North P&I Club Readies for the Big Switch
The marine mutual liability insurer North P&I Club has updated its guidance on the 2020 Sulphur Cap for Members, helping them prepare for the big switch to compliance on 1 January 2020.Following on from a comprehensive programme of events, training sessions and publications which have been rolled out over the past 12 months, North’s Members now have access to three new guides to ensure safe and compliant operations.The three guides cover the three main methods of achieving compliance: using distillates (MGO/MDO), using blended very-low-sulphur fuel oils (VLSFO) or installing exhaust gas cleaning systems (scrubbers). North has looked at the importance of good planning, the risks associated with each option and contingencies in the event of non-compliance.
Insurance Gaps Leave Shipping Exposed to Cyber Attacks
Ships exposed through GPS systems, have limited back-up; cyber insurance typically doesn't cover jamming, property damage. Shipping companies grappling with the threat of cyber attacks on vessels are finding insurance policies often fall short, officials involved in both industries say, a risk that could feed through into global prices. Digitalisation means electricity networks, emergency services, industry and agriculture are all vulnerable to hacking by criminal gangs for extortion or, for political reasons, by militant groups or foreign states. But ships are also exposed to interference through electronic navigation devices such as the Global Positioning System (GPS) and lack the backup systems airliners have to prevent crashes.
North P&I Club Phase in Members' 2014 Rate Increase
North P&I Club has decided on a 7.5% general premium increase for protection and indemnity (P&I) cover next year and will continue with a moderated payment plan similar to last year. The increase reflects the board’s commitment to maintaining the financial strength and stability of the ‘A’ rated club in the face of continuing uncertain investment markets and rising claims. According to North’s chairman Pratap Shirke of ship management group ASP, "North is financially secure and has a strong capital position evidenced by its ‘A’ stable rating from Standard & Poor’s. Our strong underwriting performance also means members have not been burdened by unbudgeted supplementary calls for more than 20 years.
