Home / Shipping News / Marine Insurance P&I Club News

Marine Insurance P&I Club News

UK P&I Club advises on issues on charterparties in bills of lading

Amanda Hastings, Claims Executive at UK P&I Club, comments on incorporation of charterparties into bills of lading: “The issue of incorporation of charterparties into bills of lading is debated by the English courts on a fairly frequent basis; most recently in the Anna Bo (2015) and the Magellan Spirit (2016) cases. So what’s all the fuss about really and how do you avoid getting caught out? “As with many contracts, an omission of a term will not become apparent (or cause a problem) until something goes wrong – but when ...

Read More »

Standard Club’s Tonnage up by 9%

The board of the club met on Friday 12 May 2017 in Rome and reviewed the club and group’s financial position. This circular provides an update to members and their brokers. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 FEBRUARY 2017 The Report and Consolidated Financial Statements for the year to 20 February 2017 were approved by the board and will shortly be circulated to the membership by email and published on the club’s website. These show that the Standard Club achieved, for the second year in a row, a ...

Read More »

ITIC and ASG launch new surveyors’ indemnity wording

International Transport Intermediaries Club (ITIC) and the Admiralty Solicitors Group (ASG) have launched a new surveyors’ indemnity wording designed to address the imbalance between owners’ and surveyors’ responsibilities typically encountered under existing indemnity agreements. Surveyors are invariably asked to sign a waiver and indemnity by the master of a vessel before they are given approval to board. Such documents will frequently stipulate that surveyors must waive all rights to make a claim against the owner and the vessel in respect of any personal injury or loss of or damage to ...

Read More »

Plastics in the Ocean – Why we should all be concerned

May is Gard Insight’s marine litter awareness month with the focus on plastic waste. Our first article and video highlight the problem. We will follow with articles on the regulations imposed by MARPOL on vessel disposal of plastic and an innovative clean-up solution. Plastics have been mass produced for about sixty years. Versatile, durable and light weight, plastic products have transformed the way we live. These same characteristics, however, mean that plastic items that find their way into the sea are easily dispersed by wind and currents and persist in ...

Read More »

Incorporating charterparty terms into bills of lading: don’t get caught out!

The issue of incorporation of charterparties into bills of lading is debated by the English courts on a fairly frequent basis; most recently in the Anna Bo (2015) and the Magellan Spirit (2016). So what’s all the fuss about really and how do you avoid getting caught out? As with many contracts, an omission of a term will not become apparent (or cause a problem) until something goes wrong – but when it does, it can be very difficult (and expensive) to rectify. This can be seen in the Magellan ...

Read More »

A.M. Best Withdraws Credit Ratings of The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg)

A.M. Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) (the Club). Concurrently, A.M. Best has withdrawn the Credit Ratings (ratings) as the Club has requested to no longer participate in A.M. Best’s interactive rating process. The ratings reflect the Club’s excellent risk-adjusted capitalisation, specialist business profile, providing protection and indemnity (P&I) insurance to owners of small ships, and generally strong ...

Read More »

North P&I Club Annual Results Reveal 7% Growth In Tonnage And 99% Member Retention

Leading global marine insurer North P&I Club has announced its annual results, confirming a 7% rise in total entered tonnage to 190M GT, an increase in free reserves to US$431 million and a combined ratio of 96% for the year ended 20 February 2017. North’s results represent another successful year for the Club, despite the backdrop of challenging market conditions. The Club also returned 5% of mutual premium to Members for the 2016 policy year in recognition of the continuing difficult trading conditions facing many in the global shipping community. ...

Read More »

UK P&I Club advises on claims resulting from cargo cold treatment failure

George Radu, Claims Executive at Thomas Miller Americas, comments on the increase in refrigerated cargo claims due to cold treatment failure: “The process of cold treatment is used to exterminate insects and larvae in perishable cargo by maintaining a sufficient low temperature for a pre-determined period, and is a more efficient way to exterminate fruit insects than fumigation. The period and temperature required are defined in protocols established by the relevant authorities of the importing countries. “The Club has recently seen an increase in refrigerated cargo claims for fresh fruit ...

