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Commercial Insurance

DOT Offers Insurance For Commercial Ship Owners

Maritime Administrator William G. Schubert today announced that the Maritime Administration (MARAD) is now accepting applications for war risk insurance to cover commercial ship operations in the Middle East. President Bush authorized the Department of Transportation (DOT) to provide the insurance at the request of Transportation Secretary Norman Y. Mineta. U.S.-flag vessels are eligible, as are ships owned by U.S. companies. Other vessels may be covered if their cargoes are considered to be in the security interests of the United States. The insurance covers cargoes as well as the ships and crews. It is underwritten by DOT in return for a premium from shipowners. “War Risk Insurance, which protects vessel operators and seafarers against losses resulting from war or war-like actions, will be provided only if commercial insurance is not available to them on reasonable terms,” said Administrator Schubert. Schubert added that applications must be made on an individual-vessel basis, and that each case will be considered separately. Additionally, applicants must provide full details from insurance brokers or underwriters of the amounts, terms, and rates of the commercial insurance and justification for the conclusion that the rates are not fair or reasonable. The insurance is available only for areas currently excluded in commercial war risk trading warranties: the Persian or Arabian Gulf and adjacent waters, Israel, Lebanon, Gulf of Aqaba and the Red Sea, Yemen


Moore Stephens Strengthens Regulatory Advisory Team

Moore Stephens has further strengthened its regulatory advisory capability with the appointment of John Westlake as compliance manager. John Westlake has a broad perspective of the insurance industry acquired through a variety of roles, which has enabled him to support insurers and brokers in establishing effective compliance solutions. He has a strong commercial background, having acted as operations director with a personal lines insurer


State of the P&I Market: As Stocks Drop, Rates Will Rise

The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years


Treasury Changes Terrorism Risk Insurance Program

The Treasury Department reminded all participants and observers of the Terrorism Risk Insurance Program that there will be two important changes in the program’s administration in 2004. As mandated by Congress, beginning on January 1, 2004 and throughout the remainder of 2004, an insurer’s deductible will increase from 7 percent to 10 percent of the insurer’s direct earned premium over the previous calendar year. Second


DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover

Photo courtesy of DSG Marine

P&I Insurance Seminar for Owners and Charterers held in Mumbai 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


Cosco Firms Sign Insurance​ Agreement

Pic: Cosco Shipping Energy Transportation Co Ltd

 Cosco Shipping Energy Transportation has entered into insurance services framework agreement with Cosco Shipping Insurance​ pursuant to which the latter will provide vessel-related insurance services to the Group.   Cosco Shipping  Insurance is a wholly-owned subsidiary of Cosco Shipping , the Company’s indirect controlling shareholder. Accordingly, Cosco Shipping Insurance is a connected person of the Company


Standard Absorption Clause Welcomed by Industry

Insurance underwriters and average adjusters have welcomed the recent publication of BIMCO’s Standard General Average Absorption Clause. It is hoped that the initiative will help to promote a broad move away from declaring general average for small and uneconomic claims in all sectors of the industry. The Standard Absorption Clause is designed to be of benefit both to shipowners and insurers by avoiding the time and expense associated with pursuing small general average claims


Study: Title Issues Abound in Maritime Deals

A recent study conducted by First American Transportation Title Insurance Company, a subsidiary of First American Title Insurance Company, finds that more than 35 percent of recorded maritime vessel ownership records contain potential title issues. The October study evaluated more than 100 randomly selected commercial and recreational vessels listed on the U.S. Coast Guard’s National Vessel Documentation Center (NVDC) registry.


CMK’S Furman Authors Security Pamphlet

 Photo courtesy Carroll McNulty & Kull LLC

Richard L. Furman, Esq., member of Carroll McNulty & Kull LLC (CMK) of New York, has authored “Cargo Transportation Security: Legislation and Regulation Through 2009,” a pamphlet published by Matthew Bender.   The terror attacks on September 11, 2001, made clear the need for comprehensive and integrated cargo and transportation security laws and regulations. Furman’s pamphlet discusses the principal legislation and regulations currently in effect, directed at cargo


P&I Invests in Singapore Branch

P&I insurance provider, The Shipowners’ Club, continues to expand business in the Asia-Pacific region by investing in its Singapore branch. Growth in demand for its liability insurance cover for small and specialist vessels of all types is cited as a major imperative behind Shipowners’ moves to expand its team of underwriters and claims handlers at its Singapore branch.  Improved customer service to members and their brokers based on local


Global Shipping Feels Fallout from Maersk Cyber Attack

Photo: A.P. Moller - Maersk

Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected industry.   About 90 percent of world trade is transported by sea


Andreassen Joins PBES to Develop Energy Storage Markets

Arnstein Andreassen (PhotoPBES

Norwegian energy storage company Plan B Energy Storage (PBES) announced Arnstein Andreassen has joined the firm to develop marine energy storage markets. Andreassen brings decades of experience in power generation and propulsion.   In his previous positions


AHHI Insures 1,900 Vessels in First Year

Photo: American Hellenic Hull Insurance

 Cyprus-based American Hellenic Hull Insurance (AHHI) surpassed key targets during its first year of operation: 1,900 insured vessels, written premium income exceeded $10 million and covered 35 million GT on 100% basis, said a press statement.  


