Marine Insurance

 

The Bermudas

The Bermudas
Small islands with a lengthy maritime history

Bottomry

Bottomry
A unique conditional loan, secured by the ship itself

Findings by Viswa lab could bring about a new way to settle claims

Findings by Viswa lab could bring about a new way to settle claims
Viswa Lab reveals several peculiarities that lead to marine claims being wrongly settled

Skuld syndicating with Lloyd seen as a boon for Indian players

The new syndicate, Skuld 1897 at Lloyds’ is set to make a significant difference to the Indian maritime industry

Why do people make mistakes?

Mistakes cause accidents. That is the inevitable sequence of events and we humans are the people making the mistakes, but why? What are the reasons that people make mistakes? NK’s guidelines covers how to prevent them, it focused mainly on design of equipment and operator training. Why people make mistakes? - some opinions and answers were given during the June 2010 Members Day of the marine insurance organization Swedish Club. Firstly the world crew shortage estimated at 50,000 seafarers isn’t helping the industry. Good relations, communication and training are conducive to people making the right decisions yet having the confidence to challenge questionable decisions. Capt Gustav Groenberg of Star Cruises, Malaysia pointed out the importance of recruiting the right people, offering them good working conditions to motivate and retain them. Peter Groenwoldt, MD of Harren & Partner Ship Management, Bremen’s opinion is that the reason for a mistake is always, without exception, human error caused by: lack of or poor training, ignorance or an over estimation of their skill and experience. Martin Hernqvist, MD of the Swedish Club Academy touched on the sensitive issue of culture on the individual’s ability to challenge mistakes and unsafe acts quoting the Power Distance Index as a measure of different cultures and their behavior.

Increasing engine damage caused by catalyst fines

Last month a briefing to underwriters in London covered the increasing incidence of severe engine damage. The drive towards low sulfur fuels is causing fuel refining processes to change, some of which result in below standard HFO being delivered to ships. A higher presence of particles called catalyst fines is precipitating very costly engine damage. Cat fines have always been present in bunker oils and standard ISO 8217 (2005) permits up to 80 ppm, but the problem is that more than 15 – 20 ppm already causes damage to engine parts. The components most at risk to accelerated wear are: the fuel pump, piston rings and cylinder liners. Sadly the prognosis is that with the increasing demand for low sulfur fuel, engine failures are going to increase. Until fuel standards improve a 100 per cent fuel management policy to purify the fuel is the only guarantee to avoid these problems.

Nathaniel Bowditch (1773-1838)

Nathaniel Bowditch (1773-1838)
Mathematician, astronomer, and author of the “New American Practical Navigator”

Winterizing Steps You Need to Take from BoatU.S. Insurance

Fall is here, and winter is fast approaching. You know what that means; time to start winterizing your boat! Winter weather wreaks havoc on a boat not adequately prepared for hibernation.

SUNY Hosting Free Shipping Symposium

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SUNY Maritime College Presents The Annual 2012 Groundhog Day Cutting Edge Issues in Shipping Symposium. When: February 2, 2012 – 8:30 am – 5:30 pm Where: Vander Clute Hall,

Shipyards: Hotbeds of Ingenuity – and Risk

A typical driveway mechanic can open up the hood, dive into a car’s guts and emerge hours later with an understanding of what is wrong. Even if the mechanic can't get the engine to purr,

Marine Construction Policy Builds Expertise, Service into Coverage

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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,

XL Establishes Inland Marine Field Ops

To put its marine insurance experience closer to their clients, agents and brokers, the Marine insurance unit at XL Group plc (NYSE: XL) announced additional

IMUA Launching Inland Marine Course

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The Inland Marine Underwriters Association (IMUA) announced it will be presenting for the first time AMIM 122, a 12-part comprehensive study of the primary inland marine classes of business,

ACL Names SVP and COO

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American Commercial Lines Inc. (ACL), one of the largest and most diversified inland marine transportation and service companies in the United States, announced today the appointment of Paul A.

IUMI Welcomes Governmental Piracy Stance

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Damage to World Economy.   “At last, governments are being stung into taking positive action to put an end to the menace posed by pirates, whether they be from Somalia or elsewhere.

Kromhout Appointed Partner by AKD

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Netherlands law firm AKD has appointed Jan Kromhout as a partner in its shipping and offshore team.Jan began his career in Rotterdam with the law firm Nauta Dutilh.

$16B Piracy Issue on Maritime Agenda

Money and Ships conference to review current situation after global attacks hit all-time high of 266 for the first half of 2011- problem costs industry up to $16 billion annually.

Michael Else & Company Launch New Insurance Cover

Michael Else & Company, manager of the Charterers P&I Club and Transmarine, has launched a new product to provide innovative insurance solutions
 

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