Tag: marine insurance

Nicholas Mavrias, Senior Claims Executive at Standard Club Asia, and Moses Lin, Director at Incisive Law LLC, talk about the blockchain technology in the maritime sector. In their article, they outline the benefits that this technology is already offering to the maritime industry. However, they also describe potential implications of blockchain, regarding the marine insurance industry.

The two subsequent fire incidents involving Maersk vessels, as well as the boxship collision in Karachi Port earlier this month that forced the temporary closure of the port, highlighted the importance of always investing in cargo insurance, said iContainers, as the amount of insurance that all shipping carriers are obliged to offer by law is limited.

In certain circumstances in a salvage situation, Members (and their Hull insurers) may choose to vary the standard LOF and/or SCOPIC terms by entering into so-called “side agreements” or “side letters” with a salvor. Altering the terms of a standard LOF and SCOPIC in this way may cause a change in contractual liabilities and risk allocation.

Liabilities arising under the certificates, such as compensation for death or long-term disability, would be covered by standard P&I cover, the liabilities for outstanding wages and repatriation of seafarers together with incidental costs and expenses would fall outside of cover.

Navigators Management and Thomas Miller Specialty announced that they have entered into discussions, under which Thomas Miller Specialty would acquire Navigators’ fixed-premium protection and indemnity business.

Namely, Gard will provide Hull and Machinery and P&I insurance to what will become the one of the world’s first autonomous container ships with zero emissions: the YARA Birkeland. The ship will be equipped with an automatic mooring system, while berthing and unberthing will be done without human intervention.

All ships flying the UAE flag trading internationally, as well as all ships operating in UAE waters above 200 gross tons, must have a financial security system to protect seafarers against abandonment, death or injury, according to a circular published by the Federal Transport Authority.

North Club highlighted the steps to be taken by the industry ahead the EU General Data Protection Regulation, which enters into force in May 2018. The GDPR will update current data protection legislation by requiring businesses who deal with EU citizens to be transparent about how they use their data. The costs of non-compliance are potentially very high.

Skuld P&I Club reminded of the potential for an increase in stowaways trying to gain access to vessels in South African ports during the holiday period. From February 2017, the Club had 26 stowaway claims in Durban and 12 stowaway claims in Cape Town.

Almost two thirds of global marine industry executives believe there is uncertainty surrounding liability issues relating to unmanned ships should a vessel be involved in an incident as a result of a cyber-attack, according to a new report from global law firm Clyde & Co and IMarEST.