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

Marine Insurance P&I Club News

Honduras oil spill response arrangements – additional information

We refer to Member Circular 04/2018  advising that the new oil spill response requirements come into effect in Honduras on 26th May 2018. Ocean Pollution Control S.A. Honduras (OPC), currently the only approved oil spill response organisation (OSRO) in Honduras, provided the following additional information assisting Members to ensure compliance with the new requirements: 1. The December 2017 contract is the correct version of the OSRO contract. 2. Shipowners have two options: 1) subscribe to a contract or 2) subscribe to a purchase order every time a ship arrives into ...

Read More »

Vessels warned over smoke emissions in Singapore

On 22 May 2018 the MPA issued a circular reminding ship masters and owners to “take all necessary measures to prevent their vessels from emitting excessive soot, ash, or dark smoke from engine exhaust and/or ancillary shipboard machineries throughout the duration of vessel stay in port”. Dark smoke containing particles and deposits formed by unburned fuel can adversely affect air quality and impact human health and the MPA says it will take ‘stern action’ against vessels found to emit excessive dark smoke that does so. The circular draws attention to ...

Read More »

Bangladesh – Continuing Problems at Chittagong Anchorage

The Club continues to see claims arising due to collisions between vessels underway and at anchor within the Chittagong anchorage area, with 50 such claims involving entered vessels recorded since 2013. Members with vessels proceeding to Chittagong are therefore reminded of the guidance contained in the Club’s news article of 5th April 2013 Bangladesh – Anchoring off Chittagong Port and within Mr. Zalal Uddin Ahmed’s text Navigate Vessel Safely at the Chittagong Port (Bangladesh) Anchorage, and should advise their vessels to consider the advice contained in both articles prior to ...

Read More »

World’s first blockchain platform for marine insurance now in commercial use

EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance industry leaders Willis Towers Watson, XL Catlin, MS Amlin and ACORD announce members of the marine industry are using Insurwave, a blockchain platform to support marine hull insurance. In an increasingly complex and ever evolving risk landscape, global businesses will use the platform to transform how they manage risk across their organization, and how they work with brokers and (re)insurers. Insurwave, built by a joint venture between EY and Guardtime, leverages blockchain and distributed ledger technologies Microsoft Azure infrastructure and ACORD data standards. ...

Read More »

Mandatory biofouling standards in New Zealand

As per our previous Web Alert, the New Zealand’s Craft Risk Management Standard (CRMS) came into force on 15 May 2018. The New Zealand Ministry of Primary Industries (MPI) recently gave a presentation on the topic in Auckland. This presentation described the risk posed by hull biofouling to the New Zealand marine environment, explained the intent of the CRMS, and discussed methods which vessel operators will be required to use in order to achieve a “clean hull”. Alistair Irving, P&I Services New Zealand attended the MPI presentation and the detailed ...

Read More »

New India Assurance to offer cover for Indian ships

State-run New India Assurance Co has ventured into the ship insurance business by offering the protection and indemnity (P&I) cover to Indian registered vessels that ply only on local routes, taking the first few steps with the aim of breaking into a segment now dominated by European underwriters. New India Assurance has offered the maiden cover to two Type 2 river sea vessels run by Mumbai-based SVS Marine after it was approved by the sector regulator, the Insurance Regulatory and Development Authority of India (IRDAI). “This is the beginning of ...

Read More »

North P&I Club Reports An Increase Of US$20m In Free Reserves And A Rise Of 5m In Gross Tonnage

Leading global marine insurer North P&I Club has announced its annual results, confirming a 4.6% increase (US$20 million) in free reserves to US$451 million, a 2.6% (5M GT) rise in total entered tonnage to 195M GT, and a combined ratio of 104% for the year ended 20 February 2018, along with a stable 99% member retention rate. North’s results reflect their consistently robust approach to underwriting and risk management and should also see the long term combined ratio of the Club remain in the upper quartile of the International Group ...

