Proper Insurance News

The International Transport Intermediaries Club (ITIC) has highlighted the importance of robust vessel design reviews and related insurance coverage throughout the construction process following a recent dispute between a naval architect, a shipowner and a shipyard regarding a vessel’s operational performance post-delivery.The vessel, a 24-metre catamaran servicing the offshore oil and gas industry, faced considerable operational limitations. This was attributed to unexpected vibration issues in the vessel's rudders…

Turkey's maritime authority said on Thursday it would continue to block the passage of oil tankers without appropriate insurance letters, adding that the insurance checks on ships in its waters was a "routine procedure."A Turkish measure in force since the start of the month has caused shipping delays. It requires vessels to provide proof of insurance covering the duration of their transit through the Bosphorus strait or when calling at Turkish ports.(Reuters - Reporting by Ece Toksabay and Can Sezer; Editing by Jonathan Spicer)

When the supertanker Young Yong sailed to the Chinese port of Qingdao in September last year, it had quality certificates for its cargo stating it was transporting Malaysian crude oil, according to the documents reviewed by Reuters.But satellite images and photos show the Chinese-owned ship had loaded the oil four months earlier in Venezuela, an OPEC nation in South America under U.S. oil sanctions.The Young Yong is one of three vessels identified by Reuters that were chartered by little-known companies to export Venezuelan oil and used false documents to conceal its origin, according to shipping documents and 11 sources with knowledge of the trade.Two of those tankers, including the Young Yong, were designated this month by U.S.

After new regulation, all speedboats with a hull length below 15 m, personal watercrafts/jet skis and similar vessels must now be covered by a 3. part liability insurance. Danish Maritime Authority informed that if the vessel does not have insurance coverage, you are not allowed to operate it. The new requirements regarding mandatory third party liability insurance, strict liability in case of personal injury and loss of pendant as well as wider options for confiscation of vessels have come to into force yesterday (May 15). In April, the Danish parliament passed a bill intended to increase safety at sea. The new rules require you to have a third party liability insurance in cases of injury, loss of pendant or property damage.

Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington's sanctions, according to officials involved in the initiative. International oil and shipping companies have been eager to boost business with Iran since international sanctions related to its nuclear programme were lifted in January, but securing proper insurance cover has been among the stumbling blocks in recent weeks. The insurers' move will benefit Iran as it seeks to further ramp up production and exports.

Recruiting hires reflect demand for talent in the oil and gas and maritime sectors, across the U.S. Faststream, an oil and gas and maritime recruiting and staffing services company, hired eight recruiters in its Houston and Fort Lauderdale offices to focus solely on placing talent within the oil and gas and maritime sectors, reflecting the market needs and industry demands for qualified, experienced and well-trained talent. “The demand for talent in the oil and gas and maritime industries is nearing all-time highs,” said Eric Peters, U.S. managing director for Faststream.

‘No man is an island.’ Today, the interconnectivity of business can drive opportunity, but those same interactions can significantly affect us and our businesses. Today’s marine businesses have to manage and prepare for the actions of “the other guy” as much as they have to manage their own operations. While businesses often ask their customers, tenants and subcontractors to carry insurance, they often do not carefully delve into insurance specifics to assure that gaps in insurance coverage don’t exist, that limits are adequate, or that they have the right coverage for their operations. To explain some unforeseen liability issues that may occur…

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…

Historically in our industry, there has been a clear dichotomy between companies whose employees are seamen that are covered by the Jones Act and those that are longshoremen and covered by the Longshore and Harbor Workers’ Compensation Act (LHWCA). The difference was very simple, Jones Act employers and their seamen were responsible for vessel-based duties and operations. Longshore employers hired longshoremen that were land-based although they performed a portion of their duties aboard vessels.

The Advisory Board of the Liberian International Ship & Corporate Registry (LISCR), at its inaugural meeting, held in conjunction with the Annual Conference of the Connecticut Maritime Association, in Stamford, Conn., has set a positive agenda designed to drive forward the Liberian Registry's goal of achieving excellence in standards of quality and service. In his address to the CMA's lunch, Board chairman Rex Harrington reported that the Board had welcomed a number of developments but had also addressed critical issues facing the industry. The Board has set itself and LISCR a timetable to monitor progress and to ensure that the Liberian Registry continues to be the industry leader.