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Thursday, October 1, 2020

Marine Insurance News

“Digitalization is not an option anymore - it is here to stay - and the marine insurance sector needs to keep pace" said Patrizia Kern, IUMI Data and Digitalization Forum Chair.

IUMI: Insurers, Underwriters Must Jump Onboard Maritime's Digital Transformation

Speaking at the International Union of Marine Insurance (IUMI) annual conference, IUMI Data and Digitalization Forum Chair, Patrizia Kern discussed big data, the use of digital technologies, and how the COVID-19 pandemic has put digitalization on the fast track.“Digitalization is not an option anymore - it is here to stay - and the marine insurance sector needs to keep pace," said Kern. "For some time now, the shipping industry has been seeking cost-effective ways to operate and key logistics players have already begun to partner and digitalize the global marine supply chain.

Sean Dalton, Chair of IUMI’s Cargo Committee. Soure: IUMI

IUMI: Marine Cargo Insurance "Improving"

Sean Dalton, Chair of IUMI’s Cargo Committee reports the majority of marine cargo markets geographically can best be described as “hard” or “improving” amid significant change driven by unprecedented disruption to the global economy and world trade due to the COVID-19 pandemic.Dalton made his comments at the IUMI (International Union of Marine Insurance) annual conference. “In the past 12 months there have been a number of large cargo losses. These include the tragic explosion in the Port of Beirut…

Patrick Hawkins (Photo: Hill Dickinson)

Hill Dickinson Managing Partner Patrick Hawkins Dead at 59

International maritime law specialist Hill Dickinson announced the death of Patrick Hawkins, head of its office in Greece.Hawkins died in the hospital on August 20, having suffered a heart attack in early July. His funeral took place in Athens on Monday.Announcing his death, David Wareing and Tony Goldsmith, heads of Hill Dickinson’s Marine and Trade Group, said, “It is with enormous sadness that we have to inform you of the passing of our much loved colleague Patrick Hawkins.

(Credit: VOA)

Brokers Calculate Marine Insurance Losses from Beirut Blast

Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday.Overall insured losses - including property damage - from the August 4 port warehouse detonation of more than 2,000 tonnes of ammonium nitrate may reach around $3 billion, sources told Reuters last week.The explosion killed at least 163 people, injured more than 6…

North Chief Executive Paul Jennings (Photo: North)

North Completes Integration of Sunderland Marine

North P&I Club announced it has completed the integration of the Sunderland Marine Insurance Company Limited business into parent company The North of England Protecting and Indemnity Association Limited.The formal transfer of business, which takes effect Tuesday, comes six years after the merger of interests between North and Sunderland Marine in 2014.North Chief Executive Paul Jennings says the integration further embeds Sunderland Marine’s specialist fishing and coastal vessels…

Photo courtesy Marasco Marine Ltd.

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…

© metamorworks/AdobeStock

Crew Training for a Future that Includes Autonomous Vessels

As we continue to contemplate a future with ships transitioning to automated and autonomous operations, the need for new and innovated crew training will only increase. Our current and future ship crews will need to straddle both new and existing vessel operation technology. This will present challenges, but ones that the industry can address in a proactive manner.Traditionally, maritime skills have changed slowly and new technology was assimilated on the fly in many cases. The Merchant Marine was a place where you learned on the job.

© Suriyapong / Adobe Stock

Coronavirus: Cargo Loss Prevention Measures

The pandemic has brought about sudden changes for cargo transportation, impacting shippers and transport companies around the world and potentially increasing the risk environment, particularly for high-value and temperature-sensitive goods. In a new risk bulletin AGCS highlights steps for cargo owners to consider when developing contingency plans.While in most cases initial government directives have established cargo transportation as an essential activity, permitted during any quarantine period…

James Clayton  (Photo: CJC)

