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Cargo Insurance News

07 Aug 2023

Hydor Acquires EF Marine

© evannovostro / Adobe Stock

Oslo-based Marine MGA Hydor AS has acquired all the shares in the Singapore- and Rotterdam-based marine MGA, EF Marine Pte. Ltd., and its subsidiary.The combined company will from hereafter be branded as Hydor, with a total team of 34 people, having offices in Oslo (head office), Rotterdam, Hamburg, Singapore, Hong Kong and Shanghai. The acquisition follows the investment by Longship Fund II into Hydor in April 2022.Morten Skomsøy, current CEO of Hydor, said, “The acquisition…

10 Apr 2021

Future Prospects of Shipping COVID-19 Vaccines by Sea

© scaliger/AdobeStock

The lucrative prospect of transporting COVID-19 vaccines by sea has intensified the spotlight on the maritime industry’s cold supply chain and its ability to carry high-value pharmaceuticals.At present, speed to market is critical to stemming the spread of the pandemic, so the vaccines are being shipped by air to international destinations. Delivering them by sea is a longer-term strategy; certainly, the present urgency would have to calm considerably before enough confidence could be built to support delivery times in weeks…

24 Feb 2021

Future Prospects of Shipping COVID-19 Vaccines by Sea

The lucrative prospect of transporting COVID-19 vaccines by sea has intensified the spotlight on the maritime industry’s cold supply chain and its ability to carry high-value pharmaceuticals.At present, speed to market is critical to stemming the spread of the pandemic, so the vaccines are being shipped by air to international destinations. Delivering them by sea is a longer-term strategy; certainly, the present urgency would have to calm considerably before enough confidence could be built to support delivery times in weeks…

17 Sep 2019

Marine Cargo Insurance Market Still Not Profitable

Sean Dalton, IUMI Cargo Committee Chair: “Exposures will continue to increase for the cargo underwriter.” (Photo: IUMI)

Sean Dalton, Chair of the Cargo Committee of the International Union of Marine Insurance (IUMI) has said at the organization’s annual conference in Toronto, Canada, that there has been a 2.5 percent increase in 2018 global premiums to $16.6 billion but that this increase was largely attributable to growth in global trade and exchange rate fluctuations. He added that the marine cargo market was in a state of “accelerating change” driven by underwriters taking action to address unprofitable results and to improve performance.Dalton stated: “On a global basis…

11 Sep 2019

Hapag-Lloyd Launches Quick Cargo Insurance

German-based global cargo container shipping line, Hapag-Lloyd AG is expanding its digital product portfolio. As one of the first container shipping companies, Hapag-Lloyd is now offering its customers an online marine insurance."Quick Cargo Insurance" provides customers with tailor-made insurance offers around the clock. The insurance cover takes effect immediately upon conclusion of the contract."Not every cargo transported by sea is insured, yet. For instance, small and medium-sized customers often do not take out insurance for cost reasons. Our "Quick Cargo Insurance" proves that insurance does not have to be complicated and expensive…

17 Dec 2018

Maersk Intros Cargo Insurance Alternative

Maersk Line is expanding its commercial offering with the introduction of an extended liability solution, Value Protect, which will act as a substitute to regular cargo insurance, in protecting customers’ cargo."Maersk is expanding its commercial offering and introduces Value Protect, an extended liability solution. It offers customers an alternative to cargo insurance, increasing their chance of receiving full compensation in case of cargo damage in transit," said a press note from the Danish international container shipping company.Valid while the cargo is in the care and custody of Maersk, Value Protect covers cargo loss or damage in cases such as fire…

27 Mar 2018

IUMI Cautions about Global Marine Insurance

Against the backdrop of encouraging global economic growth and an improved outlook for the shipping industry, the International Union of Marine Insurance (IUMI) gives expert opinion on the current state of the hull, cargo and offshore energy insurance markets at its Spring Conference in Hamburg. The past three years has seen the frequency of total losses within the global fleet stabilise at 0.13% by number (0.05% by tonnage). This is largely attributable to an improved safety climate, improvements in naval architecture and marine engineering; and more effective regulation. Total losses involving vessels younger than 15 years were significantly less during the 2013-17 period than the years 2008-2012.

