Insurance Claims News

Machinery failure is one of the leading causes of accidents at sea, and a new study shows that smarter, real-time monitoring could significantly reduce the risk. According to From Data to Action, a report on the topic of high-frequency data supported by Danelec and published by Thetius, predictive maintenance enabled by live sensor streams can address the root cause behind 35% of total vessel losses over the past decade.The report notes that since 2014, there have been more than 11,500 machinery-related incidents globally.

Western sanctions imposed on Russia for invading Ukraine and aimed at cutting its oil revenues have led to the rise of a vast "shadow fleet" of tankers helping Moscow keep its crude exports flowing.Here are some key points about these unregulated vessels.WHY IS THIS FLEET IN THE NEWS?Estonia on Tuesday tried to stop an oil tanker, which the UK sanctioned last week, for sailing without a flag against maritime rules, in international waters between Estonia and Finland in the Baltic Sea…

As global reliance on subsea infrastructure grows, so do the risks. Discover how safeguarding undersea assets opens new frontiers for innovation and investment.Importance of Subsea InfrastructureSubsea infrastructure plays a critical role in maintaining the operational continuity of the modern society and the global economy. This vast network includes subsea data and communication cables, pipelines for energy transportation, electricity cables, and resource extraction systems.

Preparing for industrialization, the floating offshore wind industry is tackling its unique mooring and cabling challenges.The idea of keeping floating offshore wind platforms in place using dynamic positioning has been considered. The trouble is: it could take up to 80% of the electricity generated by the turbine to do it.So, as Maersk Supply Service said a few years back: In a field of 100 turbines with 4-5 mooring lines each, there is going to be a lot of subsea “spaghetti.” It’s not a problem unique to the industry…

Condition monitoring solutions company CM Technologies (CMT) has developed new tools to assess the condition of lubricating oils and cylinder liners.The company’s new WBS IR Analyser is an advanced all-in-one infrared-based solution designed to assess the Base Number, soot and water content of cylinder and system oils, while the new CMT Scuffing Sensor can detect sudden and severe wear of the engine’s cylinder liners and piston rings well before other systems can see it.“Modern…

A collision between two tankers off Singapore in July raises questions over insurance claims, as one of the vessels previously shipped Iranian oil, potentially complicating payments due to Western sanctions, ship-trackers and industry sources say.What happened?The Singapore-flagged Hafnia Nile and the Sao Tome and Principe-flagged Ceres I collided and caught fire about 55 km (35 miles) northeast of the Singaporean island of Pedra Branca on July 19.No oil spill has been detected…

It was only 30 years ago when maritime lost approximately 200 large vessels per year. Despite the mounting risks to shipping globally, its safe to say that safety measures and technology put in place in the interim have paid off, as in 2023 the industry saw 26 large ships lost -- down from 41 a year earlier and the lowest total ever, according to the Allianz Commercial Safety and Shipping Review 2024.While the ship loss numbers continue to fall, the industry still has a significant…

Lloyd's of London insurers Hiscox and Lancashire do not expect large insurance claims from the collapse of Baltimore's Francis Scott Key Bridge in March that caused widespread disruption, they said on Thursday.Some estimates for the total insured losses from the bridge collapse run into billions of dollars, given the loss of lives, bridge repair costs and traffic re-routing.The Wall Street Journal reported on Thursday insurer Chubb was preparing to make a $350 million payout to the state of Maryland.Hiscox does not have direct exposure to the business interruption policy of the port…

Britannia, the insurer of container ship the Dali, is working with the vessel's owner and U.S. authorities on the investigation into the collapse of Baltimore's Francis Scott Key Bridge, the insurer said on Thursday.The bridge collapsed on Tuesday after the Dali suffered a power outage and struck a pylon, causing huge disruption in the port."We are working closely with the vessel's owner and manager and the relevant U.S. authorities as part of the investigation into the casualty…

Philippine authorities have increased efforts to contain an oil spill from a sunken fuel tanker that has affected coastal towns and was still spreading, the environment ministry said on Tuesday, as the country grapples with cleanup challenges.Improvised spill booms made from cogon grass and coconut materials were helping to restrict oil leaking from MT Princess Empress, the Philippine-flagged tanker that encountered engine trouble in rough seas on Feb.

