Tag: marine insurance

The Poseidon Principles are now estimated to cover over 50% of the global ship finance portfolio, after DekaBank became the latest Signatory.

WFW experts provide an overview of the Poseidon Principles for Marine Insurance, which entered into force in early May,  with the aim to establish a framework to engage with the shipping industry and support net-zero insurance.

Russian-Ukrainian war has caused widespread disruption to global shipping, and is likely to exacerbate ongoing supply chain disruption, port congestion and crew crises caused by the pandemic.

The Poseidon Principles for Marine Insurance announced that they are now entering into force, after the number of its Signatories surpassed the threshold of eight, with Navium and AXA XL being the latest Signatories.

Britannia Club informed that operators are not always clear about the most effective procedure to follow in the event of an incident which is covered under their ship’s P&I policy.

ESG is an increasingly relevant topic among all sectors of society and business, who seek to respond and find solutions to sustainability challenges the world is facing. The insurance industry plays an equally-with-other-stakeholders role in promoting change in terms of economic, social and environmental sustainability.

Joining many others in the call for a swift and peaceful end to the current Russian invasion of Ukraine, IUMI made a statement to reassure that marine underwriters will continue to support their assureds during this difficult time.

Adopted in 2019, the Poseidon Principles were excitingly accepted as they set the first global framework for adding climate considerations into lending decisions, opening the way for responsible ship finance that will support the industry’s decarbonization race.

From the aspect of protection against loss, the importance of marine insurance lies to the security provided to shipowners for potential claiming damages, ranging from occupational incidents onboard to piracy, from cargo damage to groundings, and many more. But how do P&I Clubs serve shipping?

Six of the world’s leading marine insurers launch a groundbreaking initiative to provide transparency on carbon emissions.