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Tuesday, June 25, 2019

Insurance Coverage News

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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.

Image CREDIT: AdobeStock / © Jose Gill

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

Pic: IMO

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.

The Author, David Cunningham.

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.

Photo: Danish Maritime Authority

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).

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…

Siiri Duddington (Photo: Hill Dickinson)

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.

Adobe Stock CREDIT SB Goodwin

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…

(Photo: Dorian LPG)

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.

Thomas Brown (Photo: Seacurus)

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…

Anne Marie Elder

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…

File photo: MOL

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.

Image: National Iranian Tanker Company

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.

Frederic Fontarosa

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.

Fidelis logo

Fidelis Launch Inland Marine Division

Fidelis Group Holdings, through its subsidiary company Continental Underwriters, Ltd., a national marine Insurance coverage and service leader, announced today the formation of its new Inland Marine Division. Ed Helfers and Lisa Uzzo named Managing Directors. The new Inland Marine division will be based in the Company's New York office. H. Elder Brown, Jr., FGH's Chairman and Chief Executive Officer, said in a company statement, "We are excited to bring very senior, experienced talent into this new division of the Company.

H. Elder Brown (Photo: FGH)

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.

WaveRoller™ technology

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.

Denise Balan

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…

David Skeen: Photo credit Mediation.com

Baltimore Attorney, AMC Editor, David Skeen Joins Mediation Network

Mediation professional David Skeen expands his online presence by joining Mediation.com, a fast-growing network of attorney-mediators. “When dealing with disputes involving maritime law, time and money are often of the essence,” said Skeen. Skeen has represented clients in state and federal courts in issues of fire and casualty, subrogation, personal injury, commercial litigation, and insurance coverage and defense. He has various clients in cases involving, but not limited to…

Photo: Drum Cussac

Drum Cussac Wins Quality Award

Drum Cussac has been awarded ISO/PAS 28007 certification by global management system certifier, LRQA; an accolade reserved for private maritime security companies which demonstrate excellence in the provision of privately-contracted security personnel to commercial vessels. This places the U.K.-based global business risk management company among an elite group of private maritime security providers who meet the stringent guidelines that set the benchmark for regulatory compliance, professionalism and quality.

When is a Ship Not a Ship?

Does your insurance coverage fit your operation? No business likes to hear the word “denied” from their insurance company. But when a business purchases an insurance policy, it enters into a contract that carefully outlines what insurance protection is being offered to the business, and what is not. To avoid being caught off guard, it is especially necessary for marine businesses, and those that provide service to them, to make sure their insurance coverage fits their operations, and the scope of work they are providing. Consider the hustle and bustle of a shipyard operation.

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.

The Changing Face of Piracy

The release of the Captain Phillips movie starring Tom Hanks in October 2013 and the hijacking of two Americans off the coast of Nigeria have brought more public attention to the oldest of all maritime risks: piracy. While piracy has been a concern in the maritime industry for centuries, a new hotspot has emerged off the coast of West Africa in the Gulf of Guinea. Specifically the industry is concerned about attacks occurring in the territorial waters of Benin, Nigeria, Togo and the Ivory Coast.

FDH logo

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.