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Sunday, January 19, 2020

Marine Insurance News

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…

Paul Jennings (Photo: North P&I)

BREXIT: North P&I Gets OK for Dublin Brexit Hub

British ship insurer North has received regulatory approval from Ireland's central bank for a new subsidiary in Dublin to ensure continued access to trade in the European Union in case Britain loses single market access, the firm said on Friday.North, which has its headquarters in the northern England city of Newcastle, is the first specialist Protection and Indemnity (P&I) club to announce regulatory approval for Brexit trading arrangements in the EU. It said a team of senior…

Who Wins in Shipping’s Battle for Data?

Weather has to be one of the most important building blocks of any digital operations solution. But, that’s only one of dozens of individual variables. Building a data management solution that navigates the unexpected, and not just the low hanging fruit, is the way to go.One of the most fiercely fought battles in shipping today is the battle for data. On a weekly basis, we see companies of all stripes – ship managers, owners, class societies, equipment manufacturers and even coating suppliers – investing in their own digital solutions and fiercely competing for control over data: the new oil.

Parker Harrison was named Crowley Maritime's SVP of procurement and risk management. (Photo: Crowley Maritime)

Crowley Promotes Harrison

Crowley Maritime appointed Parker Harrison to its leadership team as senior vice president of procurement and risk management, effective Jan. 1, 2019. Harrison, former VP of procurement, will continue to be based at the company’s headquarters in Jacksonville, and will report to Bill Pennella, vice chairman and executive vice president.In her new role Harrison will work across all of Crowley’s business units to strategically align risk management functions while continuing the company’s procurement transformation into a strategic center-led competency.

Graph: Drewry Shipping Consultants Limited

Ship Operating Costs Rise for Second Successive Year: Drewry

As the cost inflation is set to accelerate on higher insurance premiums, average vessel operating costs rose modestly for the second year in succession following two years of marked declines, according to the latest report published by global shipping consultancy Drewry.The report titled 'Ship Operating Costs Annual Review and Forecast 2018/19' said that typical ship operating costs accelerated moderately in 2018 as the uncertain recovery in freight markets across most cargo sectors gained momentum.Opex costs are heavily linked to developments in the wider shipping market as some costs…

Simon Collins and Joe Hughes (Photo: EOM)

EOM Renews Reinsurance Program

Eagle Ocean Marine (EOM), the American Club’s fixed premium P&I and FD&D facility, renewed its reinsurance program for another 12 months from July 1 with the continuing support of its coventurers at Lloyd’s. .Eagle Ocean Agencies, Inc., the Manager of Eagle Ocean Marine, and an affiliate of Shipowners Claims Bureau, Inc., the Manager of the American Club, has recently secured the services of Simon Collins as consultant to the management team. Collins brings a wealth of experience to EOM.

London P&I Club Setting up Cyprus Office over Brexit

British ship insurer London P&I Club is setting up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access, the group told Reuters on Friday.Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector."We have … chosen Cyprus to establish our new post-Brexit EU subsidiary, and we are currently going through the process of setting it up and obtaining the necessary license," London Club said in a statem

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.

Richard Greiner, Moore Stephens partner, Shipping and Transport

Moore Stephens: Ship Operating Costs Decline Again

International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by 1.3% in 2017. This compares with the 1.1% average fall in costs recorded for 2016. For the third successive year, all categories of expenditure in 2017 were down on those for the previous 12-month period, most notably for insurance costs and stores.The findings are set out in OpCost 2018 (www.opcostonline.com), Moore Stephens’ unique ship operating costs benchmarking tool…

Dorothea Ioannou (Photo: The American Club)

American P&I Club Manager Prepares for Further Growth

Shipowners Claims Bureau, Inc. (SCB), the Manager of the American P&I Club, has recently announced a series of appointments designed to service the Club’s growing membership and help fulfil longer-term goals of continued expansion. The American Club has grown its membership substantially over recent years, tonnage having increased by some 25 percent over the past 24 months, and these appointments are intended to consolidate the Club’s continuing service capabilities in the future.The…

Richard Turner. Photo: IUMI

IUMI Appoints Richard Turner as President

Richard Turner, European Director of Global Risk Solutions at RSA Insurance Group has been elected President of the International Union of Marine Insurance (IUMI).In accordance with the Articles of Association, IUMI’s Council formally elected Richard at their annual meeting which was held today, the final day of the IUMI annual conference in Cape Town. Richard, who has been closely associated with the global marine insurance market for 35 years, will serve a four-year term as…