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Marine Insurance P&I Club News

Standard reports strong 2021/22 ahead of North merger

The Standard Club, a leading shipping protection and indemnity mutual insurer, has published its Annual Report 2022, revealing a significant improvement in its combined ratio. In 2021/2022 the club achieved a combined ratio of 105% on premiums of $294m, compared with a 2020/21 ratio of 121%. A defensive investment strategy limited the impact on the club’s finances, with a return on investments dropping to -1.2%. The club’s free reserves are still well in excess of regulatory requirements and stand at $310m. On 27 May approval was given by members to ...

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Lack of shore leave leaves no room to unwind, suggests results of Seafarer Happiness Index Q1 2022

With the Seafarers Happiness Index (SHI) Quarter 1 2022 results being published, we look at what the findings tell us. Crew changes have proven challenging amidst the COVID-19 pandemic, and seafarers have no choice but to spend a longer contracted time at sea. However, there are many other conditions that make their voyage less than delightful. A lack of shore leave has been a persistent challenge but with COVID, restrictions are heightened and seafarers have limited access to shore leave, which leaves seafarers with no avenues to ‘unwind or release ...

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Biofouling management: the benefits of a clean hull

Australia joins New Zealand and California and requires international vessels to provide information on how biofouling has been proactively managed prior to arriving in its territorial seas. The aim of Australia’s new regulation is to protect marine biodiversity, but maintaining clean vessel hulls will also reduce fuel consumption and help operators to reach their emission reduction targets. New mandatory biofouling management requirements in Australia The Australian Government’s Department of Agriculture, Water and the Environment (DAWE) has announced that, beginning 15 June 2022, international vessels trading to Australia will be required ...

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Sovcomflot fleet fully covered by Russian insurers, CEO says

Russia’s state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules, the chief executive said, after Western insurers withdrew cover. Western insurers halted insurance cover for Russia’s biggest shipping group when Sovcomflot was hit by sanctions after Moscow sent troops across the border into Ukraine. Sources told Reuters this month that state-controlled Russian National Reinsurance Company had become the main reinsurer of Russian ships, including Sovcomflot’s fleet. “Technically, we meet all international trade requirements,” CEO Igor Tonkovidov told reporters. “Currently, the company’s fleet ...

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Time to review your crew contracts – let us help

This article provides some guidance to Members regarding crew contracts. We will focus on the scope of P&I cover in respect of crew, the best approach to ensure your liabilities are covered under your Gard P&I entry, and the importance of fair and clear contract terms. We will also touch upon a few of the current issues facing crew, including covid and mental health. How does P&I cover crew? P&I does not cover crew directly, rather it covers the shipowner’s liabilities towards the crew, both at law and under the ...

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Bernt Hellman steps down as CUO of Thomas Miller Specialty to focus on the expanding Offshore business

Bernt Hellman is stepping down as Chief Underwriting Officer for Thomas Miller Specialty (TMS) to focus on expansion in the company’s Offshore business. Bernt joined TMS in 2016 and helped grow the business’ extensive range of insurance solutions to the marine industry and other sectors. TMS has grown substantially in the past three years with recent expansion in the Offshore team into renewable energy products. Bernt will be transitioning away from his CUO role to focus on growth of the Offshore business. TMS is currently in the process of recruiting ...

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Look out for fuel leaks and unshielded hot spots in engine rooms

Introduction Every year fires on board ships lead to loss of lives and severe damage to the ships themselves. Most fires on board ships originate in the engine room where the three ingredients for a fire, namely fuel, oxygen and a source of ignition, exist in abundance. These do not only start the fire but also feed and intensify it further. Fire safety is not only about detecting and fighting a fire, but also about preventing it from igniting in the first place. In this article we will focus on ...

