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Yacht Insurance

DT&F: Expanding New Yacht Construction Business in U.S.

DT&F_Sorcha_152_crop1 web.jpg

Following its assessment of activity at this year’s Monaco Yacht Show, Dwight Tracy & Friends Yacht Sales announced expansion of its program for representing new construction shipyards, both in the U.S. and Europe.  According to DT&F founder and CEO Dwight Tracy, “The current strength of the euro against the U.S. dollar, and the current situation in our domestic new yacht market, makes this a time of opportunity for European yacht buyers in search of first-quality vessels. The key, however, to a successful buying experience is to have representation that is knowledgeable and experienced. We’ve positioned ourselves with a New Build Program that is led by a former CEO of world renowned new build shipyard, Palmer Johnson Yachts. So, when we say that DT&F can deliver to a client the best and most successful new yacht purchase experience available, we really can. No ands, ifs, or buts.” According to New Build and Refit Program director Phil Friedman, the latest DT&F initiative is an omnibus menu of value-added services that includes initial concept development to project planning, build team coordination, project management, owner representation, and ancillary support in the areas of finance and insurance. Noted designers, naval architects and engineers, shipyards


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


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


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


Drydocks World spearheads the launch of DCMMI

Khamis Juma Buamim addressing the meeting

Drydocks World, a service provider in the maritime industry, has announced  the formation of the Dubai Council for Marine and Maritime Industries (DCMMI), a specialized non-profit trade and industry council to promote the interests of the marine and maritime industry in Dubai and the UAE. DCMMI represents a wide cross-section of the UAE’s marine and maritime industry such as Offshore & Engineering, Ship Repair & Maintenance, Shipbuilding & Conversion, and Rig building


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, that those riding water scooters have the skills needed and are familiar with current regulations.    At the same time, the new initiatives are to make it easier to identify water scooters and their owners and to hold somebody


Vessel Title Insurance Helps Protect Assets

By Sharon Donovan When maritime liens turn up, an unsuspecting vessel owner and the lender can be left in the wake of a deal gone sour. But thanks to a new form of title insurance tailored to the maritime industry, owners, lenders and lawyers who might have green-lighted the transaction with a legal opinion are insulated from the potential risk. First American Transportation Title Insurance Co., a member of The First American Corp


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


Proposal on Spray Painting Passes

NMMA in conjunction with Lauderdale Marine Center (LMC) and the National Fire Protection Committee on Spray Finishing, recently drafted and approved a new standard which reduces the fire risks of spray painting large objects, including yachts in temporary membrane enclosures. Temporary membrane enclosures are used in the marine industry to paint yachts that are too large to fit in a spray booth. The standard not only makes painting safer but eases the concerns of fire marshals and regulators


MN 100: Gencorp Insurance Group

Gencorp.jpg

The Company: Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds, utilizing a team that has a Maritime Academy background or professional waterfront experience. Ask any group of Owners to design and build a full service insurance brokerage with all of the services and resources that they


New CEO at the Helm of Crystal Cruises

Tom Wolber (Photo: Crystal Cruises)

Genting Hong Kong appointed travel industry veteran Tom Wolber as President and CEO of Crystal Cruises, effective September 15.   Wolber brings to the role over three decades of experience in general management, operations, newbuild construction and business development


IUMI: Offshore Energy Insurance Market “Sinking”

Photo: International Union of Marine Insurance

 At annual IUMI (International Union of Marine Insurance) conference in Tokyo, James McDonald, chairman of IUMI’s Offshore Energy Committee warned that the sector was “sinking”.   His warning was based on declining total premium income set alongside upstream


MV WERFTEN Delivers River Cruise Ship for Crystal

MV WERFTEN CEO, Jarmo Laakso, and Tom Wolber, President and CEO of Crystal Cruises (Photo: MV WERFTEN)

Just a few weeks after delivery of the Crystal Bach, shipbuilder MV WERFTEN has handed over the Crystal Mahler, the second of four Rhine Class ships for client Crystal River Cruises. After the ceremonial change of flags, the ship was christened at the outfitting quay of MV WERFTEN in Wismar.


