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Marine Insurance P&I Club News

The Swedish Club Announces 5% General Increase

The Board of The Swedish Club has announced a 5% General Increase, for P&I in 2020, reflecting the balanced approach adopted by the Club to meet the needs of its members and the need of the Club to keep premiums abreast with claims. After four years of zero general increase, the Club believes that premium levels across the industry have eroded to a point where expected claims cannot be met adequately. Whilst investment returns have been healthy during 2019, the Club does not anticipate generating similar levels of returns in ...

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Compliance notice – prevention of financial crime

The prevention of bribery, corruption, money laundering and financing of terrorism remains a priority for many regulatory authorities around the world. Members should continue to review their compliance programmes in this regard, to ensure that they remain effective. Useful information on dealing with financial crime in the maritime industry can be found here: • International Chamber of Commerce – International Maritime Bureau – Commercial Crime Services • The Financial Action Task Force • EU Sanctions Program • US Sanctions Program • The Maritime Anti-Corruption Network Marine insurers, like other financial ...

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Senior management appointments at The London P&I Club’s Hong Kong office

From 20 February 2020, Frank He will be appointed General Manager and Deborah Yu, Deputy General Manager at The London P&I Club’s Hong Kong office. Confirming the appointments, CEO Ian Gooch said: “I am delighted to announce Frank and Deborah’s promotions. These come at a time when the Club is seeing strong growth in the Asian market with around a third of our membership coming from the region. I have every confidence that Frank and Deborah will drive our continued progress there, underpinned by the provision of high quality P&I ...

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IUMI participation in UNEP PSI consultation on the ESG guide

The growing importance attached to questions related to sustainability has impacted most industries. Marine insurance is no exception and with a number of IUMI members raising this issue, not least to the agenda of the annual conference in Toronto this year, IUMI decided to submit feedback to the consultation on the first environmental, social and governance (ESG) risks guide for the insurance industry. The document was drafted by UN Environment’s Principles for Sustainable Insurance Initiative in cooperation with various insurers. It is primarily intended for insurance companies with non-life insurance ...

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Regulatory framework for AIS: ‘Going dark’ and switching off

The Automated Identification System (AIS) is a radio system which enables the exchange of navigation and other data ship to ship and with shore-based facilities. It shows the course and speed of ships in real time and contributes to collision avoidance and enhances the safety of life at sea, the safety and efficiency of navigation and the protection of the marine environment. The International Maritime Organization (IMO) adopted the system as a mandatory standard in December 2000. It finds its legal basis on the International Convention for the Safety of ...

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Kuwait joins India in ban on single-use plastic onboard ships

On 28 November, the Kuwaiti Ministry of Communications issued Circular No. 08/2019 announcing its policy to prohibit the use of certain single-use plastic items onboard Kuwaiti and foreign ships while in port in Kuwait or in Kuwaiti waters. The items banned have been divided into two categories; items which are banned with immediate effect, and items which will be prohibited as of 1st January 2020. Items prohibited with immediate effect: • cutlery, plates and cups • bottles up to 10 liters for water and other drinks • garbage and shopping ...

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Change of Ownership of Offshore Assets: Issues for Insurers

The offshore energy sector is experiencing a trend of increasing asset divestment driven by industry consolidation, maturing assets and the need to fund new technology investments. What issues do changes in the ownership of offshore assets raise for insurers? Does a change of ownership increase the risk profile? As offshore assets are increasingly operating beyond their design life, a key concern when there is a change of ownership is loss of institutional knowledge through change in personnel and systems. If the new operator does not know that there is a ...

