Home / Shipping News / Marine Insurance P&I Club News (page 3)

Marine Insurance P&I Club News

London marine insurers widen Middle East threat zone after ship attacks

London’s marine insurance market has extended the list of waters deemed as high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday. The London insurance market’s Joint War Committee issued a statement saying the additions detail areas of perceived enhanced risk for marine insurers and reflect the enhanced regional risk. “The situation will be kept under close review,” the Joint War Committee said. Its guidance is watched closely and influences underwriters’ considerations over insurance premiums. The Joint War Committee, ...

Read More »

Steamship Mutual P&I: Upon renewal total entered tonnage rose to an all-time high of 160 million GT

The Club distributed US$ 21.9 million to mutual renewing members on 20th March 2019. – 2019/20 renewal was the 5th consecutive year of no general increase. – Renewal rates for mutual owned tonnage increased by an average of 2.1% overall. – Upon renewal total entered tonnage rose to an all-time high of 160 million GT. – Increasing levels of claims from Members and from the International Group Pool are reflected in a combined ratio of 116%. – Free Reserves reduced by US$ 27 million before the capital distribution and stood ...

Read More »

GARD: Premiums reduced for tenth year in a row

Following the meeting of the Board of Directors on 14 May 2019, Gard today announced its results for the year ending 20 February 2019. Reporting at a group level, the key financial results are: – A loss after tax of USD 53 million on an Estimated Total Call (ETC) basis – Combined ratio net of 110 per cent on ETC basis – Gross written premium of USD 798 million on ETC basis – The non-technical result was a loss of USD 9 million, including a negative investment return of USD ...

Read More »

London marine insurers to meet after ship attacks in Middle East

London’s marine insurance market will meet on Thursday to assess whether it needs to change the risk level for vessels in the Gulf after an attack on ships off the United Arab Emirates earlier this week, a senior official said on Wednesday. Such a move could lead to an increase in insurance premiums. On Tuesday, armed drones attacked two of Saudi Aramco’s oil pumping stations and forced the state producer to briefly shut its East-West pipeline. The incident came two days after an attack on four oil tankers – two ...

Read More »

GARD: Status report as at 20 February 2019: Review of policy years

The Board of Directors of the parent company, Gard P. & I. (Bermuda) Ltd. (the “Association”), met on 11 and 13 May 2019 in Bermuda and is pleased to report that as at 20 February 2019, and on a consolidated basis, the financial position of the Association remains strong. • On an Estimated Total Call (ETC) basis, the net result before the reduction in the Last Instalment (previously known as the Deferred Call)2 was negative USD 53 million. • Total equity for the Gard group, which provides security and stability ...

Read More »

UK War Risks Club says investigating Fujairah ship sabotage incident

The UK War Risks Club, which provides specialist insurance for ships, is investigating the incidents of sabotage of vessels in Fujairah port over the weekend and has not decided on additional premiums for the region, a company executive said Monday. The club, managed by insurance provider Thomas Miller, is one of the providers of marine Protection and Indemnity or P&I insurance, including additional war risks insurance for incidents like civil war, piracy or other disturbances. Two Saudi oil tankers faced a “sabotage attack” off the coast of Fujairah, UAE, on ...

Read More »

Ukraine revises its ballast water regulations

Ballast water sampling and analyzing in Ukrainian ports for “ecological control” has been an issue for some time. Recent information from our correspondents comes as a ray of hope as far as compliance with ballast water regulation in the country is concerned. The Cabinet of Ministers of Ukraine published the Resolution No 367 dated 27.3.19 which changes the ballast water regulations in ports of Ukraine. The control of segregated ballast in Ukrainian ports has been cancelled and ecological inspectors are no longer permitted to inspect vessels for the purposes of ...

