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Types Of Insurance

New Maritime Cargo Insurance – 'Undercover'

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Willis Group Holdings has launched a new insurance facility, called Undercover, to protect cargo in transit and in store against all types of political violence, terrorism and war risks, informs shipping trade association Maritime London. The global risk adviser, insurance and reinsurance broker says that, in recent years, cargo losses worth more than one hundred million dollars have not been recovered under traditional cargo insurance policies due to critical exposures being excluded. Willis explains that traditional cargo insurance policies typically exclude certain losses, such as those arising from civil war, insurrection, rebellion and terrorism for goods in store. Meanwhile, political violence policies, which typically respond to these types of risk, usually exclude transit exposures and cover fixed assets rather than stock. Willis says its new facility, Undercover, has received support from a panel of leading London insurers and that it wraps up the coverage provided by these different policies under a single facility, eliminating gaps in coverage and reducing premium costs by removing duplication of cover. It is understood that there is currently no other such facility available in the market. Trevor McGarry, executive director of Willis’ marine insurance business, said: “It is apparent that many companies misunderstand their cover. They think they’re protected when in fact they are not


Coming your way, a 3% rise in Operating Costs

(Photo: Alex Sergienko)

A new survey from Moore Stephens finds that vessel operating costs are expected to rise by more than 3% in both 2013 and 2014. While this news should not be unexpected it is nevertheless bad news for ship owners that continue to struggle with low freight rates and over capacity across several oceangoing sectors. In total the survey examined 10 main cost areas, summarized in charts one and two. Crew expenses, broken in two categories as ‘wages’ and ‘other’ by far


Builders Risk Policy Serves as Inland Marine Insurance

The US Court of Appeals for the Seventh Circuit ruled that, under Michigan law, a builders risk insurance policy is a form of inland marine insurance and is controlled by the statute of limitations applicable thereto. For our purposes, the decision is probably most interesting in its historical analysis of the insurance industry and the division of casualty insurance into two large groups: fire insurance and marine insurance


Must-Haves for Vessel Repair Contracts

Fred-Goldsmith_web.jpg

By Fred B. Goldsmith From MarineNews August 2010 My last column addressed critical clauses in vessel charters. Since this issue of MarineNews is focused on vessel construction and repair, this column will focus on some, but due to space limitations, not all, critical clauses in vessel repair contracts. Work to be Performed Vessel repairs are usually an expensive proposition. The vessel must be taken out of service and thus is not generating income while being repaired


Report of First Drop in Ship Operating Costs Since 2002

International accountant and shipping consultant Moore Stephens reports an average fall of 2.0 per cent in total annual operating costs in OpCost 2010, its unique ship operating costs benchmarking tool. This is the first time since 2002 that OpCost has revealed a fall in total operating costs, which compares with the 15.8 per cent average increase recorded in OpCost 2009. All cost categories were down this time, except for crew costs


Understanding the Ups and Downs of Insurance

 Rich DeSimone is President of XL Group’s North America Marine business.  XL Group plc’s (NYSE: XL) insurance companies offer property, casualty, professional and specialty insurance products globally. w: http://www.xlgroup.com

Business is cyclical, and nowhere is there more evidence of its cyclical nature than in the insurance market, characterized by ups and downs in insurance premiums, coverages and profitability. By most accounts, the current insurance market has been one of the most competitive in recent memory.  With intense price-cutting and expanding coverages, these conditions are typical of a “soft” market which is very much a buyers’ market


Mitsui Marine, Sumitomo To Merge By April 2002

Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company will outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Analysts say the merger will accelerate consolidation in the sector, where competition is intensifying, due mainly to the deregulation of insurance premiums in July 1998


LIG Marine Managers 2011 CMIP Seminars

LIG Marine Managers’ sister company, LIG Educational & Consulting Services, in conjunction with the International Institute for Marine Insurance Studies, announced the 2011 CMIP Seminar Schedule for those individuals working towards earning the Certified Marine Insurance Professional (CMIP) Designation.    The designation is designed for agents, brokers, CSRs, Insurance Company Personnel, Underwriters or other insurance industry professionals who wish to expand their


INTTRA to Offer Cargo Insurance on e-Commerce Network

Hong Kong headquartered FP Marine Risks provides insurance program to INTTRA network members via INTTRA's e-commerce platform. Leveraging the buying power of the INTTRA network, INTTRA members can elect to purchase cargo insurance at competitive rates during the shipping process through Alto, FP Marine Risks’ online insurance platform. Effective immediately, shippers can click a link to request a quote from FP Marine Risks through the INTTRA platform


DNV GL Certificates Support Envision

Photo: DNV GL

 DNV GL has issued full type certificates for Envision’s 2.3 MW turbine EN115-2.3. and 3.0 MW turbine EN120-3.0. This is an important milestone for the smart energy solution provider to compete in international wind energy markets.    These certificates confirm that both turbines comply with all the requirements of the global IEC 61400-22 standard ensuring safety and reliability of wind turbines and wind farms.  