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Korea P&I & Britannia P&I Collaboration

On 5 December 2019 The Britannia Steam Ship Insurance Association Limited (Britannia P&I) and The Korea Shipowners’ Mutual Protection and Indemnity Association (KP&I) established a new collaboration agreement, Korea-Britannia P&I Collaboration ‘KBC’. This new facility, which is exclusively available to Korean shipowners and operators, will provide cover on a mutual basis excess of a primary USD500,000 layer insured by KP&I. Britannia P&I, trusted since 1855, has 114m gt of mutual tonnage from over 240 members across 30 countries. In August 2019, S&P re-confirmed Britannia P&I’s A (Stable) rating with financial ...

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How tight should container lashings be?

The answer is no. Overtightening can result in the lashing rods coming under excessive strain which can increase the pre-tension by a few tonnes leading to their failure when under load. Stevedores and crew should only spanner tight the lashings. Caution statements highlighting this must be included in the Cargo Securing Manual (CSM) which should be prepared in accordance with the guidelines inMSC.1/Circ.1353/Rev.1, Ch.4. There are several other factors which should be kept in mind such as • the lashings should be evenly tightened, • locking/check nuts should be locked ...

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2019 IUMI statistics: Some uptick in global marine premiums, but major losses return and geopolitical risks render future outlook uncertain

The Facts and Figures workshop at the 2019 IUMI conference in Toronto began with committee chair Philip Graham updating the audience on the state of the global economy and shipping and offshore markets, as well as the activities and output of the committee. Vice chair Astrid Seltmann followed up with an analysis of the general global marine insurance market trends, looking in more detail at the cargo, hull, offshore energy and P&I sector. She also highlighted the role of detentions as an indicator for future claims and the increase in ...

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Argentina: New Regulation in Respect of Asian Gypsy Moth

The Club has been advised that the Argentinian National Service for Health and Agrifood Quality (SENASA) is finalising approval and issuance of a resolution to establish control measures in respect of Asian Gypsy Moth. Similar to the regulations in effect in a number of other countries this will be based on so called “flight seasons” and “high risk” ports and the need to obtain a phytosanitary certificate if within a proscribed area during the flight season. Note that all ports in China are included, not just Northern China, as is ...

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IUMI: Uncertainty Prevails Across All Marine Insurance Lines

Yesterday – 2 December 2019 – the International Union of Marine Insurance (IUMI) has released its 2019 statistical report – IUMI Stats. This is the second in a series of annual reports launched by IUMI last year. Its aim is to present a range of statistical data to help define the maritime sector and, more particularly, the marine insurance market. Philip Graham, Chair of IUMI’s Facts & Figures Committee explains: “Understanding the changing market in which we operate is vital if we, as underwriters, are to continue to deliver high ...

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Naval architects must check provenance of third-party designs, says ITIC

In a recent case, an International Transport Intermediaries Club (ITIC) member faced legal action for unwittingly infringing design copyright. The member, a naval architect, was asked by a customer to provide final designs and specifications for a workboat based on existing plans supplied by them. As the customer’s stamp was clearly shown on the plans, the naval architect assumed that the customer retained ownership. Once designed, the workboat was promoted in the press. It was seen by another naval architect who recognised the design as their own and quickly issued ...

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Stability and compatibility of very low sulphur fuel oils

In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics of the blending component feedstocks, method of production and type of cutter stocks used may be different from those in use today. As a result, marine fuels post 2020, i.e. max 0.50% blended fuels, are expected to result in a wide range of fuel formulations and characteristics and, consequently, an increased risk of instability and incompatibility compared with most fuels currently being used. The aim of the ...

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New safety guidance for stowage of dangerous goods on containerships

Container ship fires are a growing concern. Fires, originating from dangerous goods in containers, whether wrongfully declared or not, occur with alarming frequency. Such fires endanger the lives of the crew, harm the environment and cause damage to cargo and property. The Cargo Incident Notification System (CINS) has published a new safety guidance for the stowage of classified dangerous goods onboard containerships. The “Safety Considerations for Ship Operators Related to Risk-Based Stowage of Dangerous Goods on Containerships” represents the first in a series of initiatives aimed at enhancing safety onboard ...

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