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Insurance Contracts News

02 Jun 2022

EU Bans New Insurance of Ships Carrying Russian Oil

© Björn Wylezich / Adobe Stock

The European Union's sixth package of sanctions against Russia, approved on Thursday, includes an immediate ban on new insurance contracts for ships carrying Russian oil and existing contracts are to be phased out over 6 months, an EU official said."It is a 6-month phase out for ship insurance. The six months are counted from the entry into force of the sanctions package, and it is only for existing contracts.

11 Mar 2022

What is the Insured’s Duty Under a Marine Insurance Policy? It Depends …

© Aerial Mike / Adobe Stock

The law governing marine insurance in the United States has long been a source of considerable confusion. And if there was once a clear set of principles applicable in such cases, the Supreme Court long ago muddied the waters with their infamous ruling in Wilburn Boat Co. v. Fireman’s Fund Ins. Co., 348 U.S. 310 (1955). That case, involving a fire on a houseboat on an inland man-made lake on the Texas-Oklahoma border, established the “litmus test” for when maritime law should…

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…

26 Jan 2016

Insurance Snags May Impede Iran Oil Exports

Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month led to the removal of curbs on Tehran's banking, insurance and shipping sectors. Since then, Iran has ordered a 500,000 barrel per day (bpd) increase in oil output, of which 200,000 bpd will go to Europe. But many foreign firms remain wary of violating other sanctions that were imposed by the United States and have not been lifted. Measures still in place from Washington prohibit most business between U.S. persons, U.S. companies and Iran as well as no dollar trades.

24 Jan 2016

Global Insurers Plot Cautious Course to Iran

* Caution remains over U.S. SYDNEY/LONDON, Jan 24 (Reuters) - Global insurance firms are circling Iran for business opportunities following the lifting of sanctions - and the first test of their appetite could come in March when some Iranian companies seek new cover. Insurers, the reinsurers that share their risk and the brokers that forge deals are exploring ways to tap a market worth $7.4 billion in premiums after a nuclear accord between world powers and Tehran led to the removal of restrictions on financial dealings with Iran this month. Allianz, Zurich Insurance, Hannover Re and RSA, for example, said in recent days that they would evaluate potential opportunities in the country.

20 Aug 2012

5 ‘Gotchas’ of Marine Insurance

“Gotchas” are pitfalls, catches, bait and land mines – a kicker, snare or snag. They are surprises and, in the world of insurance, surprises are rarely a good thing. ‘Gotchas’ can be caused by different things. It may be the age of the coverage forms; it may be case law has moved on beyond the policy’s intent. Or, it may be there is a ‘disconnect’ between policy wording and current business practices. Sometimes, these things occur simply because some insurance contracts are impenetrable. Insurance policies are a distinctly difficult set of documents to understand.

01 Apr 2009

Key Elements of Yacht Insurance, Q&A

Joe McNulty

Accidents happen. That comes as no surprise to those in the insurance industry, but what may be a surprise is the fact that the majority of maritime accidents occur in good weather with perfect visibility. In the following Q&A, Joseph McNulty, founding member of Carroll McNulty & Kull, joins Richard Furman and John Orzel, members of the same law firm, in a discussion on the key elements of marine insurance and what underwriters and claims professionals need to know about federal laws governing the maritime industry. Q. Let's start at the beginning. What is marine insurance?

15 Feb 2008

Uberrimae Fidei is Alive and Well

The US Court of Appeals for the Ninth Circuit affirmed the validity of the principle of uberrimae fidei as applied to marine insurance contracts. Defendant fishing vessel owners insured their vessels with plaintiff marine insurers but failed to disclose that their policy with another company had been cancelled for non-payment of premiums and for failure to cooperate in the investigation of various marine casualties and oil spills that were the subject of claims. After the fishing vessel owners submitted various claims, plaintiff insurers commenced an investigation and learned that the owners had failed to disclose certain material facts when they applied for the policy. The insurers then brought this declaratory judgment action, seeking to have the policies declared void ab initio.

17 Jan 2003

Moore Stephens: Insurance Industry Must Prepare for IASs

financial reporting for publicly traded companies in the EU will mean that the insurance industry will have to develop a much sharper focus on actuarial processes and claims run-off projections. The IASs are due to be introduced in the EU during 2005. been gestating since 1997. potential source of problems for non-life insurers. outstanding claims liabilities and settlement patterns. MVMs are to be calculated. different classes of insurance. some non-life insurers. recorded and recognized at the time a contract is written. underwriting results from the year of contract inception. business. products will need to be re-examined. accounting standards.