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Marine Insurance P&I Club News

Steamship Mutual Financial Update and 2022/2023 Renewal

At their Board Meeting held on 23 May 2022, the Directors of Steamship Mutual approved the Clubs’ Report and Accounts for the 2021/22 policy year and authorised publication of the following key points in advance of the release of detailed results. 2021/22 Financial Year Highlights • All figures in this report reflect Steamship’s combined position. • Owned tonnage at 20 February 2022 was 110 million GT, a 14.8% increase over the previous year. • Total entered tonnage, including chartered, was 195 million GT as at 20 February 2022. • As ...

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North and Standard Club members approve creation of marine insurance major NorthStandard

Approval is given to merging North and Standard Club after separate member meetings resoundingly back plans to create a market-leading global marine insurer and one of the largest providers of mutual cover in the maritime industries. Both clubs held special general meetings on May 27th to approve the proposal to merge the two organisations into a single mutual insurer. This gives the greenlight to establish NorthStandard as a unified club in time for 20th February 2023, next year’s renewal date. The merger remains subject to the approval of all the ...

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UK P&I Club announces William Beveridge as its new Chief Underwriting Officer

The UK P&I Club, one of the leading providers of P&I insurance and other services to the international shipping community, has appointed William Beveridge as its new Chief Underwriting Officer. He joins the UK Club on completion of his current employment obligations. Reporting to Chief Executive Officer Andrew Taylor, William will be responsible for oversight of all the Club’s underwriting policies and operations during an exciting period as the Club continues to consider further diversification following the recent collaborative agreement with Thomas Miller Specialty, which created a joined up and ...

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Under the lens – BIMCO’s EEXI transition clause for time charterparties

The IMO aims to reduce the carbon intensity of shipping by at least 40% by 2030, and is pursuing a reduction of some 70% by 2050, compared to 2008 levels. To date the IMO has implemented a number of measures to steer the industry towards its climate goals on the reduction of greenhouse gasses, such as introducing the Energy Efficient Design Index (EEDI), and regulations for nitrogen oxides (NOx) and sulphur oxides (SOx). Last year the IMO adopted regulations to improve the efficiency of vessels. One of the new measures ...

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UK Club well positioned for future growth

The UK P&I Club (“The UK Club”), a leading provider of P&I insurance and other services to the international shipping community, announces its financial results for the year ended 20 February 2022. The Club’s financial position remains strong with free reserves of $488 million as at 20 February 2022. The Club continues to comfortably meet all its regulatory capital requirements and remains in the highest AAA band of Standard & Poor’s capital model. The Club’s combined ratio of 115% is a significant improvement over last year and its own large ...

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North and Standard Club members approve creation of marine insurance major NorthStandard

Approval is given to merging North and Standard Club after separate member meetings resoundingly back plans to create a market-leading global marine insurer and one of the largest providers of mutual cover in the maritime industries. Both clubs held special general meetings on May 27th to approve the proposal to merge the two organisations into a single mutual insurer. This gives the greenlight to establish NorthStandard as a unified club in time for 20th February 2023, next year’s renewal date. The merger remains subject to the approval of all the ...

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Steamship Mutual: 2021/22 Financial Year Highlights

All figures in this report reflect Steamship’s combined position. Owned tonnage at 20 February 2022 was 110 million GT, a 14.8% increase over the previous year. Total entered tonnage, including chartered, was 195 million GT as at 20 February 2022. As at 20 February 2022, Free Reserves stood at US$ 473 million, from US$ 511 million the previous year, and in excess of the S&P AAA rating level. An overall 11.76% increase was achieved on renewing owned business. International Group Pool and Covid claims adversely impacted the combined ratio of ...

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North P&I Club publishes briefing paper detailing the dangers of cargo liquefaction

North P&I Club has released a new briefing paper exploring the insurance implications when solid cargoes behave like fluids and presenting typical responses to claims arising from cases of liquefaction. Published today, 25 May 2022, A Most Dangerous Trade: The Problems of Liquefaction provides insight into the consequences of liquefaction, whereby solid bulk cargo behaves like a fluid, creating a free-surface effect that may, in certain cases, cause the vessel to capsize. The paper is written by David Richards, Director (Claims), North P&I Club. Opening with an overview of the ...