CJC Appoints Two New Directors

Campbell Johnson Clark (CJC) has appointed two new Directors, following the promotion of London-based Senior Associates Duncan Ealand and James Clayton with effect from May 1, 2020. Both bring considerable insight to their new roles and exemplify the firm’s readiness to promote young talent from within. The promotions expand and develop the firm’s core business areas in dry and wet shipping disputes and in transactional work.Duncan Ealand has been a solicitor with CJC for seven and a half years…

"The trouble will come when the products are mixed and some blends prove incompatible with one another: when a more aromatic 0.5% product comes into contact with a more paraffinic blend, the products are likely to separate and form sludge, blocking filters.” Jack Jordan, a researcher with S&P Global Platts. 
Image: © vectorpocket/AdobeStock

IMO2020: Low Sulfur Fuel Potential Pitfalls

(This is excerpted from Maritime Reporter & Engineering News' January 2020 "The Path to Zero" column.)Are the world’s ships’ engines ready for IMO compliant very low sulfur fuel? That’s a wide open question as ship owners step to the end of the preparatory gang-plank on January 1, 2020 when 0.5% very low sulfur distillate fuels (VLSF) have to replace residual heavy fuel oil (HFO) containing 3.5% sulfur.You might think that given the length of time to prepare – since 2008 – shipping experts and engineers would have a clearer picture about new fuels and marine engines and operability.

Lauren B. Wilgus (Photo: Blank Rome)

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…

Boriana Farrar is a familiar face in maritime circles, the Vice President and Counsel and a Senior Claims Executive and Business Development Director for the Americas at the Ship Owners Claims Bureau, Inc. managers of the American P&I Club.

Interview: Boriana Farrar, Ship Owners Claims Bureau

Boriana Farrar is a familiar face in maritime circles, the Vice President and Counsel and a Senior Claims Executive and Business Development Director for the Americas at the Ship Owners Claims Bureau, Inc. managers of the American P&I Club. We met with her in her NYC office to discuss her path from her native Bulgaria to a top maritime professional position.When Boriana Farrar moved from her native Bulgaria to the United States in 2001, she did so to be close to family, her mother and her sister who had already established a life in the U.S., some 5,000 miles from her homeland.

Pratap Shirke (Photo: North P&I Club)

North P&I Club Sets 7.5% General Increase

Directors of North P&I Club have decided to set a general increase of 7.5% on P&I and FD&D premiums for the 2020/21 Policy Year. The increase is considered necessary to maintain the Club’s financial strength and stability in a climate of rising International Group Pool claims and premium erosion.According to North’s Chairman, Pratap Shirke, “The marine insurance landscape has been challenging, and during this time we have persisted with our strategy of preserving a balance between reliable financial management and our desire for controlled growth.

Helle Hammer, IUMI Policy Forum Chair

Boxship Fires: Time for Action, says IUMI

This year has already seen an alarming number of container ship fires including Yantian Express, APL Vancouver, Grande America, E.R. Kobe and KMTC Hong Kong.The escalation is of growing concern to IUMI (International Union of Marine Insurance) who used a recent forum to call for an urgent improvement to onboard firefighting systems.At a conference in Arendal, Norway, organised by marine insurer and P&I Club, Gard, and attended by IMO, flag states, shipowners, salvors, class, and insurers…

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,…

Sean Dalton, IUMI Cargo Committee Chair: “Exposures will continue to increase for the cargo underwriter.” (Photo: IUMI)

Marine Cargo Insurance Market Still Not Profitable

Sean Dalton, Chair of the Cargo Committee of the International Union of Marine Insurance (IUMI) has said at the organization’s annual conference in Toronto, Canada, that there has been a 2.5 percent increase in 2018 global premiums to $16.6 billion but that this increase was largely attributable to growth in global trade and exchange rate fluctuations. He added that the marine cargo market was in a state of “accelerating change” driven by underwriters taking action to address unprofitable results and to improve performance.Dalton stated: “On a global basis…

Pic: Hapag-Lloyd

Hapag-Lloyd Launches Quick Cargo Insurance

German-based global cargo container shipping line, Hapag-Lloyd AG is expanding its digital product portfolio. As one of the first container shipping companies, Hapag-Lloyd is now offering its customers an online marine insurance."Quick Cargo Insurance" provides customers with tailor-made insurance offers around the clock. The insurance cover takes effect immediately upon conclusion of the contract."Not every cargo transported by sea is insured, yet. For instance, small and medium-sized customers often do not take out insurance for cost reasons.