Allianz just released its 12th Risk Barometer, an annual corporate risk survey incorporating the views of 2,712 risk management experts in 94 countries and territories, including CEOs, risk managers, brokers and insurance experts. The overall global results reveal Cyber incidents and Business interruption as the biggest company concerns for the second year in succession. Macroeconomic developments such as inflation, financial market volatility and a looming recession rose to the third spot followed by the impact of the Energy crisis…

Sponsored Content:Every year, many professional mariners become involved in accidents that trigger a USCG investigation.Imagine working aboard a vessel and, suddenly, you’re involved in a maritime accident that triggers a Coast Guard investigation. In the blink of an eye, your career and USCG license are in serious jeopardy. Every year, this scenario is reality for professional mariners throughout the U.S. Fortunately, MOPS Marine License Insurance can change that.What is Marine…

Sponsored Content:Every year, many professional mariners become involved in accidents that trigger a USCG investigation.Imagine working aboard a vessel and, suddenly, you’re involved in a maritime accident that triggers a Coast Guard investigation. In the blink of an eye, your career and USCG license are in serious jeopardy. Every year, this scenario is reality for professional mariners throughout the U.S. Fortunately, MOPS Marine License Insurance can change that.What is Marine…

Sponsored Content:Every year, many professional mariners become involved in accidents that trigger a USCG investigation.Imagine working aboard a vessel and, suddenly, you’re involved in a maritime accident that triggers a Coast Guard investigation. In the blink of an eye, your career and USCG license are in serious jeopardy. Every year, this scenario is reality for professional mariners throughout the U.S. Fortunately, MOPS Marine License Insurance can change that.What is Marine…

Global insurers are expected to receive multiple marine insurance claims from ships damaged or lost as the conflict in Ukraine spills over into sea lanes, insurer Allianz Global Corporate & Specialty (AGCS) said in a report on Tuesday.Two seafarers have been killed and six merchant vessels hit by projectiles - sinking two of them - around Ukraine's coast since the start of Russia's invasion of its neighbor on Feb.

The Australian National Maritime Museum has announced a shipwreck found in Newport Harbor, off Rhode Island in the United States, has been confirmed as Captain Cook’s ship, HMB Endeavour.There have been very similar announcements made over the years but have they finally made a definitive case?By making its announcement, the Australian National Maritime Museum seems to have decided so, and there does seem to have been significant recent progress, centered on one shipwreck that matches the known details of the Endeavour closely.However…

British over-50s holidays group Saga Plc said on Monday it would likely resume its cruises on June 27, encouraged by high demand for tours despite repeated lockdowns and echoing similar projections from other cruise operators.A year after several cruise ships were hit by major coronavirus outbreaks, cruise lines including Royal Caribbean Group and Carnival Corp have been pushing ahead with plans to resume cruises this summer, especially as large numbers of Americans get vaccinated.As demand for tours picks up…

Divers inspected the hull of the Ever Given on Wednesday as the man tasked with investigating how the giant container ship ran aground, choking off international trade through the Suez Canal for almost a week, boarded the vessel.Lead investigator Captain Sayed Sheasha, who boarded the Ever Given on Wednesday afternoon, told Reuters that the investigation would include examining the seaworthiness of the ship and its captain’s actions to help determine the causes.Divers had gone to check the hull of the ship while it is anchored in the Bitter Lakes area…

The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss…

Formal investigations into how the giant container ship Ever Given ran aground in the Suez Canal, shutting down shipping in the major global waterway for almost a week, begin on Wednesday, a canal official told Reuters.The six-day blockage threw global supply chains into disarray after the 400-metre-long (430-yard) ship became jammed diagonally across a southern section of the canal, the shortest shipping route between Europe and Asia.Egypt’s Leth Agencies said on Wednesday that a total of 163 ships had transited the Suez Canal since its reopening and that a total of 292 ships were currently w

The Suez Canal expects 140 ships to pass on Tuesday after the freeing of a container ship stranded for nearly a week allowed it to reopen, but experts warned that disruptions to global shipping and at ports could take months to resolve.The blockage threw global supply chains into disarray, threatening costly delays for firms already wrestling with COVID-19 restrictions, and nearly doubled rates for oil product tankers.Shipping convoys through the canal resumed on Monday evening…

The owner and insurers of one of the world's largest container ships stuck in the Suez Canal face claims totaling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday.The 400-metre, 224,000-tonne Ever Given ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement, threatening to disrupt global shipments for days.GAC, a Dubai-based marine services company…

Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday.Overall insured losses - including property damage - from the August 4 port warehouse detonation of more than 2,000 tonnes of ammonium nitrate may reach around $3 billion, sources told Reuters last week.The explosion killed at least 163 people, injured more than 6…