Marine Link
Sunday, January 21, 2018

National Insurance News

Tax Moves Hurt UK Seafarers

Insurance rules for UK companies employing British seafarers announced last week may threaten British jobs. waters will have to pay employers' National Insurance Contributions. them. warns Parr.

Venture Insurance Programs Acquires Tidal Solutions

Philip J. Harvey, president of Venture Insurance Programs

Venture will rebrand and integrate Tidal Solutions specialty commercial marine products into its portfolio of industry leading programs. Venture Insurance Programs, a national insurance program administrator, today announced it has acquired Tidal Solutions, LLC, a Charlotte, NC-based managing general underwriter serving the North American specialty commercial marine market. Venture will integrate the Tidal Solutions marine products into its portfolio of industry specific insurance programs.

Shetland to Cut Ferry Costs

Shetland Islands Council may set up an arms length company to run its inter island ferries in a bid to stave off potential competition on the route, while saving the authority $1 million over three years. Councilors will decide whether to implement proposals put forward by a working group which has spent the past year examining ways of improving the SIC's expensive ferry service. Proposals include setting up a private firm to run the ferries, employing crews through an offshore company and reducing staff at the ferry operations center, at Sella Ness. Consultants Strategic Transport Solutions (STS) have advised that the council could save money by creating an independent company which would not have to maintain wages at local authority levels through the single status agreement.

Wilhelmsen Acquires Unitor

Wilh. Wilhelmsen ASA (WW) reached agreement to acquire 90.4 per cent of the shares in Norway's Unitor group. This acquisition accords with WW's strategy of developing its Wilhelmsen Maritime Services (WMS) subsidiary into a leading global player in the maritime services sector. The deal has been concluded with Unitor's principal shareholders - Umoe Industri AS, the Norwegian National Insurance Scheme Fund and Odin Forvaltning. Their holdings corresponds to 90.4 percent of the outstanding shares in the company, and the agreed price is $11.36 (NOK 73.50) per share. This deal allows WW to secure the rest of the Unitor shares. The total purchase price for all the stock will be just over $2.2 billion (NOK 1.4 billion).

Myanmar Accedes to Treaty Covering Bunker Oil Pollution Damage

Photo: International Maritime Organization (IMO)

The International Maritime Organization (IMO) treaty ensuring that adequate compensation is available to persons that suffer damage caused by oil spills, when carried as fuel in ships’ bunkers, has been ratified by Myanmar. The International Convention on Civil Liability for Bunker Oil Pollution Damage (BUNKER) applies to damage caused on the territory, including the territorial sea, and in exclusive economic zones of States under the Convention. Under the Convention, the registered owner of a vessel is required to maintain compulsory insurance cover


Salvage & Wreck Removal Conference Presents an Upbeat Mood

Salvage & Wreck Removal Conference Session in progress Photo JRF

The verdict at the 5th India Marine Salvage and Wreck Removal Conference of Hinode held this time in Mumbai last week was clear and unanimous. The presentations as well as the deliberations highlighted an upbeat atmosphere indicating the growing prospects for salvors on the India’s 7516 KM of coastline and in the surrounding area. The scenario depicts numerous options according to the presentations which brought out issues and insights that made prospects look bright in the coming months and with the monsoon round the corner, players could finally make it big.

MN 100: Gencorp Insurance Group

Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds, utilizing a team that has a Maritime Academy background or professional waterfront experience. Ask any group of Owners to design and build a full service insurance brokerage with all of the services and resources that they demand – the end result would mirror the Gencorp organization


MN 100: Gencorp Insurance Group

CEO/President: Robert G. Gencorp Insurance Group provides the insurance and surety needs of marine contractors, vessel operators and shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds, utilizing a team that has a maritime academy background or professional waterfront experience. Ask any group of owners to design and build a full service insurance brokerage with all of the services and resources that they demand – the end result would mirror the Gencorp organization


China Oil Spill Compensation Claims Face Iran Payment Snags

(Photo: China's Ministry of Transport)

