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Marine Insurance P&I Club News

“The best weapon against cyber-attacks is prevention”

The insurance policies that are in use in the shipping industry “are taking on the cyber risks that could strike this sector,” said Alessandro Morelli, the COO of SIAT Assicurazioni, the Unipolsai Group company that specialises in the maritime sector. The issue of new risks that come from the digital world, even in the maritime sector, was one of the matters dealt with on Monday in Genoa at the Fourth Forum organised by The Meditelegraph and Il Secolo XIX. Why has the insurance industry not moved faster on this? “About ...

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Standard Club: Open Policy Years And Renewal 2018

The committee reviewed the Class’s financial position, the open policy years, and the requirements for the 2018 renewal at its meeting on 17 November 2017. The committee reviewed the release call for open policy years and confirmed that all will remain at zero. It should be noted that London Class continues its record of no unbudgeted calls in any year; a proud record of call stability of more than 25 years. RENEWAL 20 FEBRUARY 2018 For the eighth consecutive year, the committee decided that members with satisfactory performance should be ...

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Britannia P&I Hosts Asian Members’ Forum in Hong Kong

Following Britannia’s P&I European Members’ Forum in Athens earlier this month, the Club also hosted an Asian Members’ Forum on 21st November in Hong Kong. These regional Forums demonstrate the Club’s strategy of providing Members with a local personalised service, backed by a global presence in the market. The Asian Members’ Forum outlined Britannia’s strategy, which has included the Club strengthening its presence in the region, with its Managers having recently taken over a longstanding Exclusive Correspondent with offices in both Tokyo and Kobe, Japan (renamed Tindall Riley (Britannia) Japan ...

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UK ship insurer Standard Club takes Dublin route in response to Brexit

British ship insurer Standard Club is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the second of these specialised providers to opt for Ireland in two days. North P&I Club, another UK regulated ship insurer, has also chosen the Irish capital for its EU subsidiary, it said on Monday. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs such as Standard and North could weaken other parts of the ...

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Recent Trends In Speed And Consumption Claims

Speed and consumption is always a “hot topic”, but unfortunately it is also one of the areas of law which bear a very large degree of uncertainty. Often, parties entering into a charterparty will fail to appreciate the significance of the definition of “good weather” that underlies the vessel’s performance warranty. Unfortunately, this may well come back to haunt them. The Didymi ([1988] 2 Lloyd’s Rep.108) laid down the principle, that if there is a suspicion as to a vessel’s performance, one has to look at the vessel’s performance in ...

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Statement from North P&I Club regarding Brexit

Following the result of the UK referendum on membership of the EU in July 2016, North and Sunderland Marine have been developing contingency plans to ensure that both companies continue to have access to EU markets. North and Sunderland Marine currently rely on EU passporting rights to insure risks located in the European Economic Area (EEA). Details of the future UK/EU trading relationship and its implementation are currently unknown and subject to ongoing negotiations between the EU and the UK government. However, our expectation is that North and Sunderland Marine’s ...

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Hong Kong China War Risk Syndicate Launched: Available to Chinese and Asian Shipowners

A new marine insurance facility aimed at protecting Chinese and Asian ship owners from the risks of war and related perils such as piracy is launched today (November 20, 2017). Named the Hong Kong China War Risk Syndicate (HKCWRS), the facility is supported by Asia Insurance, part of Hong Kong’s Asia Financial Holdings Limited. It is available to shipowners in Hong Kong, China plus all Asian flag, owned, managed or chartered vessels. The insurance covers marine hulls for acts of war, piracy attacks and other perils. The maximum limit per ...

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Why cover liability for transport of hazardous and noxious substances by ship?

