Risk Management on the Inland Waterways Evolves
The subchapter M towboat rules, safety management systems, and an emerging culture shift on the inland waterways brings with it a fresh look at how to manage risk. Is it time for P&I clubs to return to brown water? And should inland operators welcome them home?A mass exodus from the inland marine sector by P&I clubs in the mid-1990’s was precipitated by many things. Today, these very same vessels have been put under the subchapter M regime, and most are adapting SMS as a culture in the process. Moreover, and without a doubt, the environmental record of this sector has improved 99% since the 1970’s. As all of that unfolds, the P&I clubs have begun to look at this sector more closely and…
London Club Completes Financial Year
The London P&I Club completed its 2001/2002 financial year in a healthy position, with free reserves of more than $80m. years. The year was a difficult one for marine mutual liability underwriters. years' claims and a deterioration in the performance of investment markets. membership. lowest of any International Group club. clubs, virtually the whole of its premium is collected by year-end. more than 4m gross tons, was entered into the Club for P&I risks. 48 were newbuildings. vessels are shown to be less than ten years old. average ship size in the International Group. business was largely unchanged from the previous year at 31.5m gt. policy year, 2001/02 reverted to a more moderate level. twenty per cent less than for the previous year.