Michelsson to Join Evac

Tomas Michelsson (Photo: Evac)

Waste, wastewater and water management systems provider Evac has appointed Tomas Michelsson as the President, Offshore and Merchant business area, effective January 8, 2018.   Michelsson will replace the former President, Claes Rudling, who has retired during the summer.   


Bay Ship and Yacht to Perform Maintenance on Balclutha

Bay Ship & Yacht has been chosen for the third time to perform maintenance on the 131-year-old historic ship, Balclutha. (Photo: Business Wire)

Bay Ship and Yacht Co. has announced it has once again been honored with the contract to perform maintenance on the historic sailing ship Balclutha. This is the third time the reputable ship yard has been chosen to perform much-needed detailed maintenance on the 131-year-old ship


MOL Joins Blockchain Consortium

MOL Logistics (Hong Kong). Photo: Mitsui O.S.K. Lines

 Mitsui O.S.K. Lines (MOL) has announced its determination to participate in the "Consortium to develop trade data sharing platform using blockchain technology," in which NTT DATA Corporation serves as the administrative office.   


MAN Engines for the Latest Riviera Luxury Yacht

The strongest version of the twin engine system for the 68 Sports Motor Yacht produces 3,800 hp (2,794 kW). (© Riviera)

Riviera 68 Sports Motor Yacht to be powered by MAN V12 engines.   Australian yacht builder Riviera Yachts is equipping its new 68 and 72 Sports Motor Yacht models with V12 diesel engines from MAN Engines. Customers have the choice of the V12-1550 or V12-1800 models


MV WERFTEN Fertigmodule Starts Production

(© MV WERFTEN)

MV WERFTEN Fertigmodule GmbH will supply fully prefabricated state-of-the-art passenger and crew cabins for the ships of the Global and Endeavor Class, with the first ones due as early as spring 2018.   With the building of the first reference cabin


Exmar sells Belgibo to JLT

Photo: BELGIBO NV

 Ship management company EXMAR has reached an agreement to sell insurance broker BELGIBO NV to Jardine Lloyd Thomson Group plc (JLT), one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services.  


ABB to Power the ‘Anti-cruise Ship’

(Image: ABB)

ABB will provide the power and propulsion for the first in a series of vessels that mark Ritz Carlton’s first foray into the maritime sector. The 190-meter long vessel has been dubbed the “anti-cruise ship” because it can accommodate just 298 passengers and is aimed at providing


DMA Approves Tests Providers for Yachtsmen

Photo: Danish Maritime Authority

 Currently, the Danish Maritime Authority is in the process of approving test providers and issuers of certificates for yachtsmen.  ​The approval is made in accordance with new regulations that entered into force earlier this year


Wreck Removal Treaty Comes into Force in Singapore

Photo: Gard

 Skuld Singapore  has reminded all members that Singapore has ratified the Wreck Removal Convention (WRC) which entered into force in Singapore on 8 September 2017.   "As members will be aware, the WRC requires among other matters owners of ships over 300 GT to have in place


“Blockchain” and the World of Marine Insurance

© the_lightwriter / Adobe Stock

If you’ve been working in the marine insurance industry lately, you will have heard about “blockchain” at some point; it is the electronic, distributed ledger, notoriously known for enabling the use of cryptocurrencies such as Bitcoin and Ether


Amsterdam Port Partners with HISWA Holland Yachting Group

Photo: Port of Amsterdam

 Port of Amsterdam officially joined the HISWA Holland Yachting Group as a partner on, presenting itself as a new partner to the members during the annual HISWA summer event.    The event was held on the wharf of yacht manufacturer Royal van Lent (Feadship) on the Kaag waterway


How to Legally Remove a Hazardous Wreck

Photo:  International Maritime Organization (IMO)

 What is the legal basis for removing a hazardous wreck at sea? Who bears the liability? These and many other wreck removal questions were addressed by IMO’s Jan de Boer at the ACI’s Maritime Salvage & Casualty Response conference in London (13-14 September).  






 
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