PensionDanmark, Danica Roll Out $300mln Maritime Investment Fund
PensionDanmark, Danica and Navigare Capital Partners have established the Maritime Investment Fund I, which, based on capital from the founders, shall build a diversified portfolio of maritime assets including dry bulk, container, offshore, product, crude oil and chemical tankers, to put on charter to operators. The fund will be managed by Navigare Capital Partners, which consists of partners with broad based shipping experience. ”The new investment fund will give institutional investors a possibility to invest in a broad portfolio of vessels.
DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover
DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility, has advised Indian shipowners to consider the benefits of fixed premium P&I cover. DGS Marine spoke at a P&I Insurance Seminar held in Mumbai, India last week and jointly hosted by DGS Marine Group and the British European and Overseas (BE&O) P&I Facility. Attended by delegates from across India’s shipping community, the seminar examined a range of shipping-related legal and insurance issues…
North P&I, Sunderland Merge to Form North Group
North of England P&I Association (North) and Sunderland Marine Mutual Insurance Company Limited (SMMI) merged to form the North Group on Friday 28 February 2014 following approval by the Bank of England’s Prudential Regulatory Authority and other U.K. and overseas regulators. The merger between two of the longest-established and most successful international marine insurance businesses - both of which are based in north-east England - has created one of the largest global marine insurance operations, with a premium income of over $500 million, free reserves of $350 million and total assets of $1,500 million. North Group has been over two years in the making, starting with a strategic alliance between North and SMMI in January 2012.
Insights: H. Elder Brown, Jr.
Chairman of the Board of Directors, Fidelis Group Holdings LLC and Continental Underwriters, Ltd. For those in the marine insurance and underwriting communities, H. Elder Brown, Jr. needs no introduction. That’s because over the course of the past 27 years, Brown has taken Continental Underwriters Ltd. (CUL) from a small family business to one of the largest brown water marine underwriters in the United States. More recently, Brown returned CUL to private ownership by purchasing CUL back from Houston Casualty Company in 2009.
IUA supports market reforms
members in the London company market. mandate slip usage. encourage the initiative within the company market. standard. slips used for business incepted in London. LMP slip evolved to its present form. the LMP programme are built," says Stephen Cane, chairman of the IUA. insurance market as a whole. to increase acceptance. and shared market repositories. for the communication of data. outline for the proposals. reform programme," says Cane. insurance centre. insurance and reinsurance companies. association supporting the business environment in London. market. process of reform, to create an efficient and streamlined marketplace with improved service provided to clients.
Future Care CEO Discusses Tele-medicine for Maritime
Future Care, Inc. CEO Christina DeSimone presented at this year’s CMA Shipping 2017 Conference, held in Stamford, Conn., where she discussed the mitigation of crewmember medical claims utilizing innovative techniques, such as Tele-Medical Physician Advice at Sea and Future Care’s unique Caring for the Crew Program. DeSimone focused on the idea that medical triage for crewmembers begins on board the vessel, and should be utilized for any medical incident, no matter how small. Primary health care aliments in particular require immediate treatment on board…
ABS Leads Industry Discussion on 2020 Sulfur Cap Impact Scenarios
ABS, a provider of classification and technical services to the marine and offshore industries, held its annual National and Regional Committee meetings in London, Copenhagen and Hamburg in mid-March. “Our committee meetings provide a platform for transparent, robust and engaging conversation with industry,” says ABS Chairman, President and CEO Christopher J. Wiernicki. The committee meetings provide a forum for ABS Members, including owners, operators, charterers, and industry representatives from flag administrations…
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. Under Michigan law, fire insurance claims must be submitted within one year of the casualty. All other casualty insurance claims are subject to a six-year statute of limitations. [Source: HK Law]
Understanding the Ups and Downs of Insurance
Business is cyclical, and nowhere is there more evidence of its cyclical nature than in the insurance market, characterized by ups and downs in insurance premiums, coverages and profitability. By most accounts, the current insurance market has been one of the most competitive in recent memory. With intense price-cutting and expanding coverages, these conditions are typical of a “soft” market which is very much a buyers’ market. The obvious benefits of a ‘soft’ market to the buyer are lower insurance premiums…
Singapore –Bunker Insurance
Singapore –Bunker Insurance The Singapore Maritime and Port Authority (MPA) issued a circular providing the names of additional insurers and underwriters that it has accepted for purposes of issuing Bunker Convention Certificates. The insurers and underwriters include: · QBE Insurance (International) Limited · British Marine Luxembourg S.A. · Navigators Insurance Company · Tokio Marine & Nichido Fire Insurance Co., Ltd. · Tokio Marine Insurance Singapore Ltd. · China Shipowners Mutual Assurance Association · The Korea Shipowner's Mutual Protection & Indemnity Association (www.mpa.gov.sg)
U.S. Extends Marine War Risk Insurance
Secretary of Transportation Norman Y. Mineta has approved an extension of the authority to provide war risk insurance under Section 1202 of the 1936 Merchant Marine Act (Act). Unlike Section 1205 insurance, which is provided to the Department of Defense (DOD) on vessels chartered to them at no premium and with a full DOD indemnity, Section 1202 insurance is underwritten by DOT in return for a premium from shipowners. This insurance or reinsurance of vessels is available for vessels (including cargoes and crew) entering the Middle East region, whenever commercial insurance cannot be obtained on reasonable terms and conditions. It should…
Former DHS Chief Ridge Introduces Cyber Solutions
First U.S. Homeland Security Secretary Tom Ridge Partners with Five Lloyd’s Syndicates to Offer ‘Intelligent’ Cyber Insurance. Ridge Insurance Solutions Company to close dangerous cyber insurance gap by providing informed-assessment capabilities and insurance. Companies struggling to protect their assets and brands from the growing scourge of cyber attacks can now access a new product designed specifically for their needs, created by a trusted former national security leader and the world’s premier insurance brand.
