Insurance

  • Canada’s Ship Safety Bulletin 08/2021 on measures...

    The Government of Canada has issued a new Ship Safety Bulletin (08/2021) on measures to mitigate the spread of COVID-19 on passenger vessels and ferries. It applies to Essential Passenger Vessels which are defined as vessels that are performing essential services and ferry vessels.

     

  • Sailors’ Society Wellness at sea campaign – The...

    Seafarer wellbeing has been a focal topic for Standard Club in recent years, particularly during the Covid-19 pandemic and we are proud to be working in partnership with Sailors’ Society’s Wellness at Sea programme, sharing helpful advice and resources over several months.

     

  • Shipment of project and equipment cargoes

    Although the Code of Safe Practice for Cargo Stowage and Securing (the “CSS Code”) defines many common cargoes, there is no clear definition of project and equipment cargo. The types of project and equipment cargoes vary, and they are normally carried by multipurpose vessels or semi-submersible vessels which are specially designed for large and heavy project cargoes. However, using general cargo ships or bulk carriers to carry project cargoes is not uncommon either.

     

  • Standard Club PEME scheme

    The club’s PEME scheme initially focused on clinics operating in the Philippines before expanding in 2019 to include Indonesia, India and Ukraine. These jurisdictions were selected because, between them, they represented almost 55% of all crew claims received, based upon a review of the club’s claims data between 2010 and 2015.

     

  • UK P&I Club creates new regional roles to...

    The UK P&I Club, one of the leading providers of P&I insurance and other services to the international shipping community, has created a new role of Regional Claims Director in each of its main service hubs, enhancing global claim capability for Members.

     

  • Shipping insurance data and collaboration

    The use of data and technology in the marine insurance industry has taken great forward steps in the last decade. In an industry often portrayed as being more comfortable with tradition rather than disruption, there is a realisation that the vast amount of information available out there has huge value – if properly harnessed.

     

  • North P&I Club office move demonstrates...

    North P&I Club has taken occupancy of new offices in Singapore, its regional headquarters for Asia, reaffirming its commitment to the existing membership and further growth of business in the region.

     

  • The American Club’s Annual Report And Accounts...

    Your Managers are pleased to link to the American Club’s Annual Report and Accounts for the year ended December 31, 2020. As will be seen, they are in an electronic format. They were approved at the one-hundred-fourth Annual Meeting of the Members of the Club which was recently conducted remotely from New York. Hard copies of this document will also be available from the Managers over the forthcoming period.

     

  • Britannia P&I makes donations to four...

    In recognition of the extra demands and pressures facing the crew who work on board its Members’ ships, and the crucial role played by seafarer charities in supporting crew welfare during the pandemic, Britannia P&I Club has made one-off donations to four charities.

     

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Britannia P&I publishes first sustainability report

With its inaugural sustainability report, Britannia P&I is defining the starting position of its sustainability initiative and roadmap for the future. The report outlines how Britannia P&I is embedding the management of climate related risk into its business strategy and integrating sustainability into its core processes.

 
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A guide to mental health at sea

Seafarer wellbeing has been a focal topic for Standard Club in recent years, particularly during the Covid-19 pandemic and we are always heartened when we see other organisations echoing this belief and doing more for seafarers in this aspect.

 
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Standard Club: Directors’ Report for the year ended 20 February 2021

The technical account shows a profit of $99.898, with an overall profit of $13.579, compared with the period ended 2020 which produced a technical loss of $1.727.742, with an overall loss of $1.775.484. Gross calls, before reinsurance, decreased from $21.048.177 in 2020 to $586.321 in 2021 and gross claims paid decreased from $22.978.970 in 2020 to $5.532.952 in 2021. Gross provision for claims decreased from $8.465.403 in 2020 to $1.975.343 in 2021. Net of reinsurance, the claims in the technical account were a net credit of $59.375 in 2021, compared with a net cost of $1,082,639 in 2020.

 
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As disasters multiply, container ship insurers face troubled seas

A series of major loss events involving container ships in recent months — including a sudden surge in containers lost overboard in the North Pacific region in late 2020 and early 2021, the grounding of the Ever Given in the Suez Canal in March and a fire that destroyed the X-Press Pearl off the coast of Sri Lanka in June — has highlighted the risks to companies that insure ever-larger vessels.

 
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