Insurance Carrier News

North P&I Club and 24Vision announced today that they have entered into a partnership agreement, with effect from 1 July 2018, to provide P&I insurance to charterers and small ship operators. As part of 24Vision’s wider service proposition to their marine industry clients, the partnership agreement provides for North P&I Club to be the insurance carrier for 24Vision’s marine liability products. “An alliance with North P&I Club puts us in an excellent position to provide our clients with top-rated security,” says Rocco Bozzelli, Managing Director of 24Vision Insurance Solutions. Paul Jennings, Chief Executive Officer of North P&I Club, highlights the importance of the partnership. “We are happy to work with 24Vision to develop our business through a professional and specialist partner.

When it comes to insuring your assets, changing markets and risk variables demand better understanding of the underwriting process, as well as a long-term, stable relationship with an insurer who – like you – is in for the long run.U.S. inventor Thomas Edison once said, “There is no substitute for hard work.” Nobody knows this better than the men and women who operate diverse and industrious workboat fleets.Ferrying commuters, towing dry and liquid bulk, and assisting larger ocean…

The right insurance policy could help you stay above water after a workplace incident. The day-to-day job of marine construction workers has many potential hazards. While restoring shorelines, dredging harbors, repairing bridges and building docks, they often operate heavy machinery. Manning cranes, forklifts and excavators day or night, it is not uncommon to work in sweltering heat, freezing cold temperatures and an array of other challenging weather conditions. With all of this in mind…

Maritime security professionals understand the value of a layered approach to risk management. Cyber security posture continues to develop as a critical component of a maritime security strategy, and cyber security insurance has become a valuable layer of protection that risk managers must consider. While the insurance industry has decades or more of actuarial data on various kinds of risk (typhoons, tornados, earthquakes, etc.), no such substantive data exists yet for cyber risk.

As a maritime business owner, your day-to-day focus is on managing and growing your business. Understandably, thinking about and understanding the nuances of your insurance coverage is not likely to be among your top priorities. However, what if the unthinkable happens and your docks and piers are seriously damaged? A review of the damage with your insurance claim adjuster will likely lead to discussions of “coinsurance percentage,” “coinsurance penalty” and “insured to value.” While these aren’t terms you’ll use very often, it’s important to understand how coinsurance works, especially since a misunderstanding can impact how much you receive on an insurance claim versus how much you anticipated receiving.

Marine insurance – just like health, automobile and homeowner’s insurance – can be a valuable safeguard in case something unexpected happens. And when something bad happens, it provides reassurance that you have assistance in place to help get back to business quickly. In the maritime industry, there is a high likelihood that your businesses will experience a loss at some point. Vessels run aground, cargo containers get damaged, and fires occur in shipyards. These are just some of the types of situations that can – and do – happen routinely to maritime owners and operators. Knowing these risks exist, you should ask yourself two questions to make sure your business is prepared: First, what can I do to mitigate the risk of loss before an incident occurs?

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…

Boats removed from specified location for repair elsewhere may create a lapse in insurance coverage. Maritime Program Group, which is a program administrator for North American Specialty's recreational marine program, agreed to provide an extension of coverage under NAS' Marina Operators Legal Liability section of the policy for customer's vessels stored in undisclosed locations. Many marine facilities that were badly damaged by Super Storm Sandy have been forced to move their customer's boats to alternative locations for temporary or replacement storage. While there is an obvious need for doing so, the insured may be unintentionally creating a lapse in coverage as their Marina Operators Legal Liability policy typically does not cover vessels stored in unscheduled locations.

Protecting Contractors As They Enter New Waters. As the economic recovery continues to sputter along, construction companies eager to land any available projects have found themselves bidding outside their normal scope of work. Maritime construction is one such industry that has seen an increase in contractors who may not typically work on marine-related projects, thereby increasing the likelihood that individual projects may fall outside their skill set. While contracts in marine construction present opportunities for income…

Construction is a complex business. Equipment can break down; employees can be injured; a project can go awry in unexpected ways. Add a marine element to the work underway, and the pitfalls that a contractor must navigate to manage risk become even more challenging. Marine contractors have long understood that they need specialized coverage and have sought out ocean marine insurance carriers with the expertise to help them. Each project they bid on, however, can come with a variety of special requirements.

The maritime industry is notorious for braving the elements. One element however — the human one — poses greater safety risk than rough seas or gale-force winds and is requiring more companies to take an aggressive approach in emphasizing every employee’s role in their risk management efforts. While maritime companies have developed technologically sophisticated hull designs, stability systems, propulsion systems, and navigational equipment, overall the industry’s safety record could be better. It is undoubtedly one of the world’s most risky and complex industries. And as such, it requires very attentive focus on safety and risk management issues, especially in light of the economic and workforce issues facing the industry today.

Todd Shipyards Corporation announced financial results for the first quarter ended June 29, 2003. For the quarter, the Company reported a net loss of $2.2 million or $0.42 per diluted share on revenue of $21.1 million. For the prior year first quarter ended June 30, 2002, the Company reported net income of $2.3 million or $0.41 per diluted share on revenue of $49.3 million. The company's first quarter revenue of $21.1 million reflects a decrease of $28.1 million (57%) from the prior year's first quarter levels. The period to period decrease is primarily attributable to the relative levels of Navy repair and overhaul projects and reflects…