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IUMI calls for improved firefighting systems on board container vessels

With the growing size of container vessels, and a recent spate of fires on board these ships, IUMI is concerned that current firefighting provisions are insufficient. The International Union of Marine Insurance (IUMI) has published today – Tuesday 19 September – a position paper calling for better on board firefighting systems for container vessels. Fires on board container vessels are very real threats. Recent examples include fires on NNCI Arauco (9,000 TEU) in September 2016 during welding operations whilst alongside in Hamburg, Hanjin Pennsylvania (4,000 TEU) in November 2002 claiming ...

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Offshore energy insurance market is “sinking”, warns IUMI

At today’s annual IUMI (International Union of Marine Insurance) conference in Tokyo, James McDonald, chairman of IUMI’s Offshore Energy Committee warned that the sector was “sinking”. His warning was based on declining total premium income set alongside upstream energy large losses for 2015-16 of USD 4.8 billion. McDonald explained: “In recent years it would appear that claims have exceeded the global premium base and the last two underwriting years have seen significant losses. The impact of Hurricanes Irma and Harvey are unlikely to deliver the same magnitude of loss that ...

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Update on Group A bauxite that can cause vessel instability

The International Maritime Organization’s review of research on bauxite that can cause vessel instability is to result in a new IMO circular and future IMSBC Code amendments. In 2015 following the BULK JUPITER casualty, in which 18 seafarers lost their lives, Gard asked the question in our article whether we know enough about cargoes such as bauxite which are prone to liquefaction to be able to carry them safely. We now know a lot more thanks to two years of thorough and interesting research conducted by the Global Bauxite Working ...

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Cyber Security – be aware of social engineering fraud

Social engineering fraud refers to the tricks used by criminals to deceive and manipulate their victims into giving out confidential information and funds. These tricks are used to exploit a person’s trust in order to find out banking details, passwords and other confidential data. The tricks are carried out online – for example, by email or through social networking sites – by telephone, or even in person. The Club has seen an increase in social engineering fraud cases, also known as “human hacking”, against members. Generally, losses suffered as a ...

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How to legally remove a hazardous wreck

What is the legal basis for removing a hazardous wreck at sea? Who bears the liability? These and many other wreck removal questions were addressed by IMO’s Jan de Boer at the ACI’s Maritime Salvage & Casualty Response conference in London (13-14 September). Speaking to a wide variety of stakeholders* concerned with wreck removal, Mr. de Boer gave an overview of IMO’s Nairobi International Convention on the Removal of Wrecks, which provides the legal basis for States to remove, or have removed, shipwrecks that may threaten the safety of lives, ...

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IUMI President predicts shake-up in marine underwriting

Opening this year’s annual IUMI conference in Tokyo, President Dieter Berg predicted an impending shake-up in the marine insurance sector driven by the current environment of disruption. Disruption, according to Berg, is the raft of technology and business innovation that is destroying existing business models and which extends to every corner of the business world. It is exacerbated by the current macro-environment of a stagnant economy and increasing national protectionism that is continuing to affect premium income. Incoming innovation is already impacting activities such as electronic navigation and smart port ...

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Cold Storage Facilities

The continuing popularity of certain coverages, and moving into new markets such as Latin America, has given rise to queries about certain exposures beyond the traditional cargo lines. Risks and exposures found in refrigerated warehouses is becoming increasingly of interest and I will be hosting an IUMI webinar on this topic on the 23 November 2017. The demand for food products drives the need to build logistical centres and warehouses for refrigerated or frozen food products, necessary for distribution to various points of consumption. It is estimated that cold storage ...

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Cyberattacks, autonomous vessels, Arctic exploration and piracy top risks for shipping industry: Lloyd’s

Cyberattacks, autonomous vessels, Arctic exploration and a return to piracy are the top risks facing the shipping industry, new research from Lloyd’s has found. With insight and input from marine insurance experts across the Lloyd’s market, the world’s specialist insurance market explored the top risks in shipping today, presented in no particular order of priority. Forming the backbone of the global economy, 90% of world trade is still carried by the shipping industry, Lloyd’s reported. “Agents of instability such as seaborne cyber attackers and other pirates threaten lives and to ...

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Hurricane Irma – issues arising under contracts of carriage

The disruption to cargo vessels recently caused by Hurricane Irma has raised a number of legal issues. The following is intended as general guidance to members on some of the issues commonly encountered. Given the number of charterparties and bills of lading that are governed by English law, the guidance is given from an English law perspective. Deviations from route Where cargo-carrying vessels have deviated from their planned route to avoid and/or shelter from hurricane conditions, this will give rise to the late delivery of cargo and to potential losses ...

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Moving beyond the mutual approach and ETC

As a mutual P&I Club specialising in providing a liability insurance solution for small and specialist vessels, we are aware that many owners wish to access the value-added benefits associated with being a Member of a P&I Club but, due to their particular operations, prefer the fixed premium approach adopted by the commercial market, which charges fixed premiums with no exposure to supplementary or overspill calls. A fixed premium option is available to a wide section of our membership. As the vessels are not declared to the International Group pooling ...

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TT Talk – Cargo theft analysis

Cargo theft remains one of the most significant causes of disruption in the supply chain and claims cost to the Club, accounting for around 10% by volume and cost of all reported claims in the last ten years. For any stakeholder operating in the international logistics sector, it will come as no surprise that incidents of cargo theft continue to be one of the primary disruptors through the supply chain. These incidents not only result in direct financial loss, but also have severe impacts on brand reputation and the capability ...

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Guidance for Carrying Cargo in Non-operating Refrigerated Containers Issued

Two leading container industry bodies, the Container Owners Association (COA) and the Cargo Incident Notification System (CINS), supported by the leading freight transport insurer, TT Club have published an in-depth guide for those seeking to use refrigerated containers in non-operating mode to carry commodities not requiring temperature control. The Guidelines give extensive advice on the risks involved and correct packing to protect both container and cargo. The use of ‘non-operating reefers’ (NOR) is common practice in the industry and has significant impact in reducing empty re-positioning costs for container operators. ...

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UK P&I Club launches game app ‘Risk Ahoy’ to promote safety at sea

UK P&I Club, a leading provider of P&I insurance and other services to the international shipping community, has launched a gaming app ‘Risk Ahoy’ to coincide with International Shipping Week, to highlight the hazards that those on board ships face on a daily basis in an engaging and interactive manner. ‘Risk Ahoy’, has been developed by the loss prevention department of UK P&I Club, is available on iTunes and Google Playstore, and has been intuitively designed to allow users to dip in and out of the action, with short, medium ...

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China changes its ECA timeline

According to information provided by Gard’s correspondent Huatai Insurance Agency and Consultant Service Ltd, the Chinese authorities have announced an early implementation of the 0.50% sulphur cap in ports other than the designated key ports. From 1 September 2017, ships berthing at all ports in the Zhejiang Province of the Yangtze River Delta emission control area (ECA) are required to use fuel with a sulphur content not exceeding 0.50%. The ports of Jiaxing, Ningbo-Zhoushan, and Taizhou are all located within the Zhejiang Province. See our correspondent’s circular PNI 1710 of ...

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The Shipowners’ Club reports steady half year results despite challenging market conditions

The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, has reported financial results for the six months ended 30 June 2017. The Club recorded a 99.3% combined ratio, consistent with previous years. The modest underwriting surplus achieved in the first six months of US$ 0.7m has been supplemented by a favourable return on the Club’s investment portfolio. This portfolio has contributed some US$ 24m of surplus in the first half of the year – a return of 3.7%. Financial summary Combined ratio 99.3% Capital and ...

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