Marine Insurer News

18 Oct 2019

Boxship Fires: Time for Action, says IUMI

Helle Hammer, IUMI Policy Forum Chair

This year has already seen an alarming number of container ship fires including Yantian Express, APL Vancouver, Grande America, E.R. Kobe and KMTC Hong Kong.The escalation is of growing concern to IUMI (International Union of Marine Insurance) who used a recent forum to call for an urgent improvement to onboard firefighting systems.At a conference in Arendal, Norway, organised by marine insurer and P&I Club, Gard, and attended by IMO, flag states, shipowners, salvors, class, and insurers…

17 Jan 2019

Turkey Increases Sea Pollution Fines

Pic: West of England

Pollution fines for vessels in Turkish waters have significantly increased, marine insurer West of England said.In Turkish waters, environmental protection is developing and significant fines are applicable to vessels that violate Turkish anti-pollution regulations in accordance with the Turkish Environmental Code.According to new government notification, in addition, fines against persons and legal entities have been separated with the rates for fines against legal entities now between three and fourteen times higher than previously.

10 Oct 2018

McLoughlin Joins North P&I Underwriting Team

Pic: North P&I Club

Global marine insurer provider North P&I Club has further strengthened its underwriting team with the appointment of a new U.K. based underwriter combined with some operational changes to a number of senior underwriting roles.Tom McLoughlin joined the team as an Underwriter last week, bringing with him a range of marine experience from his former roles with insurance brokers Marsh in London, and a significant tanker management company in Athens. Initially McLoughlin will work across all of the regional teams as he settles into his new role with the Club.Earlier in the year…

26 Sep 2018

Iran Sanctions, New Fuel Rules Headline Dubai Conference

New trading sanctions against Iran and  new fuel rules coming in 2020 for the entire maritime sector were the headlines of a seminar hosted by marine insurer North P&I Club yesterday in Dubai at the Taj Dubai. Photo: North P&I Club.

New trading sanctions against Iran and  new fuel rules coming in 2020 for the entire maritime sector were the headlines of a seminar hosted by marine insurer North P&I Club yesterday in Dubai at the Taj Dubai.On the topic of sanctions against Iran, Mark Church, Director (FD&D), said that “practical issues will continue to impact on the ability to trade with Iran even where the trade is permissible. We encourage members to enforce their own due diligence and assess high-risk areas to avoid non-compliance.”Thus new fuel rules for maritime coming in 2020…

13 Aug 2018

North P&I Club Strengthens Greek Presence

Gagan Dhillon. Photo: North P&I Club

Global marine insurer North P&I Club said that Gagan Dhillon will take over Michael Asherson’s responsibilities for the Greek Membership and lead the claims team based in Newcastle.Gagan, a Master Mariner, first sailed in command of a tanker in 2007 before joining North in 2010 and gaining a First Class (Honours) degree in law.Michael Asherson will take up a position as partner with leading South African law firm Shepstone and Wylie in Durban and will leave the Club at the end of August.After 18 years with the Club…

12 Jul 2018

North P&I Club, 24Vision Sign Partnership Agreement

Photo: North P&I Club

North P&I Club and 24Vision announced today that they have entered into a partnership agreement, with effect from 1 July 2018, to provide P&I insurance to charterers and small ship operators. As part of 24Vision’s wider service proposition to their marine industry clients, the partnership agreement provides for North P&I Club to be the insurance carrier for 24Vision’s marine liability products. “An alliance with North P&I Club puts us in an excellent position to provide our clients with top-rated security,” says Rocco Bozzelli, Managing Director of 24Vision Insurance Solutions.

10 Jan 2018

Sanchi Collision: A ‘New Bermuda Triangle’?

Photo: NIOC

Seas where Sanchi collision incident has taken place are leading region for maritime accidents. East/South East Asian waters have been identified as the top worldwide hotspot for shipping losses, with 34 ships lost in this region in 2016 alone – 40 percent of all shipping losses globally – according to a report from marine insurer Allianz. Analysis of global shipping losses over the last decade has highlighted East/South East Asian seas as an accident hotspot, with the collision…

15 Dec 2017

Skuld Bottom-line Up 68.7%

Image: SKULD Logo

Marine insurer Skuld ended the first nine months of the 2017/18 reporting year (as at 20 November) with a positive bottom-line result of USD 27 million (up 68.7%, from USD 16 million year-on-year) with the contingency reserve standing at a record high of USD 421 million (up 15.6%, from USD 364 million year-on-year). Ståle Hansen, Skuld president and CEO, said: "The first nine months have been challenging for some of our members who have experienced major losses. The number of small claims is low, but after nine months Skuld has experienced a few large claims and one confirmed pool claim.

