LOC Launches Global H&M Service
Leading international marine and engineering consultancy LOC has launched a new Hull and Machinery (H&M) service. The service will be offered group-wide, with specialist support from LOC’s main offices in London, Dubai, New York and Singapore. LOC already offers an extensive range of marine services and supports all aspects of marine transportation and marine construction. The new H&M service will provide 24/7 marine casualty response support, covering everything from collisions and groundings…
LOC Launches Hull and Machinery Service
International marine and engineering consultancy LOC has launched a new Hull and Machinery (H&M) service, to be offered group-wide with specialist support from LOC’s main offices in London, Dubai, New York and Singapore. LOC notes that it already offers a range of marine services and supports all aspects of marine transportation and marine construction. The new H&M service will provide 24/7 marine casualty response support, covering everything from collisions and groundings, to fires, main and auxiliary machinery failures, main and auxiliary boiler failures to deck machinery failures. The company's H&M experts will attend salvage situations and conduct condition surveys in accordance with the Joint Hull Committee and Nordic formats.
JHC: Recent Hull Losses Will Increase Pressure For Rate Increases
The Joint Hull Committee in London (JHC) estimates that the total cost of recent marine hull losses to the global insurance market could be as much as $750m. in yet more pressure being applied to rates for hull business, which are still considered uneconomic despite increases having been achieved during the past twelve months. The "Diamond Princess" is the most significant in a string of expensive claims to hit the marine insurance market recently. was engulfed by fire, which caused extensive damage. That incident followed rapidly on the grounding of the car carrier "HUAL Europe", with an estimated insured value of over $50m, in Tokyo Bay, off Yokohama, on October 1.
JHC Produces First Draft of Clause Revisions
The Joint Hull Committee in London (JHC) has produced a consultative draft of its revised Institute Hull Clauses. who have been invited to submit their own comments to the JHC. Completion and distribution of the draft is in line with the schedule set out by the JHC as part of its plans to review the 1983 and 1995 Hull Clauses in order to bring them into line with current market practice. A key part of the JHC objective is appropriate consultation with the shipping and insurance industries, which have been invited to submit written responses to the first draft by the end of August. Subject to satisfactory conclusion of the consultation and approval process, it is planned that the new clauses will be released on November 1 this year.
BIG LIFT: The Importance of the JH143 Builder’s Risk Surveys
The importance of a JH143 Builder’s risk survey has been well documented. Since the Joint Hull Committee created JH 143 – Shipyard Risk Assessment form was brought into effect in November 2003, it has become a valuable tool that insurers can use to evaluate risks and exposures. The conducting of a JH 143 is now commonplace; however this survey continues to be especially important as shipyards incorporate new production methodologies into their operations, including modular construction and block transportation.In our dealing with shipyards and reviewing of JH143 Builders risk surveys at Allianz Global Corporate & Specialty, we have observed…
JHC Launches International Hull Clauses
The Joint Hull Committee's (JHC) project to produce a new set of hull insurance clauses which is intended to reflect the needs and requirements of today's shipowners and insurers has been completed on time. The new clauses, which have been drafted following extensive consultation with shipowners and other interested parties, will be available for use from November 1 and will be known as the International Hull Clauses. The revised clauses are not a major rewrite of the 1983 and 1995 Institute Time Clauses currently in use. Rather, they have been updated so as to embrace current market practice whilst recognizing and supporting the role of ISM, flag states and classification societies.
Joint Hull Committee Reviews International Hull Clauses
November 1, 2002. November this year, based on feedback from the review. discussion about the practical impact of the new conditions. refinements are required. in the forefront of commercial wordings. set at July 31. from all areas of the maritime world. second release. new clauses, and to address any negative points.
Beveridge Appointed Joint Hull Committee Chairman
Effective July 1, 2003, the chairmanship of the Joint Hull Committee will pass to William Beveridge. The outgoing chairman, Simon Beale, will remain on the committee. "I have enjoyed my time chairing the JHC, but it is time for me to step down" explained Simon Beale. "William will make a first-class chairman. He combines a formidable intellect with a fresh approach." William Beveridge is currently the Hull Underwriter and Syndicate Deputy Underwriter of XL London Market Syndicate 1209 at Lloyd's.
