In the latest revision of the Nordic Marine Insurance Plan, it was agreed to restrict the war risk cover to politically motivated interventions, with state interventions falling outside the war risk cover included in the marine insurance cover. The 2019 revision of the NMIP was approved by all parties and the document was published for use by insurance practitioners. The amendments in the 2019 version vary from small clarifications in clauses to more substantial re-writing of individual clauses.
MPA Singapore has announced the development of an inter-operability framework for electronic trade documents for the maritime and trade industries, which is expected to strengthen Singapore’s standing as a leading global maritime hub.
In a recent publication, Andrew Hodkinson and Joel Thornton from Charles Taylors Adjusting, outline how an Engineering Loss Adjuster can team up with appointed lawyers to quickly identify the key issues in a P&I claim and determine how best to establish probable root cause, liability and quantum aspects. In their first case-study, they explore P&I issues surrounding blistering coatings.
According to local Iranian media, the chairman of Iran’s Shipping Society and related services, Massoud Polmeh reported that a large number of ports across the globe do not permit Iranian-registered vessels to enter and dock. Massoud Polmeh is turning against the US re-imposed sanctions on the Islamic Rebublic for the rejection of ships carrying the Iranian flag at ports.
Canada’s Minister of Transport, Marc Garneau, announced new regulations that require Canadian passenger vessel operators to carry a minimum of $250,000 in liability insurance for every passenger on board. The new regulations will come into force on January 11, 2019.
As autonomous shipping is gaining more and more ground, it is contended that the present fault-based collision liability regimes of most jurisdictions do not sufficiently cater for the situations that may arise, highlights Lina Wiedenbach, Lawyer at Arnecke Sibeth Dabelstein, IUMI Professional Partner.
During IUMI’s conference in Cape Town, Astrid Seltmann, Vice Chair of the IUMI Facts and Figures Committee gave updates on the macroeconomic environment and shipping market and the global marine insurance market. As IUMI stated the market environment is improving in all fields. Yet, sustainability of results can only be maintained by a risk evaluation taking into account all risk aspects.
Under the Convention on Limitation of Liability for Maritime Claims 1976, shipowners may limit their liability in maritime claims by establishing a limitation fund. From 1 February 2018, Singapore’s Rules of Court have been amended to allow a person seeking relief in a limitation action to constitute a limitation fund either by making payment into Court under an order of the Court, or by producing a LOU from a P&I Club acceptable to the Court.
Cranes on the quayside are highly exposed, due to their position on the waterfront, and probably represent in many places the highest unit cost of any operational asset at the facility. TT Club claims analyses continue to flag quay crane issues as giving rise to the highest cost incidents for ports and terminal operators, with collision risks comprising more than 50% of the costs.
The short video, published by the International Union of Marine Insurance, provides an overview of the Union’s work since 1874 when international trade was growing and new markets were emerging. Operating at the forefront of marine risk, IUMI gives a unified voice to the market, tackling industry issues and challenges through effective representation and lobbying activities.
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