Insurance

  • The duty of procuring a superyacht's...

    A recent case in the US courts looked at whether a marine insurance broker owed a heightened duty to its client in procuring the superyacht's insurance policy. Jason P. Minkin and Jonathan A. Cipriani of BatesCarey LLP, Chicago, explain.

  • Marine insurers brace for new sulfur emission...

    Shipping companies will have to upgrade their vessels well in time to adhere to the upcoming global sulfur emission norms to avoid losing their classification and insurance cover, underwriters and insurers said recently.

  • ASEAN Fails To Address China, But Moves Closer To...

    As the 30th ASEAN Summit in Manila, Philippines came to a close, the primary questions regarding maritime security, terrorism, human trafficking ended with consensus, with one glaring omission. The word China does appear in any of the statements by either the Chairman’s final remarks of the conference, nor any remarks by the host, Philippine President Rodrigo Rao Duterte.

  • Metropolitan Life Insurance Co. NY Sells 887...

    Metropolitan Life Insurance Co. NY decreased its position in Natural Gas Services Group, Inc. (NYSE:NGS) by 8.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,307 shares of the oil and gas company’s stock after selling 887 shares during the period. Metropolitan Life Insurance Co. NY owned approximately 0.07% of Natural Gas Services Group worth $299,000 at the end of the most recent reporting period.

  • A.M. Best Withdraws Credit Ratings of The...

    A.M. Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) (the Club).

  • Oil spill protection needed

    THE ISSUE:
    A proposed law to hold oil storage facility owners accountable is again up for debate.
    THE STAKES:
    Requiring companies to be properly insured will protect people and property around the oil storage operations.

  • International Marine Survey Vessel Inspection and...

    International Marine Survey (IMS) provides independent marine surveys and inspection services for challenging offshore operations.

    The company offers a wide range of procedures such as condition monitoring, inspections, ultrasonic leak detection (ULD), ultrasonic testing (UST), and safety consultancy and reporting procedures.

  • Cargo Insurance Scheme Expanded to Protect...

    DHL Global Forwarding recently expanded its 'all-risks' Cargo Insurance service to Ghana, Kenya, Morocco and Mozambique. While DHL says it aims to handle every shipment with utmost care, in the freight and logistics industry accidents, ranging from theft and breakages to natural disasters, can't always be avoided. DHL has developed Cargo Insurance services to protect customers against damage or loss during transportation. With its latest expansion, DHL Cargo Insurance is now available for customers from all industries across 74 countries worldwide.

  • What marine insurers can learn from the RENOS...

    When assessing a constructive total loss of a ship, should the value of salvage services incurred prior to the issuance of a Notice of Abandonment be taken into account? Grant Pilkington offers advice in the context of a court decision in the RENOS engine room fire insurance claim and highlights its relevance for marine insurers in the UAE and Saudi Arabia.

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Mixed earning weigh on Saudi stocks with regional markets soft

Two most heavily traded Dubai stocks were Islamic insurers. Poor corporate earnings, many of them the result of Saudi Arabia's austerity policies and sluggish economic growth, weighed on the Saudi stock market in early trade on Tuesday as regional bourses were generally soft.

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Horrors of Crewing a Flag of Convenience Merchant Vessel Revealed in UK Port Seizures

Following our recent piece on the M/V Seccadi, a freighter registered under a flag of convenience and held by the British authorities after non-payment of crew wages and the discovery of disgusting conditions on board, comes more information regarding this and two other ships similarly flagged as Panamanian and also crewed by personnel abandoned by the vessels owners and operators. In each case the crews have been supported by the International Transport Workers' Federation (ITF) which equates the cases to a culture close to modern day slavery.

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Singapore Shipping Association to increase focus on marine insurance

A leader of the Singapore Shipping Association (SSA), an organisation composed of the country’s shipowners and members of allied industries, said that the group will focus its efforts on improving the field of marine insurance to better protect its members and further Singapore’s status as a global maritime hub.

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