Adobestock / © magicbones

UK Risks Losing Edge in Maritime Services

Britain's position as a top hub for maritime services is being eroded by competition, a loss of shipping finance business and the removal of tycoon-friendly tax breaks, a report said, deepening uncertainty for its financial sector as Brexit nears.The UK has been a pivotal global shipping centre for centuries, especially the City of London, and has dominated marine insurance, ship broking, shipping finance and other maritime services.These contribute $5.6 billion a year to Britain’s economy…

Joe Hughes, Chairman and CEO of SCB, Inc. and Eagle Ocean Agencies, Inc., managers of the American Club and EOM

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…

Captain Andrew Kinsey, Senior Risk Marine Consultant with Allianz Risk Consultant (ARC)

Shipping Losses Lowest This Century as New Dangers Emerge

The Allianz Global Corporate & Specialty AGCS) Safety & Shipping Review 2019 provides a unique and in-depth look at the emerging risks facing international shipping stakeholders.Large shipping losses are now at their lowest level this century having declined by over 50% year-on-year, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. The annual study analyzes reported shipping losses over 100 gross tons (GT). AGCS provides global marine and shipping insurance for all types of marine risk…

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

Richard Cornah  (Photo: Association of Average Adjusters)

New Chairman for Average Adjusters Group

Willum Richards hands over chairmanship of the Association of Average Adjusters on its 150th anniversary to Richard Cornah.The Association of Average Adjusters, set for a memorable 150th anniversary after launching the celebrations at its annual general meeting on May 9, 2019, has chosen a new chairman.Willum Richards announced that on the expiry of his two years in office he was handing over the chairmanship to Richard Cornah, one of the profession’s most authoritative personalities.Liverpool…

A typical fleet oiler in support of U.S. Naval operations (CREDIT: USN)

London P&I clubs Widen Middle East Threat Zone

London's marine insurance market has extended the list of waters deemed high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday, in a move that could push up premiums.The London insurance market's Joint War Committee said in a statement that the additions cover areas of perceived enhanced risk for marine insurers and reflected enhanced regional risk."The situation will be kept under close review," said the Joint War Committee…

Lloyd's of London CEO Sees Success in 2019

Lloyd's of London is making changes that will make it more successful this year, its new chief executive said on Friday.The 300-year-old insurance market publishes the 2018 results in aggregate of the more than 80 syndicates under its roof next week.Large natural catastrophes such as hurricanes, typhoons and wildfires led to losses in the market in 2017, driving Lloyd's last year to tell its syndicates to withdraw from loss-making areas of business.Natural catastrophe losses were also heavy in 2018.John Neal, who joined Lloyd's as CEO in Oct 2018, told the Marine Insurance London conference th

Image: Cambiaso Risso Marine S.p.A.

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,…

Dr Lam Pin Min. File Photo: Maritime and Port Authority of Singapore

Singapore Solidifies Maritime Hub Status

Singapore has introduced two initiatives for the maritime industry - the Singapore War Risks Insurance Conditions (SWRIC) and the development of an inter-operability framework for electronic trade documents for the maritime and trade industries, which will strengthen Singapore’s standing as a leading global maritime hub.According to Dr Lam Pin Min, Senior Minister of State for Transport, the SWRIC is an enhancement to the Singapore War Risks Mutual (SWRM), Singapore’s first national…