15 Aug 2017

North P&I Club Appoints Dawn Robinson as Global Director

Dawn Robinson. Photo: The North of England P&I Association Limited

North P&I Club has appointed a new Global Director of People as part of a company-wide focus on driving forward leadership and development. Dawn Robinson has joined the global marine insurer following three years in a world-wide role at Nomad Digital and previous appointments with Sage PLC as well as Finland based Outotec. Dawn brings with her a wealth of experience in change management, leadership and development, operations and employee relations. Working with the senior operations team…

14 Jul 2016

Harry Diamond Celebrates 21 Yrs at WQIS

Harry Diamond, Vice President and Chief Claims Officer Photo WQIS

Harry Diamond, Vice President and Chief Claims Officer at WQIS, is celebrating 21 years with the company this year. Diamond is a graduate of LaSalle University with Bachelor of Arts degrees in social studies education and history; he also holds an Associate degree in Risk Management. He began his insurance career right out of college when he was hired by a brokerage firm whose main client was Keystone Shipping Company. Diamond continued with the firm for four years until he changed his career path because of “an itch that needed to be scratched” – his desire to be a teacher.

21 Dec 2015

Skuld Quadruples Bottom Line

Ståle Hansen, President and CEO. Photo: Skuld

Norwegian marine insurer Skuld delivered a result of USD 20 million in the first nine months of the year, a USD 5 million increase from the same period last year. Overcapacity is still putting pressure on premium levels, says CEO. Skuld president and CEO Ståle Hansen said: "After nine months the bottom-line ended at USD 20 million, which includes provision for a mutual members' credit of USD 5 million. This is a USD 11 million improvement since the six months figures and a USD 15 million improvement compared with the same period last year.

14 Apr 2015

Yemen Conflict: Shipping Lines Pull Back

Port of Aden. Pic by Yemen Gulf of Aden Ports Corporation

The Saudi Arabian-led coalition of anti-Houthi forces attacking Yemen has tightened the blockade on Yemen's ports affecting shipping activity including the delivery and loading of oil and gas shipments. Ships are unlikely to be able to access ports in areas that the coalition deems to be under Houthi rebel control. Navigation in Yemen’s territorial waters has been banned and ships are not allowed into Yemen unless inspected and approval by the Saudi-led coalition forces. The Grace Acacia…

25 Mar 2015

Shipping Losses Lowest in 10 Years

Graph: Allianz Global Corporate & Specialty

2014 was the safest for world shipping in a decade according to the Allianz Global Corporate & Specialty SE’s (AGCS) third annual Safety and Shipping Review 2015. Global shipping losses continued their downward trend with 75 reported in last year. The big Allianz insurance group said that only 75 ships over 100 gt were lost to sinking, grounding, or fire/explosion last year - down 32% on the previous year, making 2014 the "safest year in shipping in 10 years". According to the German marine insurer the long-term trend looks even better…

24 Feb 2015

Korean Shipper Files for Bankruptcy

Korea’s dry bulk shipping company Daebo International Shipping has reportedly filed an application for rehabilitation proceedings with a court in South Korea. Daebo is the third dry bulk shipping company to file for bankruptcy protection this month following China’s Winland Ocean Shipping and Denmark’s Copenship. Under the rehabilitation proceedings in Korea, similar to the Chapter 11 proceedings in the United States, a company is allowed to ultimately survive and continue operation, albeit in a restructured form. It cited reasons of prolonged rout in prices for dry bulk commodities such as iron ore and coal. Should the court grant the petition, Daebo’s further dealings will be subject to regulation by the court.

12 Feb 2015

Liquefaction – Potential Dangers of Bauxite

Bulk Jupiter (Pic by Veus)

The recent total loss of the "Bulk Jupiter", which capsized and sank off Vietnam, prompted marine insurers to issue warnings about the risk of shipping bauxite in case excess moisture liquefies the cargo and makes it unstable. At the time of the incident the ship was bound for China with a cargo of bauxite loaded in Kuantan, Malaysia. 18 men are feared to have lost their lives in the casualty. This has raised concerns among some ship owners about a systematic risk in bauxite processing from the region's mines.

24 Sep 1999

Oil Tankers Get A Bad Rap, Say Experts

Oil tankers get a lot of bad press, but shipping causes only a small amount of marine pollution, maritime experts said. "Shipping is less polluting than most other transport modes. It is responsible for only some 12 percent of marine pollution," Mats Lindau, quality manager of marine insurer the Swedish Club said. Although land sources from polluted rivers are the cause of most pollution, he said, public perceptions of shipping remain negative. Tim Wilkins, a marine biologist at tanker owners organization Intertanko, said 62 percent of oil pollution at sea came from industrial waste. About three percent resulted from tanker accidents, while another seven percent was caused by loading and other operations.

