Tag: marine insurance

Hong Kong China War Risk Syndicate, a new marine insurance facility aimed at protecting Chinese and Asian shipowners from the risks of war and related perils, such as piracy attacks, was launched on 20 November 2017.

Addressing the American Institute of Marine Underwriters, Christopher J. Wiernicki, Chairman, President and CEO of ABS, described the future of maritime cyber security and risk mitigation, and outlined how the classification and insurance industries can strengthen their collaboration ahead of the progression of autonomy.

In the latest edition of Signals, North P&I Club's Kostas Katsoulieris discusses the steps to take onboard where there is a serious incident requiring medical assistance from ashore. Firstly, basic first aid should be provided onboard under the guidance of the Ship’s Medical Officer and with reference to the Ship’s Medical Guide.

Ince&Co law firm informed that if a seafarer's private social security cover has the same branches as those defined in Article L-111-1 of the French Social Security law, these seafarers do not have to be affiliated to the ENIM and can maintain their private coverage.

As navigation and propulsion systems on board ships and offshore units become increasingly dependent upon computer technology, the threat of cyber attack has emerged as a significant exposure. In a recent article, Standard Club outlines how standard P&I cover operates in respect of shipboard cyber risks.

Delivery of cargo without presentation of an original bill of lading is a reality of international trade. Delays in the documentary chain, and onward sales of the cargo while it is in transit, often means that original bills are not available when the ship reaches the discharge port.

The International Group of Protection and Indemnity Clubs highlighted the importance of a Group-wide agreement to provide financial security for shipowners for the consequences of abandonment of crew.

The USCG has published a revised guidance on the implemenation of the MLC amendments (2014) which focus on financial security for the repatriation of seafarers and financial security relating to shipowners’ liability in cases of seafarer injury or death.

Speaking in Tokyo, James McDonald, chairman of IUMI’s Offshore Energy Committee, warned that the sector was “sinking”.  His warning was based on declining total premium income set alongside upstream energy large losses for 2015-16 of USD 4.8 billion. 

The International Union of Marine Insurance presented its annual statistical report on the marine insurance market, reporting that global marine underwriting premiums for 2016 fell to USD 27.5 billion, a 9% reduction on the figure reported for 2015.