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Tuesday, July 16, 2019

Cargo Insurance News

​Maersk Introduces Value Protect

Maersk is expanding its commercial offering and introduces Value Protect, an extended liability solution. It offers customers an alternative to cargo insurance, increasing their chance of receiving full compensation in case of cargo damage in transit.Valid while the cargo is in the care and custody of Maersk, Value Protect covers cargo loss or damage in cases such as fire, accidents due to danger of the sea, theft, natural disasters, cyber incidents, cargo damages caused by delay…

Pic: The Maersk Group

Maersk Intros Cargo Insurance Alternative

Maersk Line is expanding its commercial offering with the introduction of an extended liability solution, Value Protect, which will act as a substitute to regular cargo insurance, in protecting customers’ cargo."Maersk is expanding its commercial offering and introduces Value Protect, an extended liability solution. It offers customers an alternative to cargo insurance, increasing their chance of receiving full compensation in case of cargo damage in transit," said a press note from the Danish international container shipping company.Valid while the cargo is in the care and custody of Maersk…

© Rafael Ramirez / Adobe Stock

Allianz Expands, Improves Project Cargo Coverage

With an increased demand for large-scale production facility and infrastructure projects worldwide, the transport of high-value, critical equipment to these project sites has become more intricate and complex. To meet this growing need, Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) has announced an expanded Project Cargo offering formed by a direct partnership with its Engineering division. Specifically, this new collaborative approach allows AGCS to provide continuous end-to-end coverage for companies managing unique and complicated risks…

Kimberly Wakeman (Photo: Customized Brokers)

Crowley Chosen as Customs Clearance and Supply Chain Services Partner

Crowley Logistics has announced that Customized Brokers, its customs brokerage subsidiary, has begun servicing private-label women and children’s apparel manufacturer Land N’ Sea with expanded supply chain services. Through the new agreement, Customized Brokers will add additional velocity to the Land N’ Sea supply chain by providing U.S. Customs clearance services and cargo insurance coverage.“Crowley builds value by partnering with businesses for the entirety of their supply chain…

Photo: International Union of Marine Insurance

IUMI Cautions about Global Marine Insurance

Against the backdrop of encouraging global economic growth and an improved outlook for the shipping industry, the International Union of Marine Insurance (IUMI) gives expert opinion on the current state of the hull, cargo and offshore energy insurance markets at its Spring Conference in Hamburg. The past three years has seen the frequency of total losses within the global fleet stabilise at 0.13% by number (0.05% by tonnage). This is largely attributable to an improved safety climate, improvements in naval architecture and marine engineering; and more effective regulation.

The Indian Coast Guard battles a fire aboard the Maersk Honam earlier this month (Photo: Indian Coast Guard)

Recent Casualties Highlight Importance of Cargo Insurance - iContainers

The ocean freight industry has seen several major incidents over the past few weeks, including two fires on board two separate Maersk vessels, and a containership collision in Karachi Port that forced the temporary closure of the port. These incidents underscore the importance of always buying cargo insurance to protect merchandise and cushion damage, says Klaus Lysdal, Vice President of Sales and Operations at iContainers, a 100 percent online freight forwarder. The major fire…

Pegasus J, one of two ships slated to serve Crowley’s new route (Photo: Crowley)

Crowley Adds New US, Central America Service

Crowley Maritime Corporation announced it will begin offering weekly, fixed-day, full and less-than-container-load (LCL) shipping and logistics services between Wilmington, N.C., Guatemala and Honduras, effective with the northbound sailings on Tuesday, Nov. 21 and Wednesday, Nov. 22, respectively. The new lift-on/lift-off (LO/LO) service is designed to give customers an additional, more northwardly Atlantic Coast destination for cargo entering the U.S. from Central America, ultimately adding flexibility to the supply chain while reducing total landed costs, Crowley said.

Nick Derrick. Photo source: http://www.iumi.com/committees/cargo-committee/committee-members-cargo

Reduced Income, Challenges Ahead for Marine Cargo Insurance -IUMI

At yesterday’s IUMI marine insurance conference in Genova, Cargo Committee chairman Nick Derrick announced a reduction in global cargo premiums by 9% from 2014 to 2015, the total premium value being US$15.8 billion. He stated a combination of a strong US dollar and falling cargo values as the main reasons for the decline. The UK continued to dominate the marine cargo market with a 13.3% market share (8.8% at Lloyds and 4.5% at the International Underwriting Association). China and Japan retained 9% and 8.7% market volume respectively.