11 Jul 2003

Fireman's Fund Appoints Marine Loss Control Director

Tim Donney has joined Fireman's Fund McGee Marine Underwriters at the company's New York City headquarters as Marine Loss Control Director. A 25-year veteran of marine loss control, Donney will manage the loss control services provided by this leading marine insurer, which includes the largest internal ocean marine loss control staff in the industry. Donney, who was previously the president of Hull & Cargo Surveyors, Inc., most recently served as the Director of National Operations for the Marine Division of Intermodal Transportation Services, Inc. (ITS).

05 Aug 2014

Panama Canal Expansion Poses Billion Dollar Challenge

Photo: ACP

As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks that will arise from its plan to double the cargo-carrying capacity of ships transiting one of the world’s most important waterways. In a new report entitled Panama Canal 100: Shipping Safety and Future Risks leading marine insurer, Allianz Global Corporate & Specialty (AGCS) identifies that the value of insured goods transiting the canal zone may increase by more than $1 billion per day following completion of the Third Set of Locks Project…

31 Mar 2004

Insurance: Make a List, Check it Twice

The U.S. Court of Appeals for the Eighth Circuit ruled that a marine insurer is liable for losses of unsurveyed cargo where the policy failed to list the cargo as requiring survey prior to shipment. In the instant case, plaintiff purchased electrical generators to be shipped from Japan to the United States and become part of a new power plant. The entire project was insured by a syndicate from Lloyd’s of London. The policy included a provision requiring survey by the London Salvage Association of certain “critical items” and its approval of the ship to be utilized, stowage, and anticipated weather conditions en route. The policy included a section entitled “List of [critical] items”, but no items were ever listed. The electrical generators were damaged during a storm en route.

22 Oct 2013

Hidden Exposures Can Sink a Business

Operating on both land and water, ship repairers and marine equipment installers tackle a variety of tasks from general maintenance and repair, to upgrading electrical systems, to installing state-of-the-art navigational systems. Along with these tasks comes a wide array of maritime risk exposures, both large and small, for which the business owner needs to be adequately protected. The tasks of an electrician or welder are challenging enough on their own, but try to do this work on a vessel at sea or in a shipyard, and the technician will find that the hazard level rises dramatically – from making sure that all facets of the systems work together as they should, to the increased fire risk hot welding presents to the safety of the vessel.

30 Sep 2014

YoungShip Young Corporation Award 2014

From left: YoungShip Oslo President Jon Halvard Bolstad Olsen, Gard Academy Vice President Jens Martinius Nilsen, DNV GL Regional Manager Fredrik Hessen

For its efforts to promote young employee development, marine insurer GARD has been awarded the 2014 YoungShip Young Corporation Award. The shipping industry is acknowledged as one of Norway’s key strategic industries. If shipping is to stay ahead in global competition, and solve tomorrow’s challenges, we are fully dependant on attracting the brightest brains and the hardest-working employees, in order to compete with other core industries for critical competence. As an organization for young professionals…

30 Apr 2012

Lloyd's Register: Safety Alert

Safety alert: Gard Loss Prevention Circular No. 02-12 – Fire Prevention in Engine Rooms. Applicability: All shipowners and operators The marine insurer Gard AS has recently issued Loss Prevention Circular No. 02-12, which contains important fire safety information relevant to all ships. A copy is available from Gard’s website at: http://www.gard.no/ikbViewer/Content/20651289/Gard%20LPC%20Fire%20prevention%20in%20engine%20rooms.pdf?utm_source=Class+News&utm_campaign=ddb94565bd-Subscription_to_Classification_News7_19_2011&utm_medium=email

08 Jan 2013

Costa Concordia Tops 2012 Increase in Ship Losses

But long-term downward trend continues. •    Industry initiatives address passenger vessels as well as the ‘human factor’ on board. Twelve months on from the Costa Concordia incident, a new Allianz report identifies that 106 ship losses were reported worldwide in the 12 months to November 25 2012 - up from 91 ships the previous year but a 27 percent decrease on the ten year average of 146 ships per annum. Despite this long term downward trend, driven by technology, training and regulation and a proactive response from the shipping industry to safety improvement, human error remains the core challenge. In its annual ‘Safety and Shipping Review’ of maritime losses, marine insurer Allianz Global Corporate & Specialty (AGCS) highlights developments in shipping safety during 2012.

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