Read More »

Eleni P – Interpreting an Off-Hire Clause

In Eleni Shipping Limited v Transgrain Shipping BV (The Eleni P) [2019] EWHC 910 (Comm) the Commercial Court considered an appeal under section 69 of the Arbitration Act 1996 by Owners of an award in which the Tribunal rejected Owners’ claim for hire to be paid by Charterers during the period for which the vessel was detained by pirates in the Arabian Sea. Facts On 29 April 2010 voyage orders were given by Charterers for the vessel to load a cargo of iron ore from a port in Ukraine for ...

Read More »

Asian Gypsy Moth (AGM) – 2019 Risk Period

The club would like to remind its members on the upcoming high risk season for Asian Gypsy Moth (AGM). During this time it is expected that port state inspectors in the United States, Canada, Chile, Australia and New Zealand will increase their efforts to prevent the spread of this invasive species. The regulated areas and risk periods for 2019 are mentioned below. United States and Canada Ships that have called above mentioned regulated areas in the past 24 months, shall ensure that required pre-departure certificates are obtained and additional self-inspections ...

Read More »

Bunker suppliers upset balanced BIMCO bunker terms

As many members are aware, whether they purchase bunkers as an owner or charterer of a vessel, sometimes the standard terms and conditions of the relevant bunker supplier can be slanted in favour of the bunker supplier. Often they contain short time limits for making a claim, in the event the bunkers turn out to be not of the agreed quantity or quality. So where the purchaser of the bunkers finds out later that there is a problem with the fuel, often it is too late for him to bring ...

Read More »

Skuld reports 16th year of positive underwriting results

Skuld yesterday announced a positive bottom line result of USD 11 million (USD 58 million in 2017) for its 2018 financial year ending 20 February 2019, and a total combined ratio of 98%. Gross earned premium in 2018 amounted to USD 402 million. The result marks continuity in a record-breaking 16th consecutive year during which Skuld has reported a positive underwriting result. The year was characterised by challenging conditions in global insurance and investment markets. However, commercial marine liability underwriting contributed notably to the overall result, alongside a balanced performance ...

Read More »

Supporting our oceans through sustainable marine insurance

In 2017, Gard signed the world’s first insurance industry statement on sustainable marine insurance. Through this statement, we are committed to tackling illegal, unreported and unregulated (IUU) fishing through education, awareness building, risk management and insurance underwriting. Oceana recently launched a set of guidelines to assist insurers in controlling or mitigating the risk of insuring vessels and companies associated with illegal, unreported and unregulated (IUU) fishing. The guidelines were developed together with UN Environment’s Principles for Sustainable Insurance Initiative, with input from insurance associations, companies, and other key stakeholders. Through ...

Read More »

Britannia becomes first P&I Club to be accepted as a member of MACN – the Maritime Anti-Corruption Network

Britannia has become the first P&I Club to be accepted as a member of the Maritime Anti-Corruption Network (MACN). Established in 2011 by a group of maritime companies committed to eradicating the industry of all forms of corruption, MACN has grown into a global business network of over 100 members, representing a sizeable percentage of the global fleet. “We’re proud to be the first P&I Club to have been accepted as a member of MACN,” said Andrew Cutler, CEO of Britannia’s Managers Tindall Riley. “Tackling corruption is vital to ensure ...

Read More »

US Treasury Department Publishes A Framework For OFAC Compliance Commitments

On May 2, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) published A Framework for OFAC Compliance Commitments in order to provide organizations subject to US jurisdiction, as well as foreign entities that conduct business in or with the United States or US persons, or that use US-origin goods or services, with a framework on the essential components of the sanctions compliance programs. The document also outlines how OFAC may incorporate these components into its evaluation of apparent violations and resolution of investigations resulting in ...

Read More »

Seafarer Desertion – The Club’s Experience

The Club has recently undertaken an analysis of claims involving seafarers who have deserted their vessel over the previous ten years. Although these types of claims are not common and nor are they particularly expensive, they can be disruptive to a vessel’s operation, and take up management time to rectify. In some cases, the deserter will turn up shortly after going missing, in others, they have disappeared for a considerable period of time. The ranks of those that desert a vessel are many and varied, including cadets, crew and officers ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping