner and U.S. authorities on the investigation into the collapse of Baltimore's Francis Scott Key Bridge, the insurer said on Thursday.The bridge collapsed on Tuesday after the Dali suffered a power outage and struck a pylon, causing huge disruption in the port."We are working closely with the vessel's owner and manager and the relevant U.S. authorities as part of the investigation into the casualty…

The owner, operator and charterer of the container ship that struck Baltimore’s Francis Scott Key Bridge on Tuesday are likely to face lawsuits over its collapse and the people killed or injured, but legal experts say U.S. maritime law could limit the companies’ liability.U.S. laws pertaining to open-water navigation and shipping, which are created through court decisions and by acts of Congress, could restrict the kinds of lawsuits filed against the registered owner of the Singapore-flagged ship…

Baltimore's Francis Scott Key Bridge collapse could cost insurers several billions of dollars in claims, sources say, but it is too early to calculate the likely full financial losses of the tragedy that has shuttered one of the busiest ports in the United States.Six peopleare still missing after a collision with a Singapore-flagged container ship destroyed the landmark bridge on Tuesday, forcing the closure of the Port of Baltimore.With little clarity on when the port would re-open, insurers and analysts are now assessing the likely losses borne by underwriters across several product lines in

West creates a Charterers and Traders team as a new center of excellence within the Club, further enhancing the West’s popular tailor-made liability insurance products.The West of England P&I Club announced the creation of a dedicated Charterers and Traders product team to manage its Charterers Comprehensive Cover, which provides bespoke cover for charterers and traders.Suumit Madhu will lead the new team with support from Nicola Goff, Christina Anderson, Chris Ward and Paul Kaye…

The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss…

The subchapter M towboat rules, safety management systems, and an emerging culture shift on the inland waterways brings with it a fresh look at how to manage risk. Is it time for P&I clubs to return to brown water? And should inland operators welcome them home?A mass exodus from the inland marine sector by P&I clubs in the mid-1990’s was precipitated by many things. Today, these very same vessels have been put under the subchapter M regime, and most are adapting SMS as a culture in the process. Moreover, and without a doubt, the environmental record of this sector has improved 99% since the 1970’s. As all of that unfolds, the P&I clubs have begun to look at this sector more closely and…

From high-traffic ports to bustling boatyards, and busy shipyards to expanding marinas, marine professionals operate in a challenging environment. They work on land, on or around water, and are exposed to all kinds of weather. And the challenges won’t ease up any time soon. Our nation’s ports continue to expand as trade surges. Add in increased commercial vessel traffic and recreational boating, and it’s clear that marine businesses have to be in shipshape condition. It means that the marine insurance industry has to stay on its toes too…

AXA XL's North America marine insurance business is expanding its reach in the marine insurance market with a new policy specifically designed and delivered to address workboat risks.“Our new workboat policy represents the continued extension of our risk appetite and underwriting expertise to address a wider array of marine risks,” said Anne Marie Elder, AXA XL Chief Underwriting Officer for Marine in the North America. “Workboats represent many different types and sizes of vessels that are used for a wide range of tasks…

After new regulation, all speedboats with a hull length below 15 m, personal watercrafts/jet skis and similar vessels must now be covered by a 3. part liability insurance. Danish Maritime Authority informed that if the vessel does not have insurance coverage, you are not allowed to operate it. The new requirements regarding mandatory third party liability insurance, strict liability in case of personal injury and loss of pendant as well as wider options for confiscation of vessels have come to into force yesterday (May 15). In April, the Danish parliament passed a bill intended to increase safety at sea. The new rules require you to have a third party liability insurance in cases of injury, loss of pendant or property damage.

To increase safety at sea, requirements will be introduced for a personal watercraft certificate and insurance as well as improved possibilities of imposing sanctions after accidents involving personal watercraft, powerboats and similar vessels, said Danish Maritime Authority (DMA). ​Today, the Danish Government has submitted a bill for consultation to increase the safety of persons involved in recreational activities at sea. The bill submitted for consultation proposes to require operators of personal watercraft and powerboats to take out liability insurance in the future. It also proposes to make it easier to confiscate these types of vessels in case of insane sailing or repeated violations of the law.

Flights of Fancy? No longer a pipe dream, aerial drones find a home in maritime. Price Waterhouse Cooper estimates the global commercial drone market at $127 billion. Shipyards, offshore wind-farm developers, cruise lines, blue water cargo agencies, maritime marketing departments, first responders, admiralty lawyers, shore-to-ship package couriers, insurers, classification societies, salvors, container ports and the military are all using or actively exploring drones to accomplish tasks heretofore impossible without greater risk or cost.

Large shipping losses have declined by 50 percent over the past decade, mostly driven by the development of a more robust safety environment by ship owners, according to Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review 2017. In 2016 there were 85 total shipping losses reported, down 16 percent from 101 a year earlier. The number of shipping incidents declined slightly year-on-year by 4 percent with 2,611 reported, according to the review, which analyzes reported shipping losses over 100 gross tons.

Danish Ministry of Industry will launch a set of new initiatives to enhance safety at sea when operating water scooters, jet skis, speed boats and the like. The new initiatives are to prevent accidents at sea by securing, inter alia, that those riding water scooters have the skills needed and are familiar with current regulations. At the same time, the new initiatives are to make it easier to identify water scooters and their owners and to hold somebody responsible and intervene when the rules are not observed and others' safety is jeopardised. Minister for Industry, Business and Financial Affairs Brian Mikkelsen said: "It is important that everyone can feel safe in Danish waters and in our ports.

