Insurance Requirements News

Oil companies aiming to participate in new exports of Venezuelan crude to the U.S. following the ouster of President Nicolas Maduro are in hasty discussions to find tankers and put together operations to transfer the crude safely from vessels and dilapidated Venezuelan ports, four sources familiar with the operations said.Trading houses and oil companies, including Chevron, Vitol and Trafigura, are competing for U.S. government deals to export crude from Venezuela, sources said…

The United Arab Emirates is tightening insurance requirements for vessels registered under its flag, according to a government advisory, amid growing concerns over ships sailing without top tier cover in the event of an oil spill.Ships typically have protection and indemnity (P&I) insurance which covers liability claims including environmental damage and injury.

Crowley Maritime appointed Parker Harrison to its leadership team as senior vice president of procurement and risk management, effective Jan. 1, 2019. Harrison, former VP of procurement, will continue to be based at the company’s headquarters in Jacksonville, and will report to Bill Pennella, vice chairman and executive vice president.In her new role Harrison will work across all of Crowley’s business units to strategically align risk management functions while continuing the company’s procurement transformation into a strategic center-led competency.

2015 saw further growth in total Group entered tonnage, which increased from 1,047 billion GT as at August 2014 to 1,088 billion GT as at August 2015, says annual review of International Group P&I Clubs (IGP&I) published by Gard on July 14, 2016. The global order book has fallen 12% by vessel numbers and 8% by GT since the beginning of 2016. World fleet growth over the past year has remained broadly static and, according to Clarksons in 2015, it was just under 4%, down from the highs of between 7% and 9% annual growth in the 2000s. In addition, new building deliveries over the past year show a marked reduction in all vessel sectors. After a significant decline in demolition activity in the second half of 2015, scrapping has now resumed to around same levels as it was a year ago.

Vessels are stacked as Gulf oil operators retrench and day rates fall. In the Gulf of Mexico, vessels serving offshore oil-and-gas exploration and production are being stacked or idled as the rig count there declines. Oil companies are retrenching while crude prices remain weak, with smaller operators and the shallow-water sector scaling back the most. As the situation unfolds, MarineNews asked David Barousse, general manager at Fleet Operators, Inc., a marine transportation firm in Morgan City, La., for his take on today’s predicament and what the future holds.

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow. And, if that newbuild or conversion program involves a significant fleet expansion, then everyone will need to leverage their business model. So, you’ve assembled and sent off your financial package to a handful of lenders, answered most of their questions and now have a number of their proposals or term sheets in front of you. While the proposals are generally similar, some are not, especially from non-commercial marine lenders and may contain arcane language or confusing structure.

Business owners put their companies at risk when a new project gets under way. With even the best advance preparation, things can still go wrong, with the potential for injury, property damage and financial loss lurking in the background. If you are the project owner who is hiring multiple subcontractors, you may lie awake at night worried about how actions not under your control may lead to accidents, unexpected developments, potential liabilities and unavoidable delays. If you are one of the subcontractors, you may have won the bid on thin margins that could lead to a rushed schedule and careless work practices, while the fine print in your contract may include unanticipated liability for your business.

In the first phase of a new website rollout, Safe Harbor Pollution Insurance (SHPI) delivers the ultimate in electronic convenience with its My Harbor broker portal. This industry-leading platform enables real-time policy and claim access, empowering brokers to better service customers. Brokers enter the personalized gateway by registering at www.safeharborpollution.com/myharbor. The unique portal grants instant access to all quotes and policies, as well as the ability to view claims and print loss runs. Brokers can also make non-rated changes through My Harbor. "Real-time information management and the ability to complete any insurance transaction with speed and ease are defining differences in SHPI services.

TT Club, established to fill a gap in insurance as the freight container revolutionized trade, celebrates 45 years dedicated service to the transport and logistics sector. In 1956, the first strengthened containers were loaded onto a spar deck of the converted tanker, Ideal X. This marked the fulfilment of a dream for American trucker Malcom McLean who had, since 1937, been working on how to reduce the long waiting hours for dockers to stow or unload his vehicles onto or off ships. The container age was quietly born.

Construction is a complex business. Equipment can break down; employees can be injured; a project can go awry in unexpected ways. Add a marine element to the work underway, and the pitfalls that a contractor must navigate to manage risk become even more challenging. Marine contractors have long understood that they need specialized coverage and have sought out ocean marine insurance carriers with the expertise to help them. Each project they bid on, however, can come with a variety of special requirements.

William Pennella, vice chairman and executive vice president of Crowley Maritime Corporation, announced today that Dwight Menard has been promoted to vice president of risk management effective Dec. Menard will be responsible for the company’s global insurance program; management of Beacon Insurance Company, Ltd; supporting the risk management and insurance requirements of Crowley’s four business lines; allocation of insurance cost and administration/management of the claim, insurance and contract review/approval processes. Menard will remain domiciled in Jacksonville and report to Pennella. Menard’s promotion is the final step in the two-year effort to consolidate Crowley’s risk management functions in Jacksonville…