“Blockchain” and the World of Marine Insurance
If you’ve been working in the marine insurance industry lately, you will have heard about “blockchain” at some point; it is the electronic, distributed ledger, notoriously known for enabling the use of cryptocurrencies such as Bitcoin and Ether. But the blockchain technology’s utility goes beyond cryptocurrencies, potentially offering creative ways to solve other real-world problems. Within blockchain ledgers, the use of ‘smart’ contracts essentially converts contractual obligations into lines of computer protocols, which facilitate, verify, or enforce its performance.
Key Elements of Yacht Insurance, Q&A
Accidents happen. That comes as no surprise to those in the insurance industry, but what may be a surprise is the fact that the majority of maritime accidents occur in good weather with perfect visibility. In the following Q&A, Joseph McNulty, founding member of Carroll McNulty & Kull, joins Richard Furman and John Orzel, members of the same law firm, in a discussion on the key elements of marine insurance and what underwriters and claims professionals need to know about federal laws governing the maritime industry. Q. Let's start at the beginning. What is marine insurance?
Oakeshott Welcomes New Int'l Cargo Clauses
A discussion paper will be presented at the Moscow Rendezvous Conference for the Russian Insurance and Reinsurance Market on March 25 2009, by George Grishin, Director of Oakeshott Insurance Consultants. Mr Grishin compares the changes between the 1982 and 2009 clauses, and also outlines the position of cargo insurance wordings in the CIS insurance markets. He considers the changes in the new 2009 Clauses and discusses their appropriateness for the situations that prevail in East and West. He welcomes the extensions of the transit clause, and the new amendments to the exclusions relating to packing. Greater clarity regarding the beneficiary under the insurance is also a helpful step for all parties.
Uberrimae Fidei is Alive and Well
The US Court of Appeals for the Ninth Circuit affirmed the validity of the principle of uberrimae fidei as applied to marine insurance contracts. Defendant fishing vessel owners insured their vessels with plaintiff marine insurers but failed to disclose that their policy with another company had been cancelled for non-payment of premiums and for failure to cooperate in the investigation of various marine casualties and oil spills that were the subject of claims. After the fishing vessel owners submitted various claims, plaintiff insurers commenced an investigation and learned that the owners had failed to disclose certain material facts when they applied for the policy. The insurers then brought this declaratory judgment action, seeking to have the policies declared void ab initio.
Maritime Character of Insurance is Determined by Examining Whole Policy
The U.S. Court of Appeals for the Second Circuit ruled that the maritime character of an insurance policy is determined by examining the entire policy, not just the portion involved in a dispute. In the instant case, a ship tank cleaning business (through its corporate parent) purchased insurance from defendant insurer’s predecessor in interest. The insurance contract contained a Shiprepairers Legal Liability (SLL) policy coupled with a modified Comprehensive General Liability (CGL) policy. The CGL policy was basically similar to one that might be issued to a shoreside business, but contained a number of maritime modifications. A subcontractor’s employee was injured while cleaning the oil tank of a barge moored in New York Harbor and brought suit against the insured.
Moore Stephens: Insurance Industry Must Prepare for IASs
financial reporting for publicly traded companies in the EU will mean that the insurance industry will have to develop a much sharper focus on actuarial processes and claims run-off projections. The IASs are due to be introduced in the EU during 2005. been gestating since 1997. potential source of problems for non-life insurers. outstanding claims liabilities and settlement patterns. MVMs are to be calculated. different classes of insurance. some non-life insurers. recorded and recognized at the time a contract is written. underwriting results from the year of contract inception. business. products will need to be re-examined. accounting standards.
Joint Hull Committee Reviews International Hull Clauses
November 1, 2002. November this year, based on feedback from the review. discussion about the practical impact of the new conditions. refinements are required. in the forefront of commercial wordings. set at July 31. from all areas of the maritime world. second release. new clauses, and to address any negative points.
