Tag: marine insurance

The US is urging European capitals to ease the impact of their ban on insuring Russian oil cargoes, claiming that this measure could cause global crude prices to skyrocket.

Claims related to the Ever Given grounding in the Suez Canal during 2021, could amount to $2 billion, French insurer Scor SE estimates.

Between 2016 and 2022, the quantum for claims, notified to the Shipowners' Club, caused by fires on board vessels was over US$ 4 million.

IUMI published a statement on the Russian invasion of Ukraine, expressing its hope that regulators will collaborate with shipping to agree that any sanctions are feasible.

Former president Dmitry Medvedev said that Russia will cover Russian oil tankers to ensure they are able to continue making deliveries, if they are unable to get insurance because of Western sanctions.

Mr Lars Lange, IUMI Secretary-General, refers to the important work that IUMI’s ESG Working Group has undertaken for raising awareness for the increasing importance of marine insurance specific ESG issues.

During the GREEN4SEA Forum 2022, Capt. Akshat Arora, Senior Surveyor, Standard Club, and Jamie Wallace, Legal Director, Standard Club talked about the potential that alternative fuels have in shipping. Speaking from an insurer’s perspective, Capt. Arora and Mr. Wallace presented the current landscape regarding alternative fuels, and made recommendations for their best use.

A Code of Practice between the International Group of P&I Clubs and IUMI has recently been agreed in relation to future casualty situations that may give rise to the need for third party salvage services.

It is well established that for shipowners and operators to meet the IMO 2030 and 2050 greenhouse gas targets (or indeed a company’s pledge to be ’net-zero’ by a specific time), changes will be needed in how vessels are designed, built and operated, explains Alvin Forster in SeaSense column, our special column in association with the North P&I Club.

Approval is given to merging North and Standard Club after separate member meetings resoundingly back plans to create one of the largest providers of mutual cover in the maritime industries.