The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly flammable condensate oil, collided with the Chinese dry cargo vessel CF Crystal on Saturday in the East China Sea, causing an oil spill and a blaze that is still raging four days later. Liability has yet to be established but lawyers


Fidelis Launch Inland Marine Division

Fidelis logo

Fidelis Group Holdings, through its subsidiary company Continental Underwriters, Ltd., a national marine Insurance coverage and service leader, announced today the formation of its new Inland Marine Division. Ed Helfers and Lisa Uzzo named Managing Directors. The new Inland Marine division will be based in the Company's New York office. H. Elder Brown, Jr., FGH's Chairman and Chief Executive Officer, said in a company statement, "We are excited to bring very senior, experienced talent into this new division of the Company.

Ship Collision; Iranian Tanker Burns; 32 Missing

© Nightman1965/Adobe Stoc

A tanker carrying Iranian oil and run by the country's top oil shipping firm was ablaze and spewing cargo into the East China Sea on Sunday after colliding with a Chinese freight ship, leaving the tanker's 32 crew members missing, the Chinese government said. Thick clouds of dark smoke could be seen billowing out of the Sanchi tanker  engulfing the vessel as rescue efforts were hampered by bad weather and fire on and around the ship, Mohammad Rastad, head of Iran's Ports and Maritime Organization, told Iranian television.

UK Chamber Stand on Seafarers Minimum Wage

Image:  UK Chamber of Shipping

The Government's newly issued 'Guide to the application of the Equality Act 2010 and National Minimum Wage for seafarers' does not make any change to legal entitlement for those working in UK waters, the UK Chamber of Shipping advises. "The guide does not amend the law and there has been no change in the entitlement of any seafarer in respect of the National Minimum Wage or the Equality Act. It is hoped that the clarification of the current position provided by the guide will be of use to companies and seafarers


US Boating Insurers SkiSafe Ratchet Up 'Sandy' Claims Response

SkiSafe Insurance has been working extensively to assist affected boaters in the region. SkiSafe has extended its operational and online facilities to allow for fast reporting of any storm claims and to provide any support its policyholders may require. As the Northeast and Mid-Atlantic regions cope with the fallout from Superstorm Sandy, SkiSafe Insurance, a national leader in boat insurance, has been working extensively to assist affected boaters in the region. SkiSafe is encouraging all policyholders to visit online or call 1-800-225-6560 to report any claims resulting from the storm, so that adjusters may immediately begin handling their claims.

Renewal Time for CLC, Bunker, Athens and WRC Certificates

Photo: Danish Maritime Authority

Time has come for most shipowners to apply for renewal of their CLC, Bunker, Athens and Wreck Removal Certificates from the Danish Maritime Authority. Certificates must be renewed when the underlying insurance expires. Ships subject to a requirement for a certificate are not allowed to operate without the certificate. All CLC, Bunker, Athens and Wreck Removal Certificates based on P&I insurance typically expire on 20 February 2017. Some CLC, Bunker, Athens and WRC Certificates will expire on a date other than 20 February 2017.

Former DHS Chief Ridge Introduces Cyber Solutions

Former U.S. Homeland Security Secretary Tom Ridge

First U.S. Homeland Security Secretary Tom Ridge Partners with Five Lloyd’s Syndicates to Offer ‘Intelligent’ Cyber Insurance. Ridge Insurance Solutions Company to close dangerous cyber insurance gap by providing informed-assessment capabilities and insurance. Companies struggling to protect their assets and brands from the growing scourge of cyber attacks can now access a new product designed specifically for their needs, created by a trusted former national security leader and the world’s premier insurance brand.

U.S. Marine Insurers To Review State Of Market

Trends and developments affecting the U.S. ocean marine insurance market will be discussed at the annual meeting of the American Institute of Marine Underwriters (AIMU) on Friday, Nov. 19 in New York City. The meeting will be held in the Ricker Auditorium, 180 Maiden Lane, beginning at 9:30 a.m. Ed Badolato, chairman of the National Cargo Security Council (NCSC), will be the featured speaker. The NCSC is a broad-based organization of government agencies and private industry working together to fight cargo theft. AIMU chairman James A. Zrebiec, chairman of International Marine Underwriters, a member of the CGU Insurance Group, will report on issues in the global marine insurance marketplace. Walter Kramer, AIMU president, will discuss AIMU program initiatives.

