Insurance

  • Greek company must face B.C. court for 2015 MV...

    A Federal Court judge has rejected an application for judicial review filed by a Greece-based company facing charges in a 2015 fuel spill in Vancouver’s English Bay, saying it must make its case in British Columbia Supreme Court.

  • Smooth sailing on the high seas

    A shipowner seeking finance in Hong Kong has a plethora of choices including debt financing from the many international banks with a shipping portfolio, leasing or, in the case of a public company, it may choose to issue shares or bonds.

  • Kennedys boosts Asia-Pacific expertise with Clyde...

    International law firm Kennedys has boosted its international marine insurance and shipping practice, and particularly its Korean expertise, with the appointment of disputes partner Deug Rong (“DR”) Lee from Clyde & Co. DR joins Kennedys’ international marine insurance and shipping team, which came about as a result of their merger with Waltons & Morse in November last year. He will be based in the firm’s London office.

  • Smooth sailing on the high seas

    As one of Asia’s premier financial centre, Hong Kong offers shipowners and maritime industry service providers a wide range of key financial and insurance options, facilitating the continued development of the industry

  • Autonomous ship regulation ‘a bigger challenge...

    Likely upcoming remote-controlled vessels and Maritime Autonomous Surface Ships (MASS) will force all members of the maritime sector and maritime nations to cooperate in ensuring a regulatory regime is in place that covers unmanned ships, according to a gathering at the Insurance institute of London (IIL) covered by Insurance Marine News.

  • New Maritime law fails to excite re-insurance...

    Reinsurance companies say they have little to smile about in the wake of the new marine insurance law. This is because the law, contained in Section 20 of the Insurance Act that makes it mandatory for local cargo importers to insure their goods with local insurance companies, has no provision compelling firms to re-insure marine cargo with local reinsurance companies.

  • Hannover Re sees marine reinsurance premiums fall

    German reinsurer Hannover Re reported that gross written premiums (GWP) for 2016 in marine within the p&c reinsurance sector declined to €277m, from €297m the previous year, equal to just over 10% of the €2.65bn (2015; €2.92bn) specialty lines book as a whole. Hannover Re’s total GWP was €11.92bn, down from €14.14bn in 2015.

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ASEAN Fails To Address China, But Moves Closer To Addressing Piracy On South China Sea

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.

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Metropolitan Life Insurance Co. NY Sells 887 Shares of Natural Gas Services Group, Inc. (NGS)

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.

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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.

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Cargo Insurance Scheme Expanded to Protect Freight and Logistics Customers

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.

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