Harry Diamond Celebrates 21 Yrs at WQIS
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.
Who Should Pay to Prevent Further Damage of Stricken Ships?
Who – shipowner or insurer – should bear the costs of any action taken to prevent a stricken vessel from getting into further costly difficulties? A seminar organized jointly by the Association of Average Adjusters and the International Underwriting Association heard that the market had long wrestled with the arguments, and that considerable uncertainties remain. The London event was given an outline of the main provisions of what could count as ‘sue and labor’ – a clause in marine policies under which the assured can recover reasonable expenses for minimizing or averting an insured loss.
Shipowners Chance 'Negative Equity' in Event of CTL
Shipowners have been warned they could face being saddled with ‘negative equity’ in the insurance aftermath of disasters at sea, according to Keith Jones the outgoing chairman of the Association of Average Adjusters (AAA) at its London AGM, reports UK shipping trade association Maritime London. Jones listed a potential series of pitfalls awaiting shipping companies when a ‘constructive total loss’ (CTL) is declared. He urged owners to be wary from the outset of the costs over which they had control, of the expensive business of maintaining a wreck pending investigation of the cause of the casualty, and cautioned that they may be unable to recover their costs if the sums exceeded the eventual proceeds of sale of the wreck.
Nickel Ore Shipments: Lessons Learned from Losses
One of the most pressing problems for the bulk shipping industry is the safe carriage of nickel ore. The increasing demand for this commodity is fuelled by China’s thirst for nickel ore as it is the principal alloy component for stainless steel. Chinese nickel ore imports have spiraled from nearly 5m metric tons (mt) in 2006 to near 50m mt in 2011. The bulk of these imports come from Indonesia, with the Philippines now running very close behind. But this fast-expanding trade has been marred by the heavy price paid in terms of lives and vessels lost. In August, the 2012-built Trans Summer sank off Hong Kong, but all 21 crew were saved by rescue helicopters. All these vessels were carrying nickel ore from Indonesia to China.
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 in Buckhead, Atlanta, GA. As the winner of the American Marine Claims Award, Ms. Domitrovich will receive a $2,000 cash award and a stipend towards attendance at the International Marine Claims Conference held in Dublin, Ireland. The Award based on the developments of several educational requirements including the preparation of an essay. The award is supported by the following marine insurance associations: the American Institute of Marine Underwriters (AIMU)…
XL Group’s Marine Unit Expands Hull Insurance Resources
XL Group plc’s (NYSE: XL) North American Marine business expands its blue water hull risk management capabilities in New York with the addition of Siobhan Coen and Jeff Loechner as senior underwriters and Eileen Fellin as a senior claims consultant. According to Rich DeSimone, President of XL Group’s North America Marine business, “Siobhan, Jeff and Eileen collectively add nearly six decades of hull underwriting, particularly in blue water hull coverages, and claims experience. Ms. Coen joins XL as a Senior Underwriter. She brings more than 19 years underwriting experience with her from the American Hull Insurance Syndicate. She is a graduate of Manhattan College with a B.S. in Business Administration. Ms.
American Club has New Principal Surveyor
John Poulson Rejoins Management Team. Well-known surveyor John Poulson, a highly-experienced former mariner, is rejoining the American P&I Club’s management team on February 1 as vice president, principal surveyor and head of the survey and technical department. He worked with the club’s managers for several years in the middle of the last decade before moving to GL Noble Denton (as it is now), New York, where he had oversight and responsibility for that company’s operations throughout the Americas.
Standard Absorption Clause Welcomed by Industry
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.
