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…
Wilgus Elected Partner at Blank Rome
Maritime and international trade attorney Lauren B. Wilgus has been elected partner at law firm Blank Rome, effective January 1, 2020.Wilgus, based in New York, focuses her practice on international and maritime litigation, alternative dispute resolution and business matters, notably involving domestic and foreign corporate interests as well as disputes concerning international and domestic commercial contracts, marine insurance coverage and charterparties. She counsels on claims involving the Carriage of Goods by Sea Act…
Port of Oakland Names Female Attorney
For the first time in its 92-year history, a woman has been named Port Attorney at the Port of Oakland. The Port’s governing Board last night appointed Michele Heffes as the head of its in-house Legal Department.Heffes succeeds Danny Wan, the prior Port Attorney, who became the Port’s Executive Director Nov. 14. A 31-year Port veteran, Heffes had been Interim Port Attorney while the Board sought Mr. Wan’s replacement.Heffes advises the Port on legal affairs that arise in the conduct of its Maritime, Aviation and Commercial Real Estate businesses.
CMA CGM Launches SHIPFIN Trade Finance
CMA CGM launches SHIPFIN Trade Finance, its new range of import and export financing solutions.An innovative offering of simple, reliable and rapid financial services;Two complementary solutions for importers and exporters: Supply Chain Financing and Cargo Financing;CMA CGM is accelerating its Customer Centricity strategy to offer its customers tailor-made solutions supporting the development of their business.Discover SHIPFIN Trade Finance…
ICTSI Unveils Banana Transport Insurance Program
International Container Terminal Services (ICTSI) Ecuador has launched the first transport insurance program for banana trade.Contecon Guayaquil SA, the Ecuadorian subsidiary of ICTSI, will be providing banana-exporters with a comprehensive insurance program, increasing coverage for the transport. ICTSI claims that Contecon Guayaquil SA (CGSA) is the world’s biggest banana export port.Designed according to the needs of Ecuador’s export market – SIE, Ecuador’s first integral insurance…
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.
Japan Oil Industry Braces for Higher Middle East P&I Costs
The costs of buying crude oil from the Middle East could rise as war insurance for ships travelling in the region will be expanded to include vessels travelling off the United Arab Emirates and Oman, the head of Japan Petroleum Association said on Friday.Japan is the world's fourth-largest oil importer and imports 90% of its crude from the Middle East, government data showed.Asian shippers and refiners had put ships heading to the Middle East on alert and were expecting a possible rise in marine insurance premiums following attacks on Saudi oil tankers and pipeline facilities earlier in May.Ta
US Maritime NOT Prepared for Cyber Attacks: Survey
Almost 80% of large U.S. maritime industry companies surveyed reported that cyberattackers targeted their companies within the past year, according to a new maritime cybersecurity survey.The inaugural Maritime Cybersecurity Survey from New Orleans-based Jones Walker LLP said that rapidly evolving technologies deployed throughout the U.S. maritime industry to increase efficiencies and competitiveness present significant cybersecurity risks, which the industry is unprepared to shoulder.38% of all industry respondents reported that cyber attackers targeted their companies within the past year.
Marine Insurance: Protect Your Yacht, Yourself
All my life, I grew up around boats. My dad was a captain for 23 years, and I would travel on his ships throughout the Gulf of Mexico, the Atlantic Ocean and the Great Lakes. My first job out of college was in San Francisco, so naturally I bought a 30-foot sailboat and lived on it on the San Francisco Bay. In more recent years, I have enjoyed yachting with my family on the inland lakes of Virginia. No matter where you have launched your yacht, boating is an exhilarating experience. It can also be dangerous and fraught with risks.
DMA: Third Party Liability Insurance Mandatory for Small Vessels
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).
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…
Hill Dickinson Hires Duddington as Partner
International law firm Hill Dickinson has appointed partner Siiri Duddington to join its expanding shipping team. Formerly a partner at Campbell Johnston Clark (CJC), Siiri spent six years at the firm advising on a wide range of dry shipping, trade and insurance litigation, acting principally for owners, charterers, P&I clubs, traders and insurers. Siiri has extensive experience in commercial contracts disputes involving charterparty, bill of lading, MOA, COA, pooling agreements, marine insurance and sale contracts, as well as shipbuilding and rig disputes.
Ports Ponder Public Private Partnerships
Because any port is only as efficient as its weakest link, so-called P3 funding will be the key to driving the future intermodal equation. Seaport and marine terminal finance draws from a wide range of funding sources, often combined to pay for a particular project. Ports are public goods, and as such, sometimes they also see varying contributions from federal, state, regional and local entities. At its lowest common denominator, the port business is all about connectivity; hence ‘port’ projects will frequently include an intermodal component…
Dorian LPG Secures $97 Mln Bridge Loan
Dorian LPG Ltd., owner and operator of very large gas carriers (VLGC), said it has entered into a $97 million bridge loan agreement with DNB Capital LLC. The proceeds of the Bridge Loan were used to repay the remaining outstanding debt of $98.6 million under the company's secured bank debt facility with Royal Bank of Scotland plc. for $94.7 million and to pay fees and expenses associated with the transaction. As part of the refinancing, $6 million of cash previously restricted under the RBS Loan Facility was released as unrestricted cash for use in operations.
