North P&I Club has released a new briefing paper exploring the insurance implications when solid cargoes behave like fluids and presenting typical responses to claims arising from cases of liquefaction.

P&I condition surveys could be misconstrued in some instances as baggage which is part of being a member of an International Group club. Their value may be overlooked and condensed down to an outcome of a list of so-called ‘defects’ which will require to be rectified to the satisfaction of the association in question. Perhaps validating this perspective, the ability to perform such surveys is endorsed by the Rules of each association and into the International Group’s too for that matter.

WHAT ARE THE POSEIDON PRINCIPLES FOR MARINE INSURANCE?

The Poseidon Principles for Marine Insurance (the “Principles”) were officially launched in December 2021, initially supported by Swiss Re, Gard, Hellenic Hull Management, SCOR, Victor International and Norwegian Hull Club. In March 2022, Fidelis Insurance became the first company from the London market to join the group. In May 2022, Navium Marine and AXA XL signed up to the Principles, taking the total number of full members to nine.

Current Covid-19 restrictions in Chinese ports

Thomas Miller Specialty, a global multi-line insurance provider has announced a new partnership with Send Technology Solutions Ltd (Send) to automate and streamline its operating model.

Record pool claims and the unprecedented impact of unforeseen events such as the Covid-19 pandemic have forced P&I Clubs to further harden their rates over the recent 2022/23 renewal round, following sharp rises last year. And Drewry anticipates more hardening in P&I premiums over the near term, which will add to ship operating cost inflationary pressures, along with rising hull and machinery insurance costs (to be covered in a separate briefing).

Seafaring was already one of the most challenging jobs in the world, and now the pandemic has imposed huge levels of stress onto the maritime industry and the seafarers who keep it going.

The UK P&I Club, a leading provider of P&I insurance and other services to the international shipping community, has appointed Colin Legget as a risk assessor in its London office.

Korea Shipbuilding & Offshore Engineering, the holding company of Hyundai shipbuilding group, test operated autonomous passenger ships in a virtual space using digital twin technology. Various functions such as high-speed sailing and docking were demonstrated using the virtual clone of an actual ship that is currently being built.

Standard Club Asia is celebrating its 25th year in Singapore in 2022. An offshoot of the Standard Club, it was the first protection and indemnity mutual to pick the Lion City as its regional head office for the Asia-Pacific region.