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Marine Insurance P&I Club News

Pre-load steel surveys – no change to Gard policy for 2018-2019

Based on data gathered during the 2017 policy year, Gard has decided to maintain cover for the costs of pre-load steel surveys. Gard’s PLSS policy can be found below. Extrapolation of data suggests that Gard will end up having assisted Members in arranging close to 1,000 PLSS during the 2017 policy year, at an average cost of around USD 2,200 per survey. These are similar figures to the 2016 policy year and the actual cost depends on the location and quantity of steel. Our handlers will be provided with data ...

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British ship insurer Steamship opts for Dutch hub as Brexit hedge

British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access. “We are about to apply for a licence to establish a subsidiary company in the Netherlands,” Steamship Mutual’s executive chairman Gary Rynsard told Reuters in an email, adding it would opt for the port city of Rotterdam. Britain dominates the global marine insurance market andlosing access to specialist Protection and Indemnity (P&I) clubscould weaken its multi-billion pound shipping services sector. ...

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GARD: Member retention affirms stability and predictability

After the closing of the P&I renewal on 20 February 2018, Gard announced today a strong renewal, with a net tonnage gain of 3.0 million GT. An increase of 8.2 million in the last 12 months is bringing the total owners mutual to excess of 207 million GT. 99% of existing tonnage stayed with Gard, and the result is a strong book of well performing and competitively priced business. Bjornar Andresen, Gard Group Chief Underwriting Officer said: “We are seeing the high retention rate, increased consolidation of tonnage and new ...

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North P&I Club consolidates its leading position

North P&I Club has consolidated its position as one of the leading members of the International Group of P&I Clubs, with controlled growth in total entered tonnage to 195 million GT at the 20th February 2018 renewal. In addition, the number of members taking North’s FD&D cover has increased by 10% to just over 90 million GT. North P&I’s Chairman, Pratap Shirke, commented, “The last 12 months have represented a persistently challenging trading environment for our members. Amid a growing regulatory burden and fragile economic growth in many sectors, we’re ...

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The Swedish Club Moves Forward on a Firm Footing

The Swedish Club has reported results for the 2018 renewal season in line with its focus on quality business and expert approach to managing current and future risks. Growth is running according to plan and the P&I gross tonnage has moved in excess of the 50 million GT milestone. This follows on from the positive news announced by S&P Global Ratings (S&P) earlier this year, when it revised its outlook on The Swedish Club to positive from stable, affirming the ‘BBB+’ long-term insurer financial strength and issuer credit ratings for ...

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Implementation of the EU General Data Protection Regulation 2016/679 – General Guidance to Members

Regulation (EU) 2016/679 containing the General Data Protection Regulation (the “GDPR” or “Regulation”) will come into force on 25 May 2018 when it will have direct effect in the EU/EEA. It will be incorporated into Norwegian law under the Personal Data Act, expected to enter into force at the same time. The Regulation, which is some 88 pages long, may be found . This general guidance intends only to provide a brief introduction to the GDPR, as relevant to Gard P&I and its Members. The impact of the Regulation will ...

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Britannia Appoints New Exclusive Correspondent in Taiwan

In a move to maintain the highest possible service levels to its Members in Asia, Britannia P&I has recently made two important changes. In April last year, Britannia’s Managers, Tindall Riley, acquired the club’s Exclusive Correspondent in Japan, Cornes P&I. Renamed Tindall Riley (Britannia) Japan, the acquisition demonstrated the importance of Japanese shipowners to Britannia. “The renaming of the Tokyo office was the immediate change, with the office continuing to provide Britannia’s Japanese Members with outstanding levels of service” said Andrew Cutler, CEO Britannia. He added that “2018 will see ...