Green Signal for Iranian Tankers in European Ports
The Mehr News Agency reports that the British Lloyd's Register Group has canceled one sanction against Iran’s oil industry by issuing certificates for commute of Iranian oil tankers to the ports and oil terminals of European Union. The managing director of National Iranian Tanker Company (NITC) Ali Akbar Safaei stated about the official removal of the first sanction on Iran’s oil industry in the field of marine transport of crude oil and petroleum products. “Iranian tankers will now travel under the license of British Lloyds international classification institution,”he said.
Interview: Frederic Fontarosa, WSS Ships Agency
Wilhelmsen Ships Service (WSS) is aiming to consolidate its position within the Ships Agency segment by building stronger agent-customer relationships. By doing so, Frederic Fontarosa believes the firm can offer enhanced efficiency, understanding and value. Frederic Fontarosa is a people person. Mixing an easy going, laid back French-American drawl with suddenly energetic outbursts on subjects close to his heart, he’s engaging to talk to and easy to like. Seated in his Houston office…
Piling It On: Oil Spill Liability
While the U.S. Congress can create and pass legislation, in many circumstances there can be state laws that either augment, overlap or potentially create conflict with the federal laws. This can be especially true in the maritime world, where federal admiralty jurisdiction results in legislation that often specifically allows concurrent state law requirements. Three good examples of this can be found in the areas of abandoned and derelict vessels, vessel discharges, and liability for oil spills.
Ship Insurers Plug Hole in Iran Oil Cover Left by US Sanctions
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.
Navigating 2016’s Marine Insurance Market
Marine insurance may have the distinction of being the oldest line of insurance in existence, but it’s not letting its venerable age hinder its growth or flexibility. Given the new, emerging and increasingly complex risks faced by the maritime industry, the insurance market must adapt to meet the evolving needs. In fact, the marine insurance market continues to grow and evolve to address maritime industries new operating and trading environment. While bad weather and rough seas may have been the big risk of days gone by…
Fidelis Group Holdings Opens NY Office
Fidelis Group Holdings, LLC (FGH) with its subsidiary company Continental Underwriters, Ltd. (CUL), a National Marine Insurance coverage and service company, opened its new flagship office located in Lower Manhattan, New York. H. Elder Brown, Jr., President and Chief Executive Officer of FGH commented, "We have been able to continue our growth pattern during these tough market conditions principally due to our proven business model and discerning hiring practices. The Lower Manhattan office is FGH's second location in New York and will compliment all of the groups existing product lines.
AW-Energy to Tie-up with LR to certify WaveRoller™ technology
The world-leading Finnish wave energy technology developer AW-Energy has taken another major step towards commercialising its WaveRoller™ technology. In mid-August the company signed a Framework Agreement with the independent certification organisation Lloyd’s Register Energy. The agreement will see Lloyd’s Register Energy utilise its considerable experience of marine power generation assets to provide a valuable independent review of all stages of the work carried out by the WaveRoller™ team.
XL Offers KRE Cover to Yacht Owners
To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages. "Crisis events like kidnapping, disappearance and hijack are increasingly real threats, especially on open seas," explained Denise Balan, Country Manager of XL's US Crisis Management business which developed the KRE endorsement. According to Rick Salway, Vice President of XL Group's Recreational Marine business…
Seacurus: Yachting Sector Seafarers Need Attention
Specialist marine insurance intermediary Seacurus has called for more flag states to establish a process of compulsory registration for all providers of Seafarer Recruitment and Placement Service (SPRS) in the yachting sector. Thomas Brown, managing director of Seacurus, says, “More countries need to follow the initiatives shown by the likes of the UK MCA and France, with the latter making company registration compulsory for SRPSs in the yachting sector. The measures introduced by the French authorities…
US Obamacare Impacts the Global Marine Industry
The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG). Maria, who is president/broker at SYIG, said, “The biggest challenge presently is Obamacare. Interestingly enough, it’s actually affecting the international marine industry, in that we now have to cope with tighter guidelines regarding time spent in-and-out of the U.S. waters.
Maritime & Offshore Employment: Contractors, Coverage and Confusion
Faststream USA Managing Director Eric Peters defines the risks in hiring contract workers in today’s marine and offshore markets, and lays out the course to mitigating those headaches. Recruitment, insurance and peace of mind – all rolled into one neat package. It’s no secret that the marine and offshore worlds require comprehensive insurance coverage in the event of an accident or emergency; however, the complex laws associated with contract workers mean that some employers are unaware of exactly what is needed to ensure their employees are properly covered.
Fidelis Group Name Civisca Executive V-P
National marine and inland marine insurance coverage and service provider Fidelis Group Holdings, LLC (FGH), through its subsidiary company Continental Underwriters, Ltd. informs it has appointed Mr. Michael L. Civisca as Executive Vice President. Civisca will oversee and continue building the company's expanding platform for its Marine and Inland Marine products as well as new lines of business throughout North America. He will be based out of the Company's New York office. FGH say that Mr. Civisca brings a wealth of experience to them having spent over thirty years in the insurance industry.