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Ocean Marine Insurance News

11 Oct 2017

Inland Marine Insurance: Assuring Property and Goods Move Forward

Though water covers more than 70 percent of the Earth’s surface, businesses engaged in marine shipping operations and logistics, and other businesses that manufacture and ship product still have a lot of ground to cover getting their various goods to their final destinations. The ocean marine insurance market, the oldest insurance market in the world, was initially developed to protect these goods while crossing the ocean’s open waters, later to morph into a product to protect all international transportation regardless of mode.

24 Feb 2014

Transferring Risk for Long-term Success

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.

17 Jun 2013

Cargo Morphs in New Directions

After a decline during the recession years, U.S. exporters today are pleased with the record-breaking value of overseas shipments. At the same time, they are learning to cope with shipping cargo that can be far different than the types of goods sold in the past. Looking back just a few years, exporters could often count on freight that was neatly contained and relatively impervious to long journeys. Today, they may be faced with goods that require special handling, or cargo with distinctive characteristics that must be taken into account during transit. Getting cargo from ‘Point A to Point B’s has never been more challenging – and shippers who are caught unprepared may see loss claims soar and their business reputation damaged.

27 Feb 2013

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.

29 Nov 2012

Underwriting Workboats

Moving 30 barges at once takes the sure hand of a tugboat pilot who knows how to maneuver a flotilla through the twists and turns of the Mississippi River. Lashed together, three across and 10 long, the barges cover more than twice the surface area of a modern aircraft carrier. Most would agree that the best river pilots are artisans, deeply skilled in methods to meet the challenges of that particular job. Equally skilled, however, are the tugboat captains in a crowded ocean harbor…

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.

28 Jun 2012

Marine Construction:

Protecting Contractors As They Enter New Waters. As the economic recovery continues to sputter along, construction companies eager to land any available projects have found themselves bidding outside their normal scope of work. Maritime construction is one such industry that has seen an increase in contractors who may not typically work on marine-related projects, thereby increasing the likelihood that individual projects may fall outside their skill set. While contracts in marine construction present opportunities for income…

25 Jun 2012

Insurance Advice for Marinas & Shipyards

Third party service providers can pose serious risk and liabilities for marina and shipyard owners. Without the proper due diligence these marine companies could find themselves footing large bills should a dispute occur. As a California insurance agency that specializes in ocean marine insurance for boat yards, marinas, yacht clubs, and commercial boating vessels/fleets, McDermott Costa Insurance Brokers also educates clients about best practices for reducing risk. A third party service provider is any vendor that provides services either to the marina or customers that use the marina. Third parties include repair services, vessel cleaning services, yacht brokers, surveyors, etc.

09 Apr 2012

Marine Insurance: Spring Cleaning Should Include Evaluating Insurance Strategy

An essential part of spring cleaning is sorting through what you have, deciding what needs to be kept, and throwing out what can safely be eliminated. The tidy end result lets you move forward in the best shape possible. An annual “spring cleaning” of insurance coverage is equally valuable for a business operation. Whether the economy is booming and cash flow is substantial, or times are tight and shaving costs is essential, a business should step back at least once a year, take a look at its assets, and evaluate its current risk management strategy. The goal is to make sure the company is maximizing its benefit from premium dollars.

09 Dec 2011

Marine Construction Policy Builds Expertise, Service into Coverage

Ken Baldwin, Chief Underwriting Officer, Travelers Ocean Marine

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.

12 Aug 2011

Travelers Names Ray Martino President of Ocean Marine

Raymond T. Martino, President, Travelers Ocean Marine unit

HARTFORD, Conn., August 11, 2011 – The Travelers Companies, Inc. is pleased to announce the appointment of Raymond T. Martino as the President of its Ocean Marine business unit. Martino is responsible for the overall leadership and management of Travelers Ocean Marine, which provides highly specialized property and liability insurance products for maritime-oriented risks including commercial hulls, cargo, luxury yachts, port authorities, shipbuilders and numerous other specialized exposures.

27 Oct 2009

Ocean Marine Insurance Responds to Challenges

The U.S. Ocean Marine insurance industry has been hard hit by the economic crisis at a time when its structure, traditions and culture are facing challenges, according to a new study by Conning Research and Consulting. "The Ocean Marine industry has deep foundations of tradition and specialization that give it unique status relative to other insurance segments. Over the past five years, the experienced specialist ocean marine writers have clearly outperformed the rest of the market," said Jerry Theodorou, analyst at Conning Research & Consulting. The Conning Research study, "Ocean Marine Insurance: Entering New Waters" analyzes the performance of the industry and presents the structural and cyclical challenges to the market.

02 Nov 1999

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.