Congressional, Maritime Leaders Support Jones Act on the Hill

Mark Buzby, U.S. Maritime Administrator

The House Transportation and Infrastructure Subcommittee on Coast Guard and Maritime Transportation held a hearing Wednesday on “The State of the U.S. Flag Maritime Industry” during which congressional and maritime leaders stressed the importance of the Jones Act. RADM Mark H. Mr. Mr. The Committee and those testifying expressed bipartisan support for the Jones Act and enforcement of the law. “In order for us to maintain the way of life as we know it as a nation that is secure and is able to project power, be it Navy power or commercial power, the Jones Act is intrinsic to that.

Foss Names Sumner CFO

Bryceon Sumner (Photo: Foss)

Bryceon Sumner has joined Foss Maritime as chief financial officer, hired to oversee all aspects of the organization's financial function and performance. Sumner brings to the role years of experience gained at a number of organizations ranging from education technology and real estate, to architecture and financial services. Prior to joining Foss, Sumner served as COO and CFO for public and private companies, family offices and as a senior financial officer of a $60 billion government banking insurance fund.

UK Offers Substantial R&D Tax Breaks: Consultants

Technology abstract: File image

Accounting and consulting network Moore Stephens inform that as part of the UK government’s continuing aim to attract new companies to the UK to create growth and jobs, significant changes have been made to the tax rules over the last few years to encourage research and development (R&D) activities and valuable corporation tax reliefs are available to companies undertaking such activities. It is often the case that companies incorrectly view the R&D tax reliefs as only being available to ‘traditional’ R&D industries, such as pharmaceuticals and medicine.

ITIC: Professional Indemnity Cover Needed

ITIC says professional indemnity cover essential in litigious shipping industry. International Transport Intermediaries Club (ITIC) has warned that, in today’s increasingly litigious business environment, there is a growing need for shipping professionals to have third-party indemnity insurance cover. This can be the case even in those sectors where insurance has not previously been deemed necessary, and in cases where, despite a favourable outcome to legal proceedings, substantial costs may be unrecoverable.

EU Considers Allowing Insurance for Tankers Sailing to Iran

The European Union may allow insurance against risks, such as collisions and spills, for tankers carrying Iranian oil, a proposal which would ease curbs on Iran’s crude exports. The EU would prohibit the insurance and re-insurance of Iranian oil “except for third-party liability insurance and environmental liability insurance,” according to a draft document obtained by Bloomberg News. The bloc aims to complete the regulation, which is being considered by national governments, within a month, according to an EU official with knowledge of the matter. Brent oil has risen 14 percent since an EU embargo was announced January 23 to pressure Iran over its nuclear program.

Travelers Appoints Bill Queen as President of Ocean Marine

Bill Queen

The Travelers Companies, Inc. announced that Bill Queen has been named President of Travelers Ocean Marine. In this role, Queen is responsible for the overall leadership and management of the Travelers Ocean Marine business. "Bill's extensive management experience has prepared him well for this role," said Jim Chapman, President of the Travelers First Party Group. Since joining the First Party Group four years ago, Queen has become increasingly involved with the Ocean Marine organization.

Coast Guard Sponsors National Maritime Salvage Conference

The U.S. Coast Guard's 13th District is co- sponsoring the National Maritime Salvage Conference 2002, to be held on January 16 and 17, in Seattle, Washington. Joining the Coast Guard as event co-sponsors are: United States Navy Supervisor of Salvage and Diving, American Salvage Association, Foss Maritime, Foss Environmental, Crowley Marine Services, King County Bar Association, Titan Marine LLC, Water Quality Insurance Syndicate, Global Diving and Salvage, Canflex USA Inc., Marine Response Alliance LLC, the Law Office of Kevin Beauchamp Smith, and American Hull Insurance Syndicate. The national scope of this event will bring together maritime representatives


Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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