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Ship insurer Britannia says it’s helping Baltimore bridge collapse probe

Britannia, the insurer of container ship the Dali, is working with the vessel’s owner and U.S. authorities on the investigation into the collapse of Baltimore’s Francis Scott Key Bridge, Britannia said on Thursday. The bridge collapsed on Tuesday after the Dali suffered a power outage and struck a pylon, causing huge disruption in the port. “We are working closely with the vessel’s owner and manager and the relevant U.S. authorities as part of the investigation into the casualty,” Britannia said in a statement. Source: Reuters (Reporting by Jonathan Saul and ...

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Insurers brace for multi-billion dollar losses after Baltimore ship tragedy

Baltimore’s Francis Scott Key Bridge collapse could cost insurers several billions of dollars in claims, sources say, but it is too early to calculate the likely full financial losses of the tragedy that has shuttered one of the busiest ports in the United States. Six people are still missing after a collision with a Singapore-flagged container ship destroyed the landmark bridge on Tuesday, forcing the closure of the Port of Baltimore. With little clarity on when the port would re-open, insurers and analysts are now assessing the likely losses borne ...

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Common guidance on the presentation and loading of vehicles

The Vehicle Carrier Safety Forum is a consortium of vessel operators, insurers and other industry experts, whose role is to promote safety on vessels designed to carry vehicles. The guidance is supported by industry bodies The International Group of P&I Clubs, The International Chamber of Shipping and the TT Club. The guidelines are intended to be used in conjunction with specific procedures from individual vehicle manufacturers, shippers, terminals or carriers in respect of information such as vehicle separation on board the vessel or emergency response. Geir Jorgensen, Chair of the ...

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Apollo partners with Munich Re Syndicate and Tokio Marine HCC International to lead new Lloyd’s Marine Builders’ Risk Consortium

Apollo today announces its new Builders’ Risk Consortium in partnership with Munich Re Syndicate Limited (MRSL) and Tokio Marine HCC International (TMHCCI). The new consortium, which went live earlier in 2024, builds on an established arrangement in which Apollo has partnered with MRSL since 2019 in a successful Hull collaboration. Apollo already has a position in this sector, with the recent appointment of Kyu Byun from WTW strengthening its capabilities and enhancing its service to brokers and clients alike. The new consortium offers brokers lead line capacity up to USD75million ...

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Somali pirates’ return adds to crisis for global shipping companies

As a speed boat carrying more than a dozen Somali pirates bore down on their position in the western Indian Ocean, the crew of a Bangladeshi-owned bulk carrier sent out a distress signal and called an emergency hotline. No one reached them in time. The pirates clambered aboard the Abdullah, firing warning shots and taking the captain and second officer hostage, Chief Officer Atiq Ullah Khan said in an audio message to the ship’s owners. “By the grace of Allah no one has been harmed so far,” Khan said in ...

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Swedish Club delivers a firm foundation for future growth

The Swedish Club reported positive results for 2023, combined with an emphasis on supporting its members, strengthening its core business and structuring the organisation to prepare for the challenges the industry will face in the future. The Club’s end year results delivered a balanced underwriting result, with a combined ratio of 102%, through prudent risk selection and pricing adequacy across all segments. It consolidated its financial strength, posting an overall profit of USD 30 million and a substantial improvement of USD 34 million in its free reserves, from USD 150 ...

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West responds to evolving industry trends with launch of new specialist claims teams and key promotions

The West of England P&I Club (West) has announced the creation of two new specialist claims teams and a number of key promotions in its London office, in response to evolving trends in shipping’s claims landscape. To enhance and strengthen the West’s service, and to build on the existing expertise within its claims department for crew, passengers, and third-party personal injury and death claims, West has established a People Claims Team. This new team will also provide a platform for knowledge transfer and training across all of the Club’s regional ...