22 Mar 2018

Recent Casualties Highlight Importance of Cargo Insurance - iContainers

The Indian Coast Guard battles a fire aboard the Maersk Honam earlier this month (Photo: Indian Coast Guard)

The ocean freight industry has seen several major incidents over the past few weeks, including two fires on board two separate Maersk vessels, and a containership collision in Karachi Port that forced the temporary closure of the port. These incidents underscore the importance of always buying cargo insurance to protect merchandise and cushion damage, says Klaus Lysdal, Vice President of Sales and Operations at iContainers, a 100 percent online freight forwarder. The major fire…

01 Mar 2018

U.S. Considers Venezuela Oil Sanctions

© Stanislav/Adobe Stock

The Trump administration is considering sanctioning a Venezuelan military-run oil services company and restricting insurance coverage for Venezuelan oil shipments to ratchet up pressure on socialist President Nicolas Maduro, a U.S. official said. With Maduro running for another term in an April election that Washington and its allies oppose as a sham, the United States is weighing sanctions that would target Venezuela’s vital oil sector beyond what has been done before, the official told Reuters on Wednesday. Some measures could come before the vote and others could be imposed afterwards.

20 Sep 2016

Marine Premiums Drop 10%, Could get Worse

The International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure. Vice-Chairman of IUMI’s Facts & Figures Committee, Astrid Seltmann explains, “Part of the reduction can be attributed to the strong US dollar as compared with other currencies but this is not the whole picture, particularly for hull and offshore energy where much of the original business is written in USD. Technical insurance results for the 2014 underwriting year deteriorated strongly for cargo, hull and energy sectors compared with last year’s reported data for the same period.

09 Sep 2016

What to Expect From Hanjin Fallout?

South Korea’s biggest shipping company, Hanjin Shipping Co Ltd filed for court receivership in South Korea on Wednesday 31 August 2016 after losing the support of its banks, setting the stage for what has now become a motley situation. Ince & Co's Knowledge Bank takes a look. Some jurisdictions are refusing to allow Hanjin’s vessels to berth at their ports (on concerns that Hanjin cannot pay the port fees) while some of Hanjin’s vessels have instructions not to berth (for fear of ship arrest). The risk of ship arrest is a real one. Hanjin Rome was arrested in the port of Singapore last week. This arrest is likely to be the first of many more…

02 Jul 2016

CMA CGM: Book your Cargo Insurance online

Image: CMA CGM

With a one stop shop offer to facilitate your shipping experience, CMA CGM, in partnership with one of the largest marine insurance companies in the world, has developed a Unique Cargo Insurance Program to cover the unexpected and unforeseeable events that may lead to loss or damage of your cargo. CMA CGM press release says that, since June, 20th 2016, this offer is also available in the CMA CGM eBusiness Platform. This new feature gives you the possibility to insure your cargo online, during your e-booking process.

23 Jun 2016

Crowley Adds Houston-Caribbean LCL Service

Photo: Crowley Maritime

Starting July 1, Crowley Maritime Corporation will offer weekly, fixed-day, less-than-container-load (LCL) shipping services from Houston to 33 port destinations throughout the Caribbean Basin, the shipper announced today. The new logistics service is designed to enhance supply chain options for those shipping directly into the Caribbean Basin from the West and Gulf Coasts of the U.S., Crowley said. “Customers will be able to drop their cargo in Houston, and with our weekly, fixed-day service…

20 Jun 2016

Industry Unprepared for New Container Weighing Rules, says IUMI

Helle Hammer, Managing Director Cefor & Chair of the International Union of Marine Insurance (IUMI) Political Forum discuss about Container Weighing Rules. As of 1 July 2016, only containers with a verified gross mass will be allowed to be loaded on board a vessel (although IMO is allowing a grace period of three months). Although the new SOLAS requirement was adopted in 2014, many shippers and forwarders are still unprepared, and masters will have little choice but to refuse unverified containers. In the short term, non-compliance is likely to affect the cargo insurance sector. Issues include increases in risk exposure due to disturbances in the supply chain…

12 Apr 2016

Crowley Combining Puerto Rico Facilities

Photo courtesy of Crowley

Further reinforcing its commitment to the Puerto Rico market, Crowley Maritime Corp. is enhancing its total suite of shipping and logistics solutions for consumers and businesses with the consolidation of its Caribbean logistics services into a single new facility in Guaynabo, Puerto Rico. “By consolidating our non-vessel-operator-common-carrier (NVOCC) and less-than-container load (LCL) operations into a single logistics services center, we will be able to serve our customers more efficiently and handle increased cargo throughput…

07 Apr 2016

XL Catlin Unveils Cargo Insurance Policy

Anne Marie Elder (Photo: XL Catlin)

XL Catlin’s Americas Marine business has introduced its first new marine product, an insurance policy to offer cargo insurance coverage on a domestic, foreign or worldwide basis. According to Anne Marie Elder, Chief Underwriting Officer of XL Catlin’s Americas Marine business, “To move assets, goods and products from point A to point B, businesses are contending with complex logistics, compliance issues and increasing threats of theft – to name a few. “Cargo risks are complex enough.