Since 1935, MOPS Marine License Insurance has defended the USCG licenses of mariners operating in every maritime sector in the United States. Its network of over 80 maritime law firms, representing almost 200 experienced maritime attorneys, provides MOPS policyholders with personal legal representation from the marine casualty to final disposition. MOPS provides Unlimited License Defense, Full or Partial Income Protection, Civil Legal Defense, Civil Penalty Defense, Criminal Defense, Professional Liability, and Professional Equipment/Instruments Protection. The firm has 12 employees.

Foreign oil tanker owners are expected to make a slow return to Iran despite the lifting of many sanctions as insurers tread carefully, leaving shipping players unwilling to pick up cargoes as quickly as Tehran has wanted. A nuclear deal between world powers - known as the P5+1 - and Iran led to the removal on Saturday of international oil export prohibitions as well as restrictions on banking, insurance and shipping for Tehran. With U.S. sanctions still in place, which exclude U.S. persons, banks and insurers from trading with Iran including dollar business, shipping and marine insurance sources say many foreign companies are likely to take their time. They are also mindful of sanctions being reimposed in a "snap back" if Iran reneges on commitments.

Safe Harbor Pollution Insurance broadens panel of security, increases marine pollution capacity    Vessel pollution liability insurance company Safe Harbor Pollution Insurance announced it has expanded its carrier partnerships to include Berkshire Hathaway Specialty Insurance Company (BHSI) and Argonaut Insurance Company.   With this expanded panel, Safe Harbor said it has more than tripled its in-house capacity. BHSI, which carries a financial strength rating of A++ from AM Best, and Argonaut, rated A by AM Best, join A rated Starr Indemnity & Liability Company on the Safe Harbor panel.   Safe Harbor Pollution Insurance is a member of the Falvey Insurance Group, a MGA group specializing in cargo, yacht and marine pollution.

Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month led to the removal of curbs on Tehran's banking, insurance and shipping sectors. Since then, Iran has ordered a 500,000 barrel per day (bpd) increase in oil output, of which 200,000 bpd will go to Europe. But many foreign firms remain wary of violating other sanctions that were imposed by the United States and have not been lifted. Measures still in place from Washington prohibit most business between U.S. persons, U.S. companies and Iran as well as no dollar trades.

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of legitimate Iranian crude and oil products to international markets. The Greek-owned vessel, Green Warrior, arrived at the Iranian port of Bandar Mahshahr on February 3, on a fully fixed charter by Glencore and is set to load 80,000 tonnes of high-sulphur fuel oil bound for Singapore, according to Thomson Reuters ship tracking data as well as traders and shipbrokers with knowledge of the matter. A Glencore spokesman declined to comment. Despite the lifting of sanctions in mid-January, most international insurers are no closer to resolving concerns over remaining U.S.

Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington's sanctions, according to officials involved in the initiative. International oil and shipping companies have been eager to boost business with Iran since international sanctions related to its nuclear programme were lifted in January, but securing proper insurance cover has been among the stumbling blocks in recent weeks. The insurers' move will benefit Iran as it seeks to further ramp up production and exports.

International Transport Intermediaries Club (ITIC) has launched a cyber liability extension to ITIC policies to protect its existing professional indemnity members against the growing threat posed by hackers. ITIC has always provided cover for damage arising from the loss of or damage to computer records in its members’ custody. But it says that a new threat has emerged in the form of third parties misusing the systems of its members to cause damage to data held by others. Hacking into systems operated by service providers…

Harry Diamond, Vice President and Chief Claims Officer at WQIS, is celebrating 21 years with the company this year. Diamond is a graduate of LaSalle University with Bachelor of Arts degrees in social studies education and history; he also holds an Associate degree in Risk Management. He began his insurance career right out of college when he was hired by a brokerage firm whose main client was Keystone Shipping Company. Diamond continued with the firm for four years until he changed his career path because of “an itch that needed to be scratched” – his desire to be a teacher. For the next six years, Diamond taught eighth grade at St. Mary’s Interparochial School in the Society Hill area of Philadelphia, Pennsylvania.

2015 saw further growth in total Group entered tonnage, which increased from 1,047 billion GT as at August 2014 to 1,088 billion GT as at August 2015, says annual review of International Group P&I Clubs (IGP&I) published by Gard on July 14, 2016. The global order book has fallen 12% by vessel numbers and 8% by GT since the beginning of 2016. World fleet growth over the past year has remained broadly static and, according to Clarksons in 2015, it was just under 4%, down from the highs of between 7% and 9% annual growth in the 2000s. In addition, new building deliveries over the past year show a marked reduction in all vessel sectors. After a significant decline in demolition activity in the second half of 2015, scrapping has now resumed to around same levels as it was a year ago.

Unmanned aerial systems (UAS), or “drones” in common parlance, are not a part of the historical maritime vocabulary. At least not yet. While the term “drones” may conjure images from science fiction, the reality is that companies are designing commercial UAS for the private sector, and they are gradually permeating our daily life. Henry Ford is rumored to have opined on his invention of the automobile that if he had asked people what they wanted, they would have said “faster horses.” In the case of UAS…