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Marine Insurance P&I Club News

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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EU-US covered agreement

The announcement of a covered agreement between Europe and the US to enhance international insurance and reinsurance regulation has been long anticipated. When the IUA first began actively advocating the case for mutual recognition between authorities on both sides of the Atlantic, Hilary Clinton was First Lady of the US and everyone was worrying about the millennium bug. Now, 20 years later the case is finally being recognised at the most senior levels of government. Before 2012 non-US reinsurance businesses were forced to post collateral equal to 100 per cent ...

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Skuld renewal update i policy year 2018/19

Skuld’s Board of Directors met in Paris on 9 November to discuss 2018 renewals. It was noted that the underwriting performance for 2017 half year showed a technical loss but that the results have improved over the last months. It was further noted that the Club supported its mutual shipowning members with a credit of 2.5% on individual mutual premiums for the second year in a row which was effectuated in November. The next financial update will be published after the third quarter (20 November). As has been the case ...

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TT Club Highlights Global Supply Chain Weakness to Cyber Attack

The Trans- Pacific Asia Conference, held in Shenzhen, China last month provided an opportune forum for leading international freight transport insurer, TT Club to add its voice to growing concerns over the frailty of the global supply chain when faced with cyber-attack. Alexis Cahalan, formerly of the TT Club, now with Thomas Miller Law based in Sydney, emphasized the logistics and freight forwarding community’s particular vulnerability to disruptive cyber activity. “Operations which are characterized by widespread office networks; reliance on multiple third party suppliers; IT systems predominantly of an in-house, ...

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Hong Kong increases limits of liability for maritime claims

Our earlier Gard Insight discussed the implementation of the 1996 Protocol to the Convention on Limitation of Liability for Maritime Claims 1976 (the 1996 Protocol) which came into effect in Hong Kong on 3 May 2015 . In April 2012 the Member States to the 1996 Protocol agreed an increase of approximately 51 per cent in tonnage limits in their jurisdictions with effect from 8 June 2015 to reflect the changes of monetary values over the period and to cope with inflation. These new limits of liability will now come into ...

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The importance of a good safety culture

The Confidential Hazardous Incident Reporting Programme (CHIRP) was named the best safety service of the year at the 2017 Safety at Sea awards, in recognition of the importance of learning from near miss reports and using the lessons to prevent future incidents. The Standard Club has been supporting CHIRP to create quarterly video bulletins, highlighting hazardous incidents which they have been notified of, and giving advice for minimising the risks. These videos provide excellent material for discussion during a ship’s safety committee meeting. This last bulletin for the year covers ...

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The Swedish Club celebrates 35 years in Hong Kong

Recently, The Swedish Club celebrated the 35th Anniversary of its office in Hong Kong. Since the office was established, the Club has seen steady and consistent growth in its business in the area – both in terms of its full service product offerings and the tonnage insured. The Swedish Club is also pleased to announce that Brian Png has been promoted to Deputy Managing Director for The Swedish Club in Hong Kong, as of 1 January 2018. Brian is well known to the Asian shipping community and joined The Swedish ...

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