Image: CMA CGM

CMA CGM: Book your Cargo Insurance online

With a one stop shop offer to facilitate your shipping experience, CMA CGM, in partnership with one of the largest marine insurance companies in the world, has developed a Unique Cargo Insurance Program to cover the unexpected and unforeseeable events that may lead to loss or damage of your cargo. CMA CGM press release says that, since June, 20th 2016, this offer is also available in the CMA CGM eBusiness Platform. This new feature gives you the possibility to insure your cargo online, during your e-booking process.

Pic: IUMI

Industry Unprepared for New Container Weighing Rules, says IUMI

Helle Hammer, Managing Director Cefor & Chair of the International Union of Marine Insurance (IUMI) Political Forum discuss about Container Weighing Rules. As of 1 July 2016, only containers with a verified gross mass will be allowed to be loaded on board a vessel (although IMO is allowing a grace period of three months). Although the new SOLAS requirement was adopted in 2014, many shippers and forwarders are still unprepared, and masters will have little choice but to refuse unverified containers. In the short term, non-compliance is likely to affect the cargo insurance sector.

Swiss Re Establishes North America Marine Team

Swiss Re Corporate Solutions has expanded its marine business by opening a North America marine office. Beginning October 1, 2015, the New York-based team will provide ocean cargo insurance, with additional products to follow, the company said. Leading the marine North America team will be Graeme Schultz, who brings 18 years of industry experience to the role. Swiss Re Corporate Solutions said the new marine team will support its regional North American clients, enabling better service to midsized-to-large manufacturers, importers, exporters and logistics providers, among others.

Kevin King

Seminar Highlights Freight Liability in Russia

International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow. Lead by TT Club’s General Manager, EMEA, Kevin King and Kirill Berezov from the insurer’s long-established Russian network partner Panditrans, the seminar outlined both the changing nature of the transport operator’s liability in Russia and the idiosyncratic nature of insurance conventions applicable in the region. TT Club believes that there is an urgent need for international freight forwarders…

The Arctic region showing the Northern Sea Route, in the context of the Northeast Passage, and Northwest Passage

BHM Penlaw, Tactique Unite to Offer Arctic Solutions

BHM Penlaw and Tactique Ltd have now joined forces to support their clients in exploiting an alternative sea route which reduces sailing distance by 4,300 nm and 10 days on transits between Europe and Asia. The Northern Sea Route, also known as the NSR, or Northeast Passage, is a burgeoning waterway between Europe and Asia cutting through roughly 3,500 nm of frigid waters off Russia’s northern coast. As sea-ice recedes and Arctic technology improves, traffic along the NSR will increase, making this region one of chief economic and strategic importance.

Saltchuk to Acquire Tropical Shipping

A subsidiary of Saltchuk Resources, one of the nation’s leading transportation and petroleum distribution companies, has entered into a binding purchase & sale agreement to acquire Tropical Shipping and its related companies. The acquisition includes the premier shipping and logistics company for the Bahamas and Caribbean, Tropical Shipping and all of its related transportation, consolidation and cargo insurance companies. As an international foreign flagged shipping and logistics operation, Tropical and its related companies will become Saltchuk’s sixth line of business.

INTTRA to Offer Cargo Insurance on e-Commerce Network

Hong Kong headquartered FP Marine Risks provides insurance program to INTTRA network members via INTTRA's e-commerce platform. Leveraging the buying power of the INTTRA network, INTTRA members can elect to purchase cargo insurance at competitive rates during the shipping process through Alto, FP Marine Risks’ online insurance platform. Effective immediately, shippers can click a link to request a quote from FP Marine Risks through the INTTRA platform, embedding the ability to…

(L to R) – Simon Gould, Managing Director BMT Hi-Q Sigma; Jeroen de Haas, Managing Director of BMT Surveys (Rotterdam); Peter French Chief Executive, BMT Group; Dr Matthew Roberts, Operations Manager, BMT WBM (UK); David Bright, Sector Director (Defence) BMT Group; Ian Davies, non-executive Director BMT Group.

BMT Expands Into Central London

BMT Group opened of a new central London office to support its rapid growth. The new complex, close to St Katherine’s Dock and the City of London will house elements of subsidiary companies, BMT Hi-Q Sigma, BMT Surveys, and BMT WBM under one roof. Both new and existing clients will benefit further from the collective skills and wealth of knowledge available within the BMT group of companies. Peter French, Chief Executive of BMT Group said: “Our new central London location brings the subsidiary companies into close proximity with clients and partners in government…