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Condition surveys – More than just a binary conclusion

P&I condition surveys could be misconstrued in some instances as baggage which is part of being a member of an International Group club. Their value may be overlooked and condensed down to an outcome of a list of so-called ‘defects’ which will require to be rectified to the satisfaction of the association in question. Perhaps validating this perspective, the ability to perform such surveys is endorsed by the Rules of each association and into the International Group’s too for that matter. To frame a survey from this viewing point it ...

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New notification and information requirements in relation to Russia / Belarus trades

Executive Summary The shipping industry continues to be significantly affected by the sanctions imposed against Russia/Belarus as a consequence of the invasion of Ukraine. Members and the Club could be exposed to the risk of sanctions by reason of the involvement of Russian/Belarusian parties in the sale/purchase of cargoes, the origin and destination of Russian/Belarusian cargoes, and the ownership/management/operation/chartering of ships (“Russian/Belarusian-nexus risks”). The Club is introducing the following notification requirements which Members should comply with if their vessel activities have a Russian/Belarusian nexus: • Notice of a call to ...

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Defence Guide – Hold cleaning in a nutshell (time charters)

1.On delivery: In the absence of any specific clause, line 22 NYPE requires that the ship be “ready to receive cargo with cleanswept holds” i.e. she is ready to commence loading without delay. Can charterers reject the ship if the holds are not clean? If the ship is not in the required condition, charterers are entitled to refuse delivery/reject her, and the charter period will not start. If owners are not able to rectify the condition of the ship before the cancelling date, charterers may become entitled to cancel the ...

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Poseidon principles for marine insurance

WHAT ARE THE POSEIDON PRINCIPLES FOR MARINE INSURANCE? The Poseidon Principles for Marine Insurance (the “Principles”) were officially launched in December 2021, initially supported by Swiss Re, Gard, Hellenic Hull Management, SCOR, Victor International and Norwegian Hull Club. In March 2022, Fidelis Insurance became the first company from the London market to join the group. In May 2022, Navium Marine and AXA XL signed up to the Principles, taking the total number of full members to nine. “The Principles establish a framework to engage with the shipping industry and support ...

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Containers in a storm

Since land-based storm events frequently are most severe at the shoreline, it is unsurprising that containers become caught up in the ensuing damage. Let’s look at some of the risks. Storm events, of course, arrive in various guises and will display characteristics particular to the season or location. Typically, there will be two immediate risks: high winds (including unpredictable gusts and water surface surges) and precipitation. The latter may well exceed the established drainage or channelling capabilities, which, combined with storm surges, can lead to severe flooding. Precipitation has in ...

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The US Announces More Sanctions Against Russia & Designates Several Russian Shipping Companies & Vessels to SDN List

On 8 May 2022, the US announced another series of sanction measures against Russia. These measures include the designation of several Russian shipping companies and vessels. The US Department of State designated/blocked eight Russian maritime-related entities and 69 of their vessels. OFAC concurrently placed those same entities and vessels on its Specially Designated Nationals and Blocked Persons (‘SDN’) List. The list of entities and vessels can be found in the State Department’s press release here and in OFAC’s sanctions announcement here. According to the State Department’s announcement, these sanctions were ...

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Reporting of vessel calls to Russia and transiting Russian territorial waters

On 17 March 2022 the UK Government published a General Trade Licence in part to clarify earlier amendments to the UK Russia (Sanctions) (EU Exit) Regulations (the “Regulation”). Specifically, the licence addresses the issue as to whether it is lawful under the Regulation for insurers and reinsurers domiciled or operating from the United Kingdom to provide insurance for vessels calling at Russian ports or transiting Russian territorial waters. The Licence provides that where the underlying trade is lawful and in accordance with applicable sanctions, UK domiciled Clubs, or UK domiciled ...

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