Insurance Solutions News

The Maritime and Port Authority of Singapore (MPA) has launched an Expression of Interest (EOI) inviting financial institutions and intermediaries, as well as marine insurance providers and brokers, to submit proposals to accelerate the adoption of electric harbor craft in Singapore.The EOI aims to help drive the adoption of electric harbor craft among owners and operators of harbor craft in Singapore.EOI participants are expected to propose the demand planning parameters for…

Mariners looking for insurance have a new option that is touted as being fast and affordable, cared for immediately in an online format that is designed to be more expedient than ever.360 Coverage Pros launched a new Marine License Insurance Program for mariners that offers an entirely online buying experience combined with low monthly payment options and instant proof of coverage.Until now, the process of securing a marine license insurance policy involved requesting quotes,…

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.

Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) announced today that effective December 31, Henning Haagen will take over as North American Regional Head of Specialty Lines, and Rich Soja will become the North American Regional Head of Marine. These appointments follow the retirement of John Barnwell after more than 20 years with the company. While taking on these new responsibilities, both Haagen and Soja will continue in their current roles as Northeast Zone Executive in the U.S. and Global Head of Inland Marine, respectively. Since joining Allianz in 2008, Haagen has held a range of global leadership positions within the organization both in Munich and London…

Rising energy claims against a reducing premium base; and the increased cargo accumulation risk onboard vessels and in port continue to challenge marine insurers. Statistics released at the International Union of Marine Insurance (IUMI) Annual Spring meeting in Hamburg last week raise a series of issues that will continue to challenge marine underwriters for the foreseeable future. The frequency of major vessel casualties rose again in 2016 for the second consecutive year. They had enjoyed a year-on-year decline until 2015 when they recorded a sharp upturn which was continued in 2016. Conversely, the trend in total vessel losses (from 2000 onwards) continued its downward trajectory through to 2016 notwithstanding a minor uptick in 2015.

XL Catlin today announced the promotion of Anne Marie Elder to the role of Chief Underwriting Officer Marine for the Americas region. Elder in her new leadership role now reports to Lee Meyrick, XL Catlin’s Chief Underwriting Officer for Global Marine, in London. Elder, who previously held the position of Senior Vice President and Chief Underwriting Officer, Inland Marine in North America,  assumes the role formerly held by Richard DeSimone. DeSimone, who joined XL Catlin in 2011 to help build its North America Marine capabilities, retired from the company on December 31, 2015. According to Meyrick, “Under Rich’s leadership, we expanded our team in North America and created a comprehensive portfolio of Bluewater and Brownwater Hull…

Fidelis Group Holdings, LLC Launches Master Port Risk Program For The Maritime Industry. Fidelis Group Holdings, LLC (FGH) with its subsidiary company Continental Underwriters, Ltd. (CUL), a National Marine Insurance coverage and service leader, announced today the launch of its new Master Port Risk Program. H. Elder Brown, Jr., President and Chief Executive Officer of FGH commented, "We are consistently pursuing ways of providing insurance solutions to help streamline our client's daily operations. The new Master Port Risk Program is designed to provide Hull and Liability coverage for qualified vessels that are laid up and out of commission for an extended period of time.

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.

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…

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.

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.

During a recent tour of northeast England, Lord Livingston, the UK’s Minister for Trade and Investment, visited the Gateshead headquarters of Seacurus which, in April 2013, launched CrewSEACURE, the first ever insurance policy designed exclusively to protect the rights of seafarers when ships are abandoned at sea. Seacurus has a well-established relationship with UK Trade & Investment (UKTI), having received expert advice and support from its Passport to Export scheme which helped the company to develop 99 percent of its insurance premium income from overseas markets.

Specialist freight transport insurance provider TT Club said it is reinforcing its presence in Dubai with a move which aims to support the Club’s existing claims team in the UAE and underlines the insurer’s commitment to what is a dynamic region and provides an additional service level to both Members and brokers in the Middle East. Julien Horn, having already been TT’s underwriter dedicated to the Middle East for some six years now, will relocate to Dubai on secondment to Through Transport Mutual Services (Gulf), the Club’s long established joint venture Network Partner.

ANV Holdings BV (ANV), a Dutch-headquartered specialty insurance business, signs agreement with Tower Group International, Ltd. (Tower) for the transfer of the unearned premium reserves on its marine and energy business previously written from its New York, NY office. As part of the transaction the team led by Messrs. Guarnera and Kaufmann will transfer from ANV to Tower in order to service the in-force policies for inland marine, off-shore energy, marine hull, cargo and liabilities currently serviced from the ANV New York office. ANV will continue to actively grow and promote its Marine and Energy business and customers from its London offices and through ANV Syndicate 1861. “This divestiture will enable ANV to pursue new investments in growing lines of business,” said R.

TT Club, established to fill a gap in insurance as the freight container revolutionized trade, celebrates 45 years dedicated service to the transport and logistics sector. In 1956, the first strengthened containers were loaded onto a spar deck of the converted tanker, Ideal X. This marked the fulfilment of a dream for American trucker Malcom McLean who had, since 1937, been working on how to reduce the long waiting hours for dockers to stow or unload his vehicles onto or off ships. The container age was quietly born.

Michael Else & Company, manager of the Charterers P&I Club and Transmarine, has launched a new product to provide innovative insurance solutions worldwide for small and medium-sized multimodal transport operators and shipping intermediaries such as freight forwarders, NVOCCs and ship agents. The new product, Portside Insurance Management Services operates as a brand within Michael Else & Company’s existing structure and the security is provided 100 per cent by Torus Insurance (UK) Ltd, rated A M Best A- (Excellent). Christopher Else, Managing Director of Michael Else & Company, says, “We are excited to be launching a new product that fits so well with our existing brands and which will immediately benefit from our established network of clients, brokers and suppliers.

Allianz Global Corporate & Specialty (AGCS), an insurer of ships and cargo, has released a study suggesting its clients adapt their approach to marine insurance as the threat of piracy off the Horn of Africa continues to grow. In addition, the study points out that crews entering dangerous waters must be prepared to handle an attack, and it calls for a more coordinated solution to the current wave of piracy. In a study entitled “Piracy: An ancient risk with modern faces,” AGCS suggests that special war insurance policies should be used to meet the needs of ships in high risk areas. AGCS also identifies a number of practical responses that crews can take when passing through piracy zones…