Standard Club and Strike Club to Merge
The London-based marine insurers the Strike Club and the Standard Club have announced plans for the Strike Club to join the Standard Club group.According to a press statement Strike Club will continue as a member-controlled dedicated mutual delay insurer, operating as class of Standard Club and supervised by existing board.Both mutual insurers are managed by companies within the Charles Taylor group.The Standard Club will create a new Strike class in each of the Standard companies, into which The Strike Club business would transfer. There will need to be minor changes to The Standard Clubâs Byelaws, and to the Articles of the subsidiary companies (Standard UK, Asia, Ireland and Re), to give effect to this, it said.These changes will need membersâ approval.
Continuing Demand for Strike Club Covers Marine Supply Chains
The Strike Club, an insurer of shipowners and charterers seeking insurance protection against delays in the marine trades, is experiencing a stronger uptake of its covers, whether for mutual entries or for the fixed-premium covers for war risks, loss of earnings (LoE) and bespoke delay risks. LoE business is particularly strong, and the club now offers an increased limit of $4 million each incident (up from $3.375 million). The club, now in its 56th year of trading, has an S&P rating of BBB+ with stable outlook. This was reconfirmed by the rating agency after it announced new criteria for the rating of insurance companies, including 14 marine mutual insurers.
Strike Club Results Reflect Growing Labor Unrest
The early months of 2013 have been marked by damaging labor strike action in several countries which has punished shipowners and charterers even though they are innocent parties, says The Strike Club, the market leader for delay insurance for the marine trades. Some of the worst trouble spots in recent weeks have been in South America, particularly Chile where a three-week strike crippled the countryâs key ports, blocking exports of copper (Chile is the worldâs largest producer of this metal), fruit and wood products. Chileâs business leaders estimated the country lost more than $200 million a day due to the conflict. There has been a minersâ strike in ColombiaâŚ
Strong Demand for Strike Club's Protective Covers
General Increases of 10% and 5% are Maintained for 2013/14 Mutual Entries. The Strike Club, the market leader in the niche area of delay insurance for the marine trades, reports continuing strong demand for its mutual and fixed-premium covers. Shipowners and charterers are boosting the clubâs mutual entries as shipping operations are stamped by uncertainty resulting from the widening economic crisis and growing civil unrest, such as the protests by millions against government austerity measures seen in some of Europeâs largest countries last week. All this is fomenting industrial action which can and often does disrupt the maritime supply chain. Bill Milligan, chairman and chief executive of S.C.
Strike Club: Automation Cannot be Ignored
The Strike Club has warned that if the looming threat of a stevedoresâ strike at 14 ports along the US east and Gulf coasts becomes a reality, it could be the precursor of further labour unrest, not only in the US but elsewhere, with extremely damaging repercussions for shipowners and charterers and, indeed, for the world economy. US seafarers have now joined forces with the stevedores under a new partnership, the Maritime Labour Alliance, which has received a message of support from the International Transport Workersâ Federation, according to media reports. The imminent resumption of critical negotiations between employers and unions will involve a number of questions and demands which must be resolved before the end of this month when the current agreement expires.
Strike club Reports Demand for War Risk Cover
General Increases of 10% & 5% are Maintained for 2012/13 Year Mutual Entries. The Strike Club, the market leader in the niche area of delay insurance for the marine trades, reports continuing strong demand from both owners and charterers for its fixed-premium war risks insurance that offers cover to a limit of $200m. This is partly because the club is able to offer a âone stop shopâ war risks insurance to cover traditional hull & machinery risks, with tailored extensions as required; for example, loss of hire due to piracy even in the absence of a hull & machinery incident, or charterersâ loss of bunkers resulting from a hijacking etc.