Coverage for Suez Canal Supply and Trade Disruptions
The six-day blockage of the Suez Canal by the Ever Given has resulted in numerous trade and supply chain disruptions for businesses that depend on timely shipments. At least 400 cargo ships were stuck and many forced to reroute. Businesses may be protected from lost profits and the costs of these interruptions and supply chain delays by insurance.Businesses that depend on the Suez Canal to deliver their cargo, commodities and products face billions of dollars of lost profits and damages.
Insuring the Marine Industry’s Risky Work Environment
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…
MN100: MOPS Marine License Insurance
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.
How to Approach Maritime Cyber Security
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.
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, "Our ShipShape insurance pulls together the most relevant, comprehensive insurance coverages for yacht owners and other recreational watercrafts under one policy.
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…
FGH Expands Marine Insurance Capabilities
Fidelis Group Holdings LLC Announces Additional Excess Marine Liability Capacity For The Maritime Industry. Fidelis Group Holdings LLC (FGH) through its subsidiary company Continental Underwriters, Ltd., a leader in providing Marine Insurance coverages and services, announced today details of their new $25,000,000 Excess Marine Liability facility for the maritime industry. The insurer for the program is Houston Casualty Company (NYSE: HCC) rated A+ by A.M. Best. The program is…
Shipyards: Hotbeds of Ingenuity – and Risk
A typical driveway mechanic can open up the hood, dive into a car’s guts and emerge hours later with an understanding of what is wrong. Even if the mechanic can't get the engine to purr, the situation usually ends up no worse than when he started. A ship repairer has a much trickier challenge. Whether in a huge marine repair facility, sharing his duties with thousands of other employees, or on his own, traveling from marina to marina performing maintenance and repairs, he usually is dealing with a vessel that was not designed for attention on land. In addition, unlike automobiles that roll off an assembly line, each essentially like the others manufactured in that plant, vessels come in all shapes and sizes – each with their own idiosyncrasies.
Donald Bollinger, chairman and CEO, Bollinger Shipyards
Earlier this year, two major shipbuilding associations merged, the National Shipyard Association (NSA), of which Donald "Boysie" Bollinger was chairman; and the Shipbuilders Council of America (SCA), chaired by Daniel L. Gulling, president of Marinette Marine Corp. NSA had 42 shipyard members and 20 allied/affiliate members before the merger. SCA had nine shipyard and eight allied/affiliate members before the merger. One shipyard held a dual membership. The new association, which retains the name of Shipbuilders Council of America, now 49 shipyard companies and 30 allied/affiliate members, which own and operate more than 100 shipyards in 20 states. The shipyard members employ approximately 35,000 shipyard workers. Marine News: What was the impetus for the merger?