Denmark Updates Insurance Claims Requirements
Danish ships with a gross tonnage of or above 300 without a Certificate of Entry in a P&I Club from the international group of P&I clubs must inform the Danish Maritime Authority about alternative insurance for maritime claims before March 31, 2014. Danish ships with a gross tonnage of or above 300 must carry a certificate confirming that insurance has been taken out to cover maritime claims. The certificates are issued by the insurance companies and are subject to the general control of ships and certificates. Most ships have a recognized Certificate of Entry. In case the ship does not have a Certificate of Entry, the Danish Maritime Authority must be informed about the insurance taken out before 31 March 2014. What is a recognized Certificate of Entry?
Safe Harbor Pollution Insurance Broadens In-house Capacity
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.
Mitsui Marine, Sumitomo To Merge
Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance have agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company would outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Mitsui Marine is Japan's third largest non-life insurer, and Sumitomo Marine the fourth biggest. Analysts say the merger is set to accelerate consolidation in the sector, where competition is intensifying due mainly to the deregulation of insurance premiums in July 1998. Sumitomo Marine and Mitsui Marine said they will unveil a detailed merger plan in March. Both companies had said two weeks ago that they were in talks on forming an alliance.
Mitsui Marine, Sumitomo To Merge By April 2002
Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company will outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Analysts say the merger will accelerate consolidation in the sector, where competition is intensifying, due mainly to the deregulation of insurance premiums in July 1998. The companies will unveil a detailed merger plan in March.
Personal jurisdiction, Venue, Insurance, Co-insurance, Salvage, and Subrogation
The U.S. Court of Appeals for the Fifth Circuit issued a long decision regarding a lengthy and complicated litigation involving personal jurisdiction, venue, cargo insurance, co-insurance, salvage, and subrogation. Adams v. Unione Mediterranea di Sicurta, No. 03-30026 (5th Cir., April 14, 2004.) (HK Law) http://www.ca5.uscourts.gov/opinions/pub/03/03-30026-CV0.wpd.pdf
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. Other vessels may be covered if their cargoes are considered to be in the security interests of the United States. The insurance covers cargoes as well as the ships and crews. It is underwritten by DOT in return for a premium from shipowners.
PVA Advises On Terrorism Insurance
The Passenger Vessel Association (PVA) recently distributed the following to advise its members regarding terrorism insurance. The shocking events that occurred on September 11 took all of us by surprise. Since then, we've all started to ask ourselves some basic questions that will help us to protect our companies, property, and employees from further harmful situations, if they should occur. One of these important protective elements is insurance. Many vessel operators who need more information about how to protect their businesses have approached the people at Aon Risk Services, the PVA Endorsed Insurance Program. There has been some conflicting information was to whether Terrorism/Malicious Acts are insured under the PVA Insurance Program.
XL Offers KRE Cover to Yacht Owners
To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages. "Crisis events like kidnapping, disappearance and hijack are increasingly real threats, especially on open seas," explained Denise Balan, Country Manager of XL's US Crisis Management business which developed the KRE endorsement. According to Rick Salway, Vice President of XL Group's Recreational Marine business…
Logistics Insurance Provider Opens New Corporate HQ
Tactical Insurance Group has opened a new corporate office to facilitate the expansion of the company into its targeted industry sector – Logistics Insurance. One of the South Central region's leading insurance brokers, Tactical Insurance Group, has moved into a newly expanded corporate office facility in Dallas as part of its strategy to grow its Logistics Insurance practice throughout Texas and surrounding states. "Located in Toll Hill West on Harvest Hill Road, near the major intersection of the Dallas North Tollway and LBJ Freeway, the larger corporate office will allow us to add to our professional staff, provide more service capabilities to our clients…
US Obamacare Impacts the Global Marine Industry
The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG). Maria, who is president/broker at SYIG, said, “The biggest challenge presently is Obamacare. Interestingly enough, it’s actually affecting the international marine industry, in that we now have to cope with tighter guidelines regarding time spent in-and-out of the U.S. waters. Most underwriters require that the yachts spend at least six months outside the U.S. in a 12-month period. It doesn’t matter that the yacht is registered outside the U.S. and the crew are non-U.S. “Some underwriters can’t even provide coverage for U.S.
LIG Marine Managers 2011 CMIP Seminars
LIG Marine Managers’ sister company, LIG Educational & Consulting Services, in conjunction with the International Institute for Marine Insurance Studies, announced the 2011 CMIP Seminar Schedule for those individuals working towards earning the Certified Marine Insurance Professional (CMIP) Designation. The designation is designed for agents, brokers, CSRs, Insurance Company Personnel, Underwriters or other insurance industry professionals who wish to expand their knowledge of Commercial Marine Insurance. The CMIP Designation requires attendance at four 2½-day Seminars and passing a short exam at the end of each Seminar. The first of the 2011 CMIP Seminars, “Fundamentals of Marine Insurance” will be held in Tampa, Fla. April 13-15, 2011.