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Gard celebrates record income and stellar annual results

Gard today announced the second-best annual results in its 117-year history, showcasing record levels of premium income, a robust insurance performance and positive investment returns. Key highlights include (all income and result figures are on an Estimated Total Call basis): Gross written premium of USD 1,183 million Combined ratio net of 93 per cent Insurance (technical) result of USD 67 million Investment (non-technical) result of USD 161 million Profit after tax of USD 236 million Equity of USD 1,471 million Rolf Thore Roppestad, Gard CEO, stated: “I am proud to ...

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Dun & Bradstreet and Concirrus partner to help solve cargo aggregation and visibility challenges for (re)insurers

Dun & Bradstreet, a leading global provider of business decisioning data and analytics, and Concirrus, the leading provider of AI-powered marine insurance intelligence, have today announced a ground-breaking partnership to transform marine insurance globally. A pandemic, the Suez Canal blockage, man-made disasters such as Tianjin and Beirut, wars, sanctions, and extreme weather, have all contributed to the risk profile of vessels and their cargo becoming more important than ever to understand. But gaining an accurate understanding of cargo onboard a vessel or in a port has presented a significant challenge ...

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China’s new territorial sea baseline declaration in northern Beibu Gulf

On 1 March 2024, China published the baselines of its territorial sea adjacent to the northern section of the Beibu Gulf. This delineation gives vessels distinct geographical reference points to comply with statutory regulations, such as reporting requirements for foreign vessels entering China’s territorial sea, as well as the disposal of oily water, sewage, and garbage within Beibu Gulf waters. Extending previously announced baselines In 1996, China announced the baselines of part of its territorial sea, encompassing the baselines adjacent to the mainland from the Shandonggaojiao basepoint 37° 24.0′ N ...

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Despite challenges, American Club experiences stability with the 2024 P&I renewal

The American Club has reported relatively moderate drops from the year-on-year renewal results, which reflects overall stability within the context of recent challenges as well as its de-risking strategy. Gross tonnage for the Club’s Class I (mutual P&I) entries stands at 22.5 million, down by approximately 2.5 million compared to inception one year earlier, with a relative premium income drop of 6.5% over the period. Its Class II (mutual FD&D) portfolio followed a similar shift, while its Class III (charterers’ liability) business is poised to increase by about 5% in ...

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TT Club Sponsors the Young Supply Chain Resilience Professional of the Year Award 2024

To enter, applicants must produce a 1,500-word submission on an innovative cargo security or supply chain resilience initiative they have developed or contributed to significantly. The potential areas of focus are an innovative solution to a current security concern or an experience of cargo loss that has been overcome in a practical way. Additionally, addressing an emerging new trend in security risk could be offered up. Entries must be submitted before the closing deadline of 19 April 2024¹ and the winner will be notified by 1 May to ensure they can join ...

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Soya bean export season is peaking: prepare for claims

With the export season for Brazilian soya beans well underway, we share recommendations on how best to avoid claims that are linked to the inherent instability of this cargo. Brazil is the world’s top exporter of soya beans with about 75 % of exports going to China. According to the US Department of Agriculture Foreign Agricultural Service Report issued in January, around 157 million metric tons of soya beans will be produced by Brazil for the 2023/2024 season. The export typically begins in January rising rapidly to a peak in ...

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NorthStandard partners with Orca AI to offer safety benefits of situational awareness platform as part of Get SET! suite

NorthStandard and Orca AI have entered an exclusive partnership that will see the global marine insurer encourage its members to adopt Orca AI’s market-leading automated situational awareness solution. Orca AI’s situational awareness platform is designed to ensure vessels can navigate safely in challenging weather conditions and through congested waters. The enhanced real time situational awareness tool enables rapid and more informed operational decision-making, reducing the likelihood of accidents or delays and ensuring a safer voyage. The partnership will see the AI-based solution prominently feature in NorthStandard’s new Get SET! suite ...

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Case study: Dangers of coal cargo

Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members who were found in a full cargo hold. This is the second incident of its kind, as a similar accident occurred on another vessel carrying coal cargo in 2019, resulting in the deaths of two crew members. In that case, the electrical engineer died while conducting a cargo hold water ingress alarm test, and one of the rescue crew members died because of entering the confined ...

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