Read More »

OCIMF has released the third edition of the Tanker Management and Self Assessment (TMSA3) – A Best Practice Guide

OCIMF has released the TMSA v3 guide on 10 April 2017. The guide is a tool to help tanker operators assess, measure and improve their management systems. The new and updated third edition reflects current legislations, expectations and emerging issues facing the industry. Key changes to the latest edition include: Update on the industry legislative requirements, including the amendments to the Maritime Labour Convention 2006, the Polar Code and the Ballast Water Management Convention A new element 13 covering Maritime Security Revision to the Environmental and Energy Management element Improvements ...

Read More »

Gard’s appeal to the English Supreme Court is decided

As a leading P&I, Marine and Energy insurer, Gard is prepared to support its Members and clients in litigation when there is a need to clarify points of law of general importance. Indeed, commercial dealings between owners and charterers are helped by having certainty in how risks are to be allocated between them. And, legal clarity also aids the various insurers’ risk assessments. Moreover, legal certainty should, in time, reduce the frequency of disputes serving to save litigation costs for all concerned. In November 2016 the English Supreme Court heard ...

Read More »

Cargo clearance and delivery in Brazil

Our representatives in Santos Proinde (www.proinde.com.br/) have kindly provided a useful guide to cargo clearance and delivery in Brazil, a copy of which can be found . As Proinde note in the Foreword: “The peculiarities of the Brazilian cargo delivery system in contrast with other countries bring about numerous queries from carriers trading in the country on the responsibility for cargo reporting procedures, delivery and determination of liabilities for cargo loss or damage.” This guide is therefore very welcome in helping the Club and its Members navigate the challenges of ...

Read More »

Historically Strong Result As Skuld Celebrates 120th Anniversary

Skuld announces a total combined ratio of 98%, as well as a positive bottom line result of USD 51 million (USD 18 million in 2015 before members’ credit) for its 2016 financial year ending 20 February 2017. Gross earned premium in 2016 amounted to USD 403 million. For the 14th consecutive year Skuld has reported a positive underwriting result. Added to that was a strong 3.4% return on investments, particularly on the equity portfolio towards the end of the policy year. Skuld experienced a few large claims but over the ...

Read More »

2017 Financial Statements – Britannia declares $20m capital distribution to Members

Britannia posted a strong underwriting result for 2016/17, with a $38.9m surplus, while making a $28.7m gain on its investment portfolio. Overall, the Association’s balance sheet reserves rose by $33m and the surplus assets in Boudicca, which are available to meet future claims, rose by $55m. This gives a combined surplus for the year of $88m. Given the further strengthening of the Association’s resources, the Board has announced a $20m capital distribution payable to Class 3 Members with owned ships on risk as at 9th May 2017 (pro rata based ...

Read More »

GARD: Review of Policy Years – Release Calls

Dear Sirs, The Boards of Directors of Gard P. & I. (Bermuda) Ltd. and its subsidiaries (together, the “Association”), have noted that the Association’s financial position continues to strengthen, and are pleased to report that no Deferred Call for the 2016 policy year will be levied against the Members. •As at 20 February, 2017, total equity for the Association stood at USD 1,135 million, compared to USD 1,010 million as at 20 February 2016 restated, after reduction of the Deferred Call from USD 90 million to nil. The original forecast ...

Read More »

North P&I Club Updates Guidance On Letters Of Indemnity

North P&I Club has published a new edition of its popular guide book on letters of indemnity, which continue to be widely used in the shipping industry for a range of purposes. Written by leading maritime mediator Stephen Mills and North FD&D director Ben Roberts, the 2017 edition of ‘Letters of Indemnity: A Guide to Good Practice’ has been fully reviewed and updated to reflect recent case law and current industry practice. The guide, which is designed to be used in conjunction with North’s guide ‘Bills of Lading: A Guide ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping