The Four Dominant Criteria of Yacht Insurance
It is generally understood that the insurance coverage of a luxurious Yacht can be a headache for her owner, not having the necessary knowledge and sufficient information to make an educated decision with confidence, especially in a changing and challenging international insurance market.Yacht insurance traces its roots in an official sense back to the 17th century and falls within a special category, specifically Marine Insurance, which requires advanced knowledge and experience…
New Online Marine License Insurance Program
Mariners looking for insurance have a new option that is touted as being fast and affordable, cared for immediately in an online format that is designed to be more expedient than ever.360 Coverage Pros launched a new Marine License Insurance Program for mariners that offers an entirely online buying experience combined with low monthly payment options and instant proof of coverage.Until now, the process of securing a marine license insurance policy involved requesting quotes,…
American P&I Club adds to London, Hong Kong Staff
One appointment in the London office and two in Hong Kong.In a circular to Members of the American P&I Club, its Managers, Shipowners Claims Bureau, Inc. (SCB), have today announced that Arsinoi Iliokaftou has been appointed Claims Executive in London, to add further strength to its existing capabilities in the claims liaison sphere, whilst in the Managers’ Hong Kong office, Vicky Cheng and Joe Wan have been appointed as Business Development Executives – Asia to assist in the…
Joe Toomy Rejoins Port NOLA
The former chairman of the Port of New Orleans Board of Commissioners Joe Toomy is rejoining the group.Gov. John Bel Edwards reappointed Joseph F. Toomy to the Board of Commissioners of the Port of New Orleans.Toomy was sworn in during today’s monthly board meeting and will serve a five-year term succeeding Laney J. Chouest as one of two Jefferson Parish representatives on the seven-member regional board. He previously served on the Board of Commissioners from 2009 to 2014 and served as chairman in 2013.With the Port’s acquisition of the New Orleans Public Belt Railroad effective Feb.
Cyber Risk Management: What Maritime Professionals Need to Know Now
The IMO January 2021 deadline for shipping interests to incorporate cyber risk management into their existing Safety Management Systems is fast approaching. It is critical that stakeholders understand their vulnerabilities. The IMO has issued MSC-FAL.1/Circ.3 guidelines on maritime cyber risk management that does a good job of outlining the many vulnerable systems within marine operations, including:1.Bridge systems;2. Cargo handling and management systems;3.Propulsion and machinery management and power control systems;4.
European Marine Insurance Firms Join Forces
Italian worldwide leading broker for marine insurance Cambiaso Risso Group has signed a strategic partnership agreement with French insurance broker Siaci Saint Honore to foster a strong positioning in their markets.The deal will be subject to approval by the competition authorities in some of the 42 countries in which the two companies are active and will come into effect in the second quarter. It will give birth to the world’s top three marine insurance broker in the world,…
The American Club Celebrates Its Centenary
The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published. The book tells the story of the Club across ten decades of maritime and marine insurance history both within the United States and across the world. Its author is Richard Blodgett, a former Wall Street Journal reporter whose previous credits include histories of the New York Stock Exchange, Kohler and Co. and JPMorgan Chase & Co. The American Club was founded in February, 1917.
Oil and Shipping Markets on Edge After South China Sea Ruling
Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing's claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway. A tribunal in The Hague, Netherlands, found China had breached the sovereign rights of the Philippines and had no legal basis to its historic claims in the South China Sea, a major shipping lane between Europe, the Middle East and Africa. The ruling will be seen as a victory by other regional claimants such the Philippines and Vietnam…
WQIS Hires Mongello as COO and Senior VP
WQIS, underwriter of pollution liability insurance for marine vessels, has created the new position of Chief Operating Officer and has selected Justin A. Mongello to fill the role, as well as that of Senior Vice President. Mongello holds a Bachelor of Science in Marine Transportation from State University of New York Maritime College and brings to the role almost 20 years as a team leader in underwriting with firms such as Zurich North America, Swiss Reinsurance Corp and Liberty International Underwriters.
WCA Announces Leadership Changes
Dan March has been appointed Chief Executive Officer (CEO) of the independent forwarder network WCA, with founder David Yokeum becoming Chairman, and Ram Menen joining a new global Supervisory Board. Based in London, March, who has been WCA Communications Director for over five years, will oversee the day-to-day operations and work closely with Yokeum and the new non-executive Supervisory Board – comprising Eric Fady, Philip Bilney, and Jim Barnhart, as well as Menen. Yokeum, who founded WCA in 1998, will remain actively involved in overseeing the direction and strategy of the company.
Liberian Registry Appoints London GM
The Liberian International Ship & Corporate Registry (LISCR), the U.S.-based manager of the Liberian Registry, has appointed Kostas Ladas as general manager of its London office. Ladas joins LISCR from London-based ship and insurance broker and agent Victoria Steamship Co. Ltd., where he was vessel operations manager. Prior to that, he spent over 25 years with Coscon/Cosco (U.K.) Ltd. in London, where he held a variety of executive roles, including Chartering & Shipbroking deputy general manager, commercial manager and company legal adviser.
Oil Tankers Run Gauntlet in Nigeria's 'Pirate Alley'
A pirate attack that killed a supertanker crewman off the coast of Nigeria this week has highlighted a growing threat off oil-rich West Africa, as vessels carrying millions of barrels of crude traverse a region that has become known as "pirate alley". The 2 million barrel Kalamos Very Large Crude Carrier (VLCC) was heading to Nigeria's main oil terminal when it was attacked late on Monday, leaving the ship's Greek deputy captain dead and three crew members taken hostage. Security experts say the waters off Nigeria are now the deadliest on earth…
Ro-Pax Ferries Bear Excessive Reinsurance Burden Says Broker
Insurance broker and Maritime London member Willis believes that ro-pax ferries are bearing an unfair share of costs allocated to passenger ships within the International Group of P&I Clubs' reinsurance pool. The broker's head of global P&I, Ben Abraham, told delegates at the recent Interferry annual conference in Malta that there was a compelling argument to differentiate between pure passenger ships and ro-pax ferries, where most carrying capacity is taken up by freight, because their catastrophe risk is so different.
Interferry Urges Proactive Approach to Industry Challenges
More than 250 top-level delegates attended trade association Interferry’s 38th annual conference in Malta to debate the major factors affecting ferry operations around the world. Under a new format mixing presentations with panel discussions and audience input, the event underlined the diversity of political, technical, operational and commercial issues challenging the industry. Among several sessions focused on safety, a former airline pilot confirmed the alarming certainty of human error…
Maritime Industry, Marine Insurance, Difficult Year Ahead Says Willis
After an inauspicious start, 2012 will be another difficult and uncertain year for the maritime industry faced with the aftermath of the Costa Concordia, further problems in the Euro zone, pirate attacks and increased sanctions, according to the latist Willis Marine Market Review (part of Willis Group Holdings, the global insurance broker). The latest report reveals the Hull market is in a state of flux following the Costa Concordia disaster in January. Some underwriters in the London insurance market…
Moore Stephens Strengthens Regulatory Advisory Team
Moore Stephens has further strengthened its regulatory advisory capability with the appointment of John Westlake as compliance manager. John Westlake has a broad perspective of the insurance industry acquired through a variety of roles, which has enabled him to support insurers and brokers in establishing effective compliance solutions. He has a strong commercial background, having acted as operations director with a personal lines insurer, compliance director with a commercial insurance broker and most recently training and advising senior management in the management of risk at JLT Group.
Marsh & REDfour Partner to Address Piracy
Marsh, insurance broker and risk adviser, and REDfour (MSS) Ltd, a maritime security firm, announced they are working together to help shipowners address potential exposures associated with piracy attacks in the Gulf of Aden. Shipowners working with REDfour for security services and with Marsh for kidnap and ransom (K&R) insurance coverage may qualify for significant reduction in their overall K&R insurance costs. In addition, Marsh and REDfour have agreed that clients binding with certain underwriters will be provided services from REDfour at a reduced cost.
Marine Insurance Brokerage Makes Key Appointments
Willis North America, a unit of Willis Group Holdings, the global insurance broker with operations in Virginia, appoints two Client Advocates. Jeremy Sykes and Francesca Sykes have been appointed Client Advocates of the Willis Marine Practice, Willis of Virginia. They will be responsible for business development within the Marine Practice. Mr. Sykes and Ms. Sykes will also work to expand Willis’ footprint in the Virginia marketplace and align the company’s global resources to deliver outstanding risk management services to firms in the Marine industry.
Willis North America Expands Marine Practice
Insurance Broker will Deliver Expertise to Maritime and Cargo Industries in Eastern Virginia and Mid-Atlantic Region. Willis North America, a unit of Willis Group Holdings, the global insurance broker with operations in Virginia, has announced two key appointments to strengthen its Marine Practice and drive growth across the region. Willis is a leading insurance broker that provides risk management and employee benefit solutions across a wide range of industries. With more than 2…