Japan Bank Finances Danish Shipper

Photo: Japan Bank for International Cooperation (JBIC)

 The Japan Bank for International Cooperation (JBIC) will provide a total of $28.3 million in syndicated loans with French bank BNP Paribas to help a major Danish shipping operator’s unit buy cargo vessels to be built by leading Japanese shipbuilder Imabari Shipbuilding


Austal Starts Building High-speed Ferry for Denmark

Mols Chairman Frantz Palludan and Austal CEO David Singleton at First Plate-Cutting for Express 4 at Austals Shipyard in Henderson, Western Australia (Photo: Austal)

Australian shipbuilder Austal said it has started construction on a 109-meter high-speed catamaran ferry Express 4 for Molslinjen of Denmark, with the first plate-cutting conducted at Austal’s shipyard in Western Australia.   Molslinjen Chairman


Hendry Marine Launches Business Development Team

Kristen Chittenden (Photo: Hendry Marine Industries)

U.S. tug-barge shipyard Hendry Marine Industries, Inc., (HMI) has launched a new business development team, with Kristen Chittenden appointed Director of Business Development, and Eric Smith named VP & Chief Commercial Officer.  Chittenden and Smith will work closely with Hendry


S & P Credit Rating for Shipowners’ Club

Photo: The Shipowners Club

 Following a request by The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg), as from 19 May 2017 AM Best will  no longer provide a rating of the Club.   This decision was taken by the Club in December 2016 following a review of the costs and benefits of


Denmark Tightene Water Scooter Regulations

Pic: Danish Maritime Authority

 Danish Ministry of Industry will launch a set of new initiatives to enhance safety at sea when operating water scooters, jet skis, speed boats and the like.   The new initiatives are to prevent accidents at sea by securing, inter alia


Volvo Penta Appoints Midwest Marine Sales Partner

Image: Volvo Penta

Further building its network of Power Centers and distribution partners to support its commercial marine business in North America, Volvo Penta of the Americas has appointed Interstate Power Systems as a strategic commercial marine partner for Minnesota, Wisconsin, Iowa, Illinois and upper Michigan


Monopoly Seekers Increase Burden on Shipping -ASA

Todd Schauer (Photo: ASA)

In a recent statement at a U.S. Congressional hearing, American Salvage Association (ASA) President, Todd Schauer, defended the response capabilities of the industry, and, by extension, the implementation of regulations themselves by the U.S. Coast Guard


BW Offshore CEO Sees Signs of Recovery

Carl Arnet (Photo: BW Offshore)

BW Offshore, which delivers floating production services to the oil and gas industry, sees signs of an improved market.   "It's still early days but we definitely see a pick-up in discussions and tendering activity," CEO Carl Arnet said during the firm's first-quarter earnings


YANMAR Expands Americas Distributor Network

 YANMAR Expands Americas Distribution Network   YANMAR America’s Commercial Marine Division has made three new additions to its distribution network, Mack Boring & Parts Co., W.W. Williams and Antilles Power.   Established in the 1920s, Mack Boring & Parts Co


J.P. Morgan Raises Distressed Shipping Fund

Photo: JP Morgan

 J.P. Morgan Global Alternatives has closed a $480 million fund to invest in distressed shipping assets, attracting capital from pensions, endowments and insurance companies, reports Financial News London.   The Global Maritime Investment Fund II


XL Catlin Boosts Inland Marine Insurance Capabilities

Russell Crooks (Photo: XL Catlin)

XL Catlin continues to expand its inland marine field operations with the addition of Russell Crooks as Vice President, National Inland Marine Director, based in San Francisco and Maria Klein as senior underwriter in Baltimore. In his new role with XL Catlin


One Missing from Sunken Oil Tanker off Yemen

One mariner remains missing after 13 of 14 crewmembers were recovered from the sea following the sinking of their oil tanker in severe weather conditions 240 miles off the coast of Yemen.   At around 4:30 a.m. June 26, the U.K. Coastguard received a Mayday distress call issued by a






 
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