BAE Systems Begins Building UK’s Next Warship

Image: BAE Systems

BAE Systems said it has begun to build the first of the U.K. Royal Navy’s new Type 26 Global Combat Ships.    Sir Michael Fallon MP, U.K. Secretary of State for Defense, visited the builder’s Glasgow shipyard to press the button to officially commence production on the new


Engineering Entrepreneur Buys Wren Industrial

(Photo: Wren Industrial & Marine Fabrications)

Merseyside maritime company Wren Industrial & Marine Fabrications has been bought by Merseyside entrepreneur and former member of the Armed Forces Jonathan Willoughby.   Bootle-based Wren Industrial has been run for 27 years by husband and wife team David and Helen Wren


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


Moss-Type LNG Carrier Joins MISC Berhad's Fleet

(L)The Naming and Delivery Ceremony of Seri Cempaka at the HHI Shipyard in Ulsan, South Korea. (R) The Lady Sponsor, Y. Bhg. Datin Teo Yin Hui Officiating the Naming Ceremony of Seri Cempaka. Photos: MISC Berhad

 Malaysia’s MISC Berhad (MISC), a world leading energy related maritime solutions and services provider has taken delivery of Seri Cempaka, the third in a series of five Moss-Type Seri-C Class Liquefied Natural Gas (LNG) carriers.  


China Launches New Class of Naval Destroyer

China's military on Wednesday launched a new type of domestically-built destroyer, state media said, the latest addition to the country's rapidly expanding navy.   The 10,000-tonne warship was launched at the Jiangnan Shipyard in Shanghai, the official Xinhua news agency said


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


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


SunRui BWTS Earns USCG Type Approval

Mr. Fu Hongtian General Manager of Sunrui (left) and Vincent Li, DNV GL’s Regional Business Development Manager for Greater China. (Photo: DNV GL)

The Chinese manufacturer SunRui and classification society DNV GL celebrated last week, as Sunrui became the fourth manufacturer of ballast water treatment systems (BWTS) to obtain type approval from the U.S. Coast Guard (USCG).   Its BalClor system treats ballast water in three steps:


Ampelmann Introduces New Personnel Transfer Gangway

Photo: Ampelmann

Ampelmann has launched its latest gangway for personnel transfer: the A-type Enhanced Performace (AEP). Now providing clients with 10 percent greater workability in sea states up to 4m significant wave height; the AEP also has the ability to use smaller vessels to obtain similar performance


New Lantern Features Integrated AIS Monitoring

(Photo: Sealite)

Sealite, a manufacturer of marine aids to navigation, has introduced a mid-range lantern with a fully integrated automatic identification system (AIS) inside its body.   Sealite's SL-155 series are high intensity 6-13NM medium range marine lanterns


ABS Approves New MOSS-type LNG Tank Concept

ABS informs it has granted Approval in Principle (AIP) for a new MOSS-type liquefied natural gas (LNG) tank design concept developed by Japan’s Kawasaki Heavy Industries (KHI).    Designated as an IMO Type B independent tank


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.  


LR to Oversee Testing of Coldharbour’s BWTS

Pictured (L-R): Nick Brown, Marine and Offshore Director, Lloyd’s Register and Andrew Marshall, Chief Executive, Coldharbour Marine. (Photo: Coldharbour Marine)

U.K.-based manufacturer of ballast water treatment systems based on unique inert gas technology Coldharbour Marine said it has signed a contract with Lloyd’s Register (LR) to oversee the complete range of tests required by the U.S. Coast Guard (USCG) in its type approval process


Maersk Beefs Up IT Security After Malware Attack

File Image: Credit Maersk

A.P. Moller-Maersk said on Thursday its anti-virus software was not effective against a new type of malware that hit the Danish shipping giant last month, but said further protective measures have now been put in place.   "This virus attack was a previously unseen type of malware


Shell's Integrated Lubrication Solutions for World's Largest Box Ship

Photo courtesy of Shell

Orient Overseas Container Line (OOCL) has appointed Shell Marine to provide its integrated marine solutions, which include lubricants and services for OOCL Hong Kong. OOCL Hong Kong, currently plying routes between Asia and Europe, is the latest vessel to claim the title of ‘world’s






 
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