Read More »

Class 1 And Class 2 Policy Year Balances And Financial Position

The Board reviewed the policy year balances and the Club’s overall financial position as at 20 February 2018 at their meeting on 16 May 2018. FINANCIAL POSITION Underwriting result Closed policy years continued to develop favourably and within expectations. For 2017, whilst attritional claims remained at similar levels as were recorded for 2012-2016, the number of large claims above $3m was unprecedented. At the same time, costs for other Clubs’ Pool claims also experienced an increase from the exceptionally low levels reported in 2016 with two large claims notified in ...

Read More »

Restrictions on the import of dangerous goods into Russia during the FIFA World Cup

According to advice received from our local correspondents, security restrictions will be in place in certain Russian ports in the period leading up to and during the FIFA 2018 World Cup. An advisory issued by the Harbour Master of the Port of St. Petersburg states that the security restrictions imposed in the port include the suspension in the carrying and handling of dangerous cargoes, including bunkering operations. Owners and operators of vessels calling at the port of St. Petersburg in the period of 25 May 2018 and 25 July 2018 ...

Read More »

Crew Health Advice: Dealing with stress onboard

We all encounter stressful events in our personal, professional or social life. It is important to remember that not all stress is negative, some stress is positive, motivating us to maximise our productivity and creativity. In contrast, ‘distress’ is negative stress, which, “is evident when a person perceives himself as lacking the ability or the resources to control a stressful situation” (Selye, 1976). Stress is defined as, “a negative emotional experience accompanied by physiological, cognitive and behavioural changes and responses aimed to reduce or change the stressful event or effects ...

Read More »

Britannia declares another USD20m capital distribution to Members

Britannia reports another strong financial performance, with an aggregate USD80.6m post-tax surplus for the year. The Board approves a further USD20m capital distribution, to be paid to P&I mutual Members with ships on risk as at midnight 15 May 2018. Members have now benefited from USD61m of deferred call waivers and capital distributions since October 2016. Financial overview: In the past 18 months, Britannia’s Members have benefitted from USD61m (or 32.8% ETC) of deferred call waivers and capital distributions, as well as nil General Increases for both P&I and FD&D ...

Read More »

Ebola outbreak reported in the DRC

On 8 May 2018, the Ministry of Health (MOH) of the Democratic Republic of the Congo (DRC) declared an outbreak of Ebola virus disease (EVD) in the Equateur Province in the North-Western part of the country. This is the ninth outbreak of Ebola virus disease in the DRC over the last four decades, with the most recent outbreak occurring in May 2017, see our alert of . According to the WHO’s dated 14 May 2018: A total of 41 EVD cases, including 20 deaths, have been reported. The majority of ...

Read More »

Effects of mental well-being on personal injury and recovery

Personal injury and illness claims are of course very different from property claims and besides the actual injury or illness sustained the “human element” can vastly alter the outcome of the recovery period and thus making the matters somewhat unpredictable to deal with. In this article we briefly consider what effects mental well-being and outside influences, such as pre-existing psychological illness, family problems, depression, relationship troubles, loneliness and financial hardship can have on the seafarer. Experience and research suggests that these factors may enhance an injury or illness and most ...

Read More »

Steamship Mutual Release Financial Update and 2018 Renewal Information

At their Board Meeting held in London on 15 May 2018, the Directors of Steamship Mutual approved the Clubs’ Report and Accounts for the 2017/18 policy year and authorised publication of the following key points in advance of the release of detailed results. Financial Results Free reserves increased by US$5.7 million to US$516 million Financial year combined ratio was 112.8% – or 102% excluding the return of premium credited in November 2017 – reflecting a higher level of retained and Pool claims in the 2017/18 policy year. For the 2017/18 ...

Read More »

Reimposition of US secondary Iran sanctions

On 8 May 2018, President Trump announced his decision to cease the United States’ participation in the Joint Comprehensive Plan of Action (JCPOA). The US will reimpose the US nuclear-related sanctions that were lifted to effectuate the JCPOA sanctions relief, following a 90-day and 180-day wind-down period. At the end of the 90-day and 180-day wind-down period, the applicable sanctions will come back into full effect. For background information on the lifting of sanctions under the JCPOA see our . US secondary sanctions, i.e. US sanctions applicable to non-US citizens, ...

Read More »

Recent Videos

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