The Standard Club Withdraws from Underwriting at Lloyd's
The world’s fourth largest P&I club announced Thursday that it is withdrawing from underwriting at Lloyd’s from 2019.The Standard Club had established a syndicate in 2015 to underwrite marine and energy risks. It represented one strand of the club’s broadly-based strategy to provide its members with a wider range of insurance covers to meet their needs and diversify the club’s source of revenues.The club said it in press release that remains committed to these strategic aims but…
North P&I Club Strengthens Greek Presence
Global marine insurer North P&I Club said that Gagan Dhillon will take over Michael Asherson’s responsibilities for the Greek Membership and lead the claims team based in Newcastle.Gagan, a Master Mariner, first sailed in command of a tanker in 2007 before joining North in 2010 and gaining a First Class (Honours) degree in law.Michael Asherson will take up a position as partner with leading South African law firm Shepstone and Wylie in Durban and will leave the Club at the end of August.After 18 years with the Club…
Standard Club Establishes New Offshore Advisory Committee
The Standard Club is driving developments in offshore P&I with the launch of the Standard Club Offshore Advisory Committee (SCOAC). SCOAC aims to analyse offshore trends, assist the club in further understanding and disseminating industry best-practice and develop new strategies to provide a focused direction for the benefit of the club’s offshore membership. The committee consists of leading offshore players including Allseas Group, Bumi Armada, Floatel International, Nortrans Offshore, Saipem, SBM Offshore and Subsea 7 – all members of The Standard Club.
IMB Reports 87 Piracy Incidents in H1 2017
The IMB has published its report on piracy and armed robbery for the second quarter of 2017, covering the period from 1 January to 30 June 2017. The report highlights continuing decline in the number of incidents of maritime piracy, said a press release from The Standard Club. 87 incidents have been reported in the first six months of 2017, with 63 ships boarded, eight attempted attacks, four ships hijacked and 12 ships fired upon. This represents a decrease from 2016 when there were 97 reported incidents in the same period.
Brexit Prompts Ship Insurers to Mull New Outposts
U.K.-regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU's financial market, industry sources involved say. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs - marine insurers owned by shipping firms - could further weaken other parts of its multi-billion pound shipping services sector.
When is a Master Entitled to Refuse Damaged Cargo? A Reminder from the Standard Club
A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreement between shippers, charterers and carriers. Under Article III Rule 3 of the Hague/Hague Visby Rules after receiving the cargo, and on the demand of the shipper, the master is obliged to issue a bill of lading evidencing the quantity and apparent order and condition of goods to be carried. The buyer of cargo, the consignee in an international trade, will want the subject bill of lading to be accurate and contain unambiguous remarks as to the quantity…
Indonesia Tops in Piracy and Armed Robbery
The IMB cautions against complacency in its latest report on piracy and armed robbery which covers the period from 1 January 2015 to 30 September 2015, says The Standard Club. 190 incidents have been reported to the IMB in 2015, with the majority focused upon low-level incidents in Southeast Asia. 154 ships were boarded, 21 attempted attacks took place and 15 vessels were hijacked. The majority of reported incidents in 2015 have taken place in Indonesia. Attacks in Southeast Asia tend to be low-level in nature and take place at night.
Hazard Awareness Competition for Seafarers Launched
In an initiative to raise awareness of potential hazards at sea, The Standard Club and the International Chamber of Shipping (ICS) have joined forces to launch a ‘Spot the Hazard’ competition open to any seafarer worldwide. With USD$10,000 of prize money, the competition has been designed to help those working at sea identify hazards and to promote the critical importance of accident prevention. Seafarers entering the competition will be asked to identify hazards shown on a series of images depicting typical scenes on board ship.
New Hazard Awareness Competition For Seafarers
In an initiative to raise awareness of potential hazards at sea, The Standard Club and the International Chamber of Shipping (ICS) have joined forces to launch a ‘Spot the Hazard’ competition open to any seafarer worldwide. With $10,000 of prize money, the competition has been designed to help those working at sea identify hazards and to promote the critical importance of accident prevention. Seafarers entering the competition will be asked to identify hazards shown on a series of images depicting typical scenes on board ship.
Standard Club Reserves at Record Levels
February 20, 2014 not only marked the end of The Standard Club’s financial year, but also revealed evident improvement. The club’s combined ratio strengthened to 101%, from 113% in 2013. Gross premium income net of reinsurance increased by $22m to $253m, whilst claims net of reinsurance and operating expenses came to $257 million, a fall of $14m. This produced an underwriting deficit of $4m (a 101% combined ratio), which was covered by an investment surplus of $10m. With free reserves of $369m…
Landmark Legal P&I Ruling: LOU Constitutes Limitation Fund
In an important decision for the P&I industry, on 6 March 2014 the Court of Appeal has ruled that a Limitation Fund can now be constituted by way of a Letter of Undertaking ("LOU") given by a P&I Club, as opposed to a cash payment into court. Clyde & Co were instructed by the owners of the M/V "ATLANTIK CONFIDENCE", Kairos Shipping Limited, and their P&I insurers, the Standard Club. The vessel sank off Oman on 3 April 2013 following a fire on board and on 13 May 2013, Owners commenced…
First Candidates Complete International Group P&I Qualification
The first group of candidates has successfully completed the full Protection and Indemnity Qualification (P&IQ). The examination program was launched in 2010 by the International Group of P&I Clubs (IG) to support education in P&I insurance. The successful candidates were presented with their certificates by Grantley Berkeley, Chairman of the IG and of Tindall Riley (Britannia) Limited, at an awards ceremony to mark the candidates’ achievements held on 12th November 2013 at the Watermen’s Hall in London.
Standard Club to Host MLC Seminar in Istanbul
The Standard Club will address an audience of over 120 Turkish shipowner representatives and brokers on the Maritime Labor Convention (MLC) at a seminar at the Turkish Chamber of Shipping in Istanbul on Wednesday, November 6, 2013. Turkey is expected to ratify the MLC in the near future. The seminar will also cover other current topics of interest to shipowners including Electronic Bills of Lading. The MLC 2006, which came into force on August, 20 2013, is currently ratified by 47 countries representing 76pc of the world’s gross tonnage.
Seafarers Far More Often Sick Than Injured
Yale University School of Medicine presents preliminary results of the Future Care, Inc. / Yale University Seafarer’s Health Study. In a presentation conducted in the Union League Club in New York City, Yale University Occupational and Environmental Medicine Program in collaboration with Future Care, Inc., reported the initial results of the pilot study on the health of seafarers internationally, initiated in March 2012. Using Future Care’s unique experience as internationally…