Transporting hazardous and noxious substances (HNS) by sea is a vital trade. Chemicals, LPG, LNG and other products are important to many manufacturing and energy processes and IMO regulations ensure their safe transport. However, when incidents do happen, IMO’s HNS Convention helps to ensure that those who have suffered damage have access to a comprehensive and international liability and compensation regime. To explain this treaty and why it is needed, IMO’s Jan De Boer is participating at the LNG Ship/Shore Interface Conference in London (16-17 November). His keynote speech covered ...

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Uncertainty in the import of wheat affected by Ergot Fungus in Egypt continues

In September 2016 the Egyptian Cabinet had reinstated the Egyptian Standard Specifications (2010) on all wheat shipments. According to these specifications the tolerated Ergot Fungus percentage was 0.05%. Pursuant to a recent application by an Egyptian citizen to the Administrative Court alleging danger to the health of the Egyptian people, the issue has once again come back to light. The Administrative Court rendered a judgment suspending the decision to import Russian wheat affected by Ergot fungi and the import of present and future shipments. The club’s local correspondents Eldib Pandi ...

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Reported incidents during mandatory underwater inspections in Venezuela

The club has been made aware of incidents of corruption relating to the practice of mandatory underwater hull inspections in Venezuelan ports. In the recent past drug smuggling has been accomplished (in Venezuela) by attaching packages of drugs to the hulls of unsuspecting vessels. Because of this, Venezuelan local authorities have established a programme of mandatory underwater hull inspections for vessels in Venezuelan ports. These inspections are usually conducted by diving companies appointed by the terminal. A number of incidents have been recorded in which the divers arranged by the ...

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ABS Raises Cyber Awareness to Marine Insurance Industry

Christopher J. Wiernicki, Chairman, President and CEO of ABS, addressed the American Institute of Marine Underwriters (AIMU) today, describing the future of maritime safety and risk mitigation as it relates to cyber safety as well as outlining how the classification and insurance industries can strengthen their collaboration as the progression of cyber and autonomy propel maritime safety into new waters. “Building on our safety and risk control focus, class and insurance are in a unique position to lead in several areas – specifically, simplifying and establishing common terminology as well ...

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Outbreak of Pneumonic Plague

The International Chamber of Shipping (ICS) and International Transport Workers Federation have highlighted a recent outbreak of Pneumonic Plague (also referred to as Madagascar Plague) on the island of Madagascar. This outbreak has implications for: 1. Shipping companies employing Seafarers of Madagascan origin 2. Organisations whose ships are trading in Madagascan ports or who are changing crews The ICS has released ‘LA(17)45 – Annex A – Outbreak of Plague in Madagascar’ which provides information on the disease and advice for international travellers calling at Madagascan ports. Full details of this ...

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TT Talk – Terminal safety is paramount

The risk of injury at the work place should be of highest concern to any entity, but injuries still account for almost a third of insurance claims costs for ports and terminals according to TT Club analyses. Over 90% of these incidents are caused by operational issues, with a further 7% related to maintenance failures and less than 1% caused by natural events. Perhaps unsurprisingly in the busy ‘industrial’ port environment, 85% of the cost of major injuries and fatalities are caused by the use of vehicles and heavy equipment. ...

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The London Club MT Prestige Statement

‘The London Club are aware of the judgment just issued in Spain in respect of the Prestige case which deals with quantification of losses said to arise out of the unfortunate loss of the Prestige in 2002 after the vessel was refused a place of refuge. The London Club also note the earlier judgment of the English Court of Appeal, dated 1 April 2015. This judgment upholds the application of the Club’s terms including that arbitration be held in London and the concept of “pay to be paid”. The Club ...

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TT Talk – The need for refuge

While not often receiving much publicity, the need for ships in distress to find a safe refuge is all too common. Clearly this is an important area of responsibility in the maritime interface. Ships can encounter operational problems or incur specific incidents. These can be high profile and hit the headlines such as the tanker ‘Prestige’ in 2002 or ‘MSC Flaminia’ in 2012. These situations often require ports requested to provide refuge to take on what can be a significant commercial exposure to assist in dealing with the presenting situation. ...

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