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Eniram Skylight 3.0 Introduced For Fleet Performance Monitoring – Exclusive Partnership With Concirrus To Offer Connected Marine Insurance

Eniram, a Wärtsilä company, has launched Eniram SkyLight 3.0 for fleet performance monitoring and is partnering with Concirrus to deliver sophisticated solutions for marine insurance underwriting based on accurate operational data. Eniram SkyLight 3.0 is a significant update to its subscription-based fleet performance monitoring service. The service now includes mobile notifications and virtual propeller RPM (revolutions per minute) sensing. This latest innovation supports Wärtsilä’s intention to lead the marine industry’s transformation towards a Smart Marine Ecosystem via improved connectivity and the use of real-time data. Eniram SkyLight 3.0 is a ...

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Joint Insurance – Why Should You Care?

It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each other in respect of a co-insured loss. It is taken to be an implied term and the possibility of financial claims between co-assureds is irrelevant: the insurer will pay. If there are only two, an owner and a charterer, in the contractual chain, and if the charterer is held liable, then the matter goes no further: the insurer covers the loss and there is no recourse claim to be pursued. However, ...

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Piracy in West Africa – a persistent and serious threat

While the International Chamber of Commerce’s (ICC) International Maritime Bureau (IMB) reports a drop in global piracy in 2017, there is no time for complacency. Piracy in hot spots such as the Gulf of Guinea and South-East Asia persist and 2017 also saw some resurgence in attacks off Somalia. In addition, the ongoing conflict in Yemen continues to impact the safety of vessels transiting the Red Sea, Bab al-Mandeb and the Gulf of Aden. The effect of piracy on crew and their safety continues to be a cause for concern ...

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Carriage of metal scrap in containers

Metal scrap consists of recyclable materials left over from product manufacturing and consumption, such as parts of vehicles, building supplies, and surplus materials. Scrap has a monetary value, especially recovered metals, and non-metallic materials are also recovered for recycling. Metal scrap is considered waste, under applicable national and international regulations, and shippers are required to make sure their shipments are in full compliance. Other potential dangers are fire, auto-ignition/explosion, damage to the container, risk of leakage (e.g. from motor parts not being drained from any remaining oil or fluids) or ...

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TT Talk – Dangerous goods: call to actions

Most supply chain practitioners will be familiar with the fact that international dangerous goods regulation follows a biennial cycle of review and development that is initiated by the UNECE ( United Nations Economic Commission for Europe) “Committee of Experts on the Transport of Dangerous Goods and on the Globally Harmonized Classification and Labelling of Chemicals”. This snappily-named committee has two primary responsibilities (handled through respective sub-committees) – firstly, to ensure harmonisation of hazard classification of chemicals (GHS) and, secondly, to develop recommendations relating to transporting such chemicals by any mode ...

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Reminder on Ballast Water Management in the North Sea

Recent action taken by German port State against a shipowner serves as a reminder that the requirements of the Ballast Water Convention are in effect even when operating between North Sea ports. The IMO Ballast Water Convention came into force September 2017. The deferred requirements for existing vessels – which last until September 2018 – concern only the installation of a ballast water treatment system. All other aspects of the convention must be complied with and this includes the requirement to carry out a ballast water exchange as necessary. North ...

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Best’s Special Report: Balance Sheets of P&I Clubs Strong But Pricing Under Pressure Amid Strong Competition

Balance sheets of clubs operating in the marine protection and indemnity (P&I) sector are generally strong, bolstered by several years of positive earnings but underwriting discipline will be tested over the February 2018 renewal period, according to a new report by A.M. Best. The Best’s Special Report, “Balance Sheets of P&I Clubs Strong But Pricing Under Pressure Amid Strong Competition” states that ahead of the Feb. 20, 2018 renewal deadline, pressure from members and brokers to reduce rates is growing. Competition is intense, exacerbated by a growing fixed-premium market. Catherine ...

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IMB Membership for FD&D members

The Club has subscribed to a Block Membership Agreement with the International Maritime Bureau (the “IMB”) in London which grants FD&D Members direct access to the IMB Chartering Experience Programme. Under the terms of the membership, FD&D Members wishing to check on the background of any particular charterer can contact the IMB directly with the full style of the chartering company requesting whether the IMB have any information related to that company which would be relevant when considering whether or not to charter a vessel to that company. Further information ...

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