London Underwriters to Host Hull Market Seminar
Underwriters from the hull insurance market in London will hold a seminar in Greece later this year to debate issues of current interest to shipowners and insurers. In recent years, Lloyd's Underwriters Association has hosted a reception at the Piraeus Yacht Club during the week of the Posidonia exhibition and congress. This year, however, Lloyd's Market Association and the International Underwriting Association of London (IUA), under the auspices of the London Joint Hull Committee, have instead combined to host the seminar, which will take place either in October or November. This departure from custom reflects a feeling by London hull…
JHC Pushes Ahead with Clause Review
The Joint Hull Committee in London (JHC) is pushing ahead with ambitious plans to review the existing Institute Hull Clauses in order to bring them into line with current market practice. Subject to satisfactory conclusion of the consultation and approval process, the new clauses should be ready for use by November of this year. Although no far-reaching changes are anticipated, the JHC is keen to make the standard hull clauses as consumer-compatible as possible. point, the JHC will review the 1983 and 1995 Clauses with a view to adjusting them to reflect current market practice. In addition, the JHC considers that a number of supplementary clauses, which are now in everyday use, could be drafted to form part of an addendum. without requiring any change to the main wording.
Simon Beale Elected Chairman of Joint Hull Committee
Simon Beale, underwriter of the KJ Coles syndicate at Lloyd's, has been elected chairman of the Joint Hull Committee (JHC). The JHC is a joint initiative by the International Underwriting Association of London and Lloyd's Underwriters' Association. Its role is to support and develop the role of the London hull insurance market. The JHC acts as a focal point for hull insurance issues while providing advice and representation to members on technical, legal, promotional and educational issues. Simon Beale says he intends to build on the work that the JHC has been undertaking over the past twelve months by establishing a series of subcommittees to address technical issues and wordings, statistics and information, education and market information, liaison, and finance.
ABS Chairman Attacks Inaccurate Portrayal of Maritime Safety Record
Frank J. regulation is required to address this. Singapore. Iarossi lamented the strongly negative image of the industry within the public arena. very infrequent, and sometimes very tragic casualty," he said. commercial aircraft. risk is three times that for merchant ships," he said. heard any uproar over airline safety? aircraft rate. Actual loss rates for vessels of all types of 100 gross tons or more have been halved in the past ten years to about two vessels per thousand per year. stressed. fleet. spilled from ships has declined by over 70 percent. industry notables. "Marine transportation is definitely not risk free. unsinkable ship. continuously striving to improve its performance. clear," he stated. on the industry's own trade press.
IUMI Want Maintenance of Vessel Ownership Records
The International Union of Marine Insurance (IUMI) is calling for vessel owners and technical managers to make records available that provide important information on the condition of the ship and its machinery when a ship changes owner. “The current trend to remove these records has the potential to impact on the new owner’s ability to operate the vessel effectively on takeover”, says Helle Hammer, Chairman of IUMI’s Political Forum. “Without continuity of information, it could be some months before the new crew and management are fully familiar with the vessel and machinery plant.
Asian Shipping Interests Must Speak Up
According to Oh Kong-Gyun, Chairman and CEO of the Korean Register of Shipping (KR), the size of the Asian shipping and shipbuilding industries is such that they should occupy a more prominent and influential position in the international regulatory process than they currently do. Generating a louder voice for Asian shipping had been a central theme of Mr Oh’s recent IACS chairmanship and one that he is keen to continue now his tenure at IACS is complete. Oh was addressing an international forum of senior shipping people who had gathered to participate in SIMS, a Korean Register conference organised with the support of the Ministry of Land, Transport and Maritime Affairs, the Korea Shipowners’ Association, the Korea Shipbuilders’ Association and the Korea Marine Equipment Association.