07 Oct 2015

Swiss Re Establishes North America Marine Team

Swiss Re Corporate Solutions has expanded its marine business by opening a North America marine office. Beginning October 1, 2015, the New York-based team will provide ocean cargo insurance, with additional products to follow, the company said. Leading the marine North America team will be Graeme Schultz, who brings 18 years of industry experience to the role. Swiss Re Corporate Solutions said the new marine team will support its regional North American clients, enabling better service to midsized-to-large manufacturers, importers, exporters and logistics providers, among others. Swiss Re Corporate Solutions now has dedicated marine teams in Zurich, Genoa, London, Sao Paulo, Paris, Singapore, Mexico City and Shanghai.

16 Sep 2015

Losses Impacting Marine Cargo Insurance Market

Speaking at this year’s IUMI annual conference in Berlin, Nick Derrick, Chairman of IUMI’s Cargo Committee warned that large cargo losses were having a significant impact on the marine insurance sector. “Tianjin port covers an area of around 125 sq km”, says Derrick, “but only a small part of the port was affected by the explosion. Even so, we are expecting to see cargo losses of at least USD1.5 billion with some reports stating that the final figure could be as high as USD6 billion. Cargo insurers need to understand what the dollar loss might have been if the entire port had been affected, perhaps by a natural catastrophe such as an earthquake or tsunami”.

11 May 2015

Seminar Highlights Freight Liability in Russia

Kevin King

International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow. Lead by TT Club’s General Manager, EMEA, Kevin King and Kirill Berezov from the insurer’s long-established Russian network partner Panditrans, the seminar outlined both the changing nature of the transport operator’s liability in Russia and the idiosyncratic nature of insurance conventions applicable in the region. TT Club believes that there is an urgent need for international freight forwarders…

19 Jan 2015

BHM Penlaw, Tactique Unite to Offer Arctic Solutions

BHM Penlaw and Tactique Ltd have now joined forces to support their clients in exploiting an alternative sea route which reduces sailing distance by 4,300 nm and 10 days on transits between Europe and Asia. The Northern Sea Route, also known as the NSR, or Northeast Passage, is a burgeoning waterway between Europe and Asia cutting through roughly 3,500 nm of frigid waters off Russia’s northern coast. As sea-ice recedes and Arctic technology improves, traffic along the NSR will increase, making this region one of chief economic and strategic importance. Commercial operators are already seizing this fleeting opportunity that is only available between June and November due to near impassable winter ice conditions.

30 Apr 2014

New Maritime Cargo Insurance – 'Undercover'

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.

07 Apr 2014

Saltchuk to Acquire Tropical Shipping

A subsidiary of Saltchuk Resources, one of the nation’s leading transportation and petroleum distribution companies, has entered into a binding purchase & sale agreement to acquire Tropical Shipping and its related companies. The acquisition includes the premier shipping and logistics company for the Bahamas and Caribbean, Tropical Shipping and all of its related transportation, consolidation and cargo insurance companies. As an international foreign flagged shipping and logistics operation, Tropical and its related companies will become Saltchuk’s sixth line of business. Tropical will continue to operate as a standalone operation. The addition of Tropical Shipping to the Saltchuk family of companies furthers the company’s commitment to the Caribbean market.

07 Apr 2014

Saltchuk Acquires Tropical Shipping

Photo: Tropical Shipping

A subsidiary of Saltchuk Resources, a transportation and petroleum distribution company, has entered into a binding purchase and sale agreement to acquire Tropical Shipping and its related companies. The acquisition includes the premier shipping and logistics company for the Bahamas and Caribbean, Tropical Shipping and all of its related transportation, consolidation and cargo insurance companies. As an international foreign flagged shipping and logistics operation, Tropical and its related companies will become Saltchuk’s sixth line of business.