Tag: marine insurance

EY consulting announced the launch of the world’s first blockchain platform for the marine insurance sector, in collaboration with Maersk, Microsoft, ACORD, Guardtime MS Amlin, Willis Towers Watson and XL Catlin. The first of its kind in the insurance industry, the blockchain platform would be implemented from 2018 onward.

Marsh insurance has released a new report, discussing the key areas that may be common to ship versus ship collisions, dangerous events with the potential to bring areas of difficulty to insurance claims.

The Shipowners' Club issued a guidance note, regarding the reactivation of a vessel following a period of lay-up, noting that whether it be an offshore support vessel, or any type of vessel, reactivation following a period of lay-up requires very careful management in fully assessing the risks involved.

In its latest article in the Navigating Mutual P&I series, the Shipowners Club focuses on ‘overspill’, explaining how the International Group calculate overspill limits and provides an overview of the collective overspill reinsurance structure.

Norwegian Hull Club published a new version of the Handbook on Loss of Hire Insurance, providing explanations to the Nordic loss of hire conditions. The term "loss of hire insurance" suggests that the assured is insured in general for any incident that causes one or more of his vessels to be demobilised so as to be deprived of income., but the insurance has never been that comprehensive.

North P&I Club announced that has published a new edition of its guide book on letters of indemnity, in order to explain how to avoid disputes and problems arising from the use of letters of indemnity, reflecting recent case law and current industry practice.

Roll-on-roll-off vessels and car carriers are twice as likely to catch fire as other ships and vehicle-deck fires are notoriously difficult to contain and put out. Therefore, the North P&I Club has published a new loss prevention briefing on how to prevent, detect and fight fires onboard such vessels.

The Nordic Association of Marine Insurers ( Cefor) issued an annual report to provide an overview of the marine insurance market during 2015. The report includes statistics with a focus on vessels built in Asia and reveals the ocean hull trends. Last year, Cefor reported that costly fires and explosions even rose slightly concluding that ''fires are few in number, very costly, and continue to keep insurers busy''

The UK Insurance Act 2015 will come into force on 12 August 2016