Types Of Insurance
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
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
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
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
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
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
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’ 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
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 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.
Professional captains and pilots in all sectors of the maritime industry confront daunting challenges and hazards every day on every trip. From piloting oceangoing ships into congested harbors and safely docking them, to navigating ferries, tourist vessels and water taxis through harbors and
Yachtowners, the specialist yacht syndicate of The Shipowners’ P&I Club, today announces that it has entered into a partnership with newly established super yacht specialists Yachtpod Risk Partners (Yachtpod). Yachtowners, the specialist yacht syndicate of The Shipowners’
Ecochlor, Inc. informs it has signed an agreement with Minerva Marine, Inc. for the potential supply of ballast water treatment systems (BWTS) for up to 30 vessels under its management for installations in accordance to the International Maritime Organization (IMO) and U.S
“No new fishing vessel has been (added) during the period,” says the email we get from Japan’s largest seafood company, Maruha Nichiro Corp. A year earlier, they had bought shares in New Zealand outfit, Sanford, which had just chartered a Nordic-looking vessel
As vessel fires have become more prevalent in the car/ro-ro passenger segment, the International Union of Marine Insurance (IUMI) examines these occurrences as the group voices its concerns and puts forward recommendations to mitigate the risks.
Offshore managed to deliver all required containers from scratch in only 3 months from project kick-off, including design and development up to turnkey delivery on an offshore converter station in the German North Sea. “To come up with the best suitable container type
Effective leadership and a safety management system are the keys to success. Failure to lead has consequences. Over the last 20 years we have seen a dramatic shift in the way that our industry operates. When I started practicing law
ABS has granted Approval in Principle (AIP) for the Seatransporter-DF, a dual-fuel design concept developed by Algoship Designers Ltd. of Nassau, Bahamas. The design has the capability to accommodate multiple engine types as well as Type-C or membrane containment systems for liquefied natural gas
There is a convergence of new advances in technology for ferries AND quantum leaps in ferry operations in Asia, Africa and North America. Can operating a ferry be made better safer and cheaper? Yes, says technology. What’s exciting about this year’s Ferry Safety and
PensionDanmark, Danica and Navigare Capital Partners have established the Maritime Investment Fund I, which, based on capital from the founders, shall build a diversified portfolio of maritime assets including dry bulk, container, offshore, product, crude oil and chemical tankers
Ecochlor has announced it has filed an application with the USCG for Type Approval for their Ballast Water Treatment System (BWTS). Due to a far more stringent set of guidelines, type approval has only been granted to three other BWT Systems worldwide
ABS, a leading provider of classification and technical services to the marine and offshore industries, has expanded its Type Approval product certification process to allow original equipment manufacturers (OEMs) to meet compliance with 46 CFR Subchapter M Regulations.
Raytheon Anschütz, a leader in naval bridge system integration, has announced the successful integration of Warship Electronic Chart Display Information System (WECDIS) into their Integrated Navigation and Bridge Systems (INBS) for the UK Royal Navy Type 26 Global Combat Ships.
Torgy LNG’s updated LNG Type A tank design has been granted a General Approval for Ship Application (GASA) by classification society DNV GL. The original design was the first LNG tank based on the IMO A atmospheric design to have been awarded a GASA certificate.
The technology group Wärtsilä is in the process of signing agreements with a number of major shipyards, the latest being Keppel Shipyard Ltd (KSL) of Singapore. The agreements are intended to establish cooperation and communication between the parties in relation to the International