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Insurance Payments News

04 Apr 2022

Russian Oligarch Vekselberg's Superyacht Seized in Spain

Spanish police on Monday impounded a superyacht belonging to Russian oligarch Viktor Vekselberg on behalf of U.S. authorities, the first time the United States has seized property belonging to a Russian oligarch since its invasion of Ukraine in February.Valued at more than 90 million euros ($99 million), the 78-metre-long "Tango" (255 ft) was seized in a shipyard on the Mediterranean island of Mallorca, the Guardia Civil police and the U.S. Justice Department said in parallel…

22 Dec 2020

Company in Focus: ShipMoney Helps to Enable Efficient Seafarer Pay

Stuart Ostrow, ShipMoney

Stuart Ostrow developed ShipMoney as a means to make the process of paying crew more efficient and cost-effective for both vessel owner/operators and the crew. Little did he realize then that his company would be instrumental in helping seafarers during their greatest time of crisis.Stuart, to start, how did you come create ShipMoney and get into a career in the maritime business?I'm the definition of an accidental salesman. By professional training, I'm a Big Six CPA, and I was always one of those frustrated accountants. Many years ago, I read a business plan that talked about prepaid.

11 Jan 2018

China Oil Spill Compensation Claims Face Iran Payment Snags

(Photo: China's Ministry of Transport)

The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly flammable condensate oil, collided with the Chinese dry cargo vessel CF Crystal on Saturday in the East China Sea, causing an oil spill and a blaze that is still raging four days later. Liability has yet to be established but lawyers…

09 Apr 2015

How to Approach Maritime Cyber Security

Luke Ritter

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.

01 Sep 2014

Achinsk Refinery Resumes Operation on Tight Schedule

Achinsk Oil refinery, suspended after the incident of June 15, 2014 has recovered the processes of primary crude oil processing on a tight schedule, according to the plan of repair activities. From the 1st of September the enterprise has commenced production of the main types of oil products: straight-run gasoline, diesel fuel, marine fuel and aviation fuel, as well as WLHF (wide light hydrocarbon fraction). Concurrently with the primary crude processing plant a VT-Bitumen unit, producing petroleum bitumen, resumed to operating. Achinsk refinery is planned to produce more than 400 thousand tons of finished product, which makes more than 70% of prefault performance. The production volume will be increased in months to come.

19 Jun 2014

Situation At Achinsk Oil Refinery Post Accident

On June 15, 2014 there was a serious accident at Achinsk oil refinery. Unfortunately, as a result, people died and some were injured. President and all Company’s staff send their condolences to the victims’ relatives. An Emergency Operations Center headed by Rosneft Vice-president is working at the scene of the accident. We elaborated a Plan on rectification of the consequences of the accident and full recovery with bringing operation facilities at the level of capacity, corresponding with pre-fault values of the plant. The situation is under individual control of Rosneft President Igor Sechin. All the employees injured in the course of the accident get necessary medical assistance to the full extent…

03 Apr 2006

$30M Bridge Loan Program Distributed to Business Community

Louisiana Governor Blanco announced that the $30 million Extended Bridge Loan program for small businesses affected by last year's hurricanes has been depleted in less than three weeks. The program has authorized 326 loans, with loan amounts averaging approximately $88,000 each. The program was designed to provide cash infusions for businesses awaiting insurance payments or other financial assistance. "Extended Bridge Loans are helping small businesses across South Louisiana rebuild, re-hire and rejuvenate their operations," said Governor Blanco. Initiated by Louisiana Economic Development (LED), the program was administered through the Louisiana Public Facilities Authority (LPFA) and private banks. "We anticipated that the urgent need for funds would quickly deplete the available pool.

22 Dec 2005

Questions Arise on Shipbuilding Payments for Katrina losses

According to the AP a Navy plan to pay Gulf Coast shipbuilders about $1.7 billion for losses related to damages and construction delays from Hurricane Katrina may overstate the actual costs and could dampen efforts to collect insurance payments, according to a Congressional report. The nonpartisan Congressional Research Service said Northrop Grumman may be able to collect insurance claims for future increased costs related to labor and overhead. If the government pays now, the report said, the company will have little incentive to negotiate with insurers for those payments. The researchers said Northrop Grumman may be covered for losses related to disruption of work caused by the hurricane…

23 Nov 2005

Parker Drilling Reports Well Control Incident

Parker Drilling Company reported that Rig 247, operating in Turkmenistan, sustained a well control incident. All non-essential personnel were safely evacuated, and no injuries have been reported. A team of well control specialists is currently on location and working to control the flow from the well. The gas content of the mud and water flowing from the well is not material, resulting in minimum risk of fire. In addition, certain equipment is being cleared from the well site and stored at a safe distance. Although no final damage assessment to the rig has been made at this time, the company does not anticipate a material financial impact from this incident based on the estimated insurance payments for the physical damage to the rig and lost revenues.

04 Oct 1999

NCL Expects $5.9 M In Losses After Grounding

NCL Holding ASA reportedly expects losses from the grounding of its Norwegian Sky vessel off Canada last week to total $5.9 million, including $2.5 million from NCL's part in insurance payments and loss of on-board income not covered by insurance plus $3.4 million for cost cuts on future cruises. However, NCL is still reporting solid liquidity. Cash holdings as of September 30 totaled $115 million.

11 Oct 1999

NCL Expects $5.9 M Loss After Grounding

Officials of NCL Holding ASA announced that the company expects losses from the grounding of its Norwegian Sky vessel off Canada last week to total $5.9 million, including $2.5 million from NCL's part in insurance payments and loss of on-board income not covered by insurance and a $3.4 million for cost cuts on future cruises. The Norwegian Sky ran aground in the upper St Lawrence River and was re-floated with the tide hours later. NCL officials said the vessel would be back in service on Oct. 28 after repairs. Three cruises were canceled. NCL officials said the company has solid liquidity. Cash holdings as of Sept. 30 totaled $115 million.