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North publishes Annual Review for 2021/22

North P&I Club cites strong contribution of diversification to financial performance premium income growth in the 2021–2022 financial year, with the global insurance business set fair for its forthcoming merger with Standard Club. In its Annual Review 2022, North reports premium income growth of 5.6% to US$429 million, which it attributes to robust performance across its diversified business lines – particularly by North Hull, Owners’ Fixed Premium and Sunderland Marine. With its gradual transformation from monoline P&I club to diversified marine insurer yielding positive results, North has laid further foundations ...

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Port update – Ukraine / Russia

By way of update following the club’s update regarding the position in the Black Sea and Sea of Azov on 25 February 2022, we are advised of the following developments as of today’s date: • All Ukrainian ports, apart from the port of Reni (please see below) remain closed for inward as well as outward passages. • The port of Reni in Ukraine is the only operating port in the region. We have been informed that no war-related incidents with foreign vessels have been reported. The port is very busy ...

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Paris MoU Concentrated Inspection Campaign (CIC) on Polar Code compliance

The Paris Memorandum of Understanding on Port State Control (Paris MoU) will launch an inspection campaign to verify compliance with the requirements of the Polar Code. The inspection campaign will be held from 13 June to 1 July 2022 (first period) and from 1 to 19 August 2022 (second period). The inspection campaign is additional to the regular CIC and is held in a different time of the year due to the seasonal voyage plans of the ships sailing to the Polar region. Reasons for such a campaign include: • ...

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Seafarers Happiness Index (SHI) Quarter 1 2022 results

Seafarers Happiness Index (SHI) Quarter 1 2022 results kickstarts the year, but seafarers are off to a rocky start. At an overall average score of 5.85/10, down from 6.41 in Q4 2021, it is the lowest level of satisfaction across 8 years of reporting. This is also the second time that happiness levels across all the questions have fallen. The mix of factors from COVID to the Russian-Ukraine conflict to poor connectivity have left the mood and morale on board at an all-time low, leaving the shipping industry with a ...

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Fitting and removal of temporary lashing points

In some recent cases, hot slag/sparks have dropped into cargo holds and set fire to packaging or tarpaulins covering the cargo below. In addition to the direct fire damage, further damage to cargo has occurred due to water damage from subsequent firefighting operations. In another instance, where there was a mixed stow in one hold, bulk cargo in an adjacent hold decomposed due to heat transfer where temporary lashing points were being fitted to a transverse bulkhead for securing of general cargo. In some cases, no fire watch had been ...

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Decarbonisation and Alternative fuels

1. A brief overview of the current situation The maritime industry is embarking on a major transition from conventional to zero or carbon neutral fuels driven by the pressure to decarbonise. The transition will not take place over night and will have a significant impact on costs, asset values, and earning capacity. The industry participants will need to understand the drivers and implications now to be able to plan accordingly and assess the associated risks. Whilst regulations will set direct requirements that shipowners must comply with, the public as well ...

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Russia’s state-owned RNRC to reinsure Russian oil shipments, sources say

State-controlled Russian National Reinsurance Company (RNRC) is now the main reinsurer of Russian ships, including Sovcomflot’s fleet, after Western insurance firms withdrew cover for Russian shipowners, three people familiar with the matter told Reuters. Insurance is essential for maritime transport, particularly oil cargoes that require the highest safety standards due to the risk of spills and shipping flammable material on the high seas. Before Western sanctions were imposed on Russia over its invasion of Ukraine, which Moscow calls a “special military operation”, insuring such cargoes relied on reinsurance from an ...

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Electronic (Paperless) Trading – update

This circular informs Members of the approval by the International Group of P&I Clubs (the Group) of the IQAX eBL system. Members may recall, as reported in Circular of 12 June 2019, that, until February 2010, the Rules of all of the Group Clubs specifically excluded liabilities in respect of the carriage of cargo under all electronic, i.e. paperless trading, systems to the extent that the liabilities under such systems would not have arisen under a paper system i.e. one using transferable paper documentation. Since 20 February 2010 liabilities arising ...

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