Insurance

  • The Standard Club celebrates 20 years of...

    Twenty years after the Standard Club began its joint venture with Tokio Marine & Nichido Fire (TMNF) to underwrite P&I business in Japan, the club is celebrating its successful partnership. Tokio Standard for the 21st century (TS21) has gone from strength to strength and now underwrites 8% of P&I business in Japan.

     

  • Handling stowaway incidents

    Stowaways cause considerable difficulties for the master and owner if their presence is only detected after leaving the port of embarkation. It is essential to prevent their boarding initially or to find them before a ship leaves port. However, there are still occurrences where stowaways are only discovered too late.

     

  • Coastal States need to reconsider their...

    A detailed review of some of the more serious container ship fires of recent years highlights concerning features of the aftermath in terms of safety to crew, the stricken ship and its cargo, and the maritime and coastal environment.

     

  • IUMI renews focus on a sustainable, resilient and...

    Speaking at its Spring Meeting held online last week, Richard Turner, President of the International Union of Marine Insurance (IUMI) reinforced the association’s focus on facilitating a sustainable, resilient and innovative future for the marine insurance industry.

     

  • Lloyd’s of London sees ‘large loss’ due to Suez...

    The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.

     

  • Global reinsurers stare at massive losses from...

    The blocking of the Suez Canal by one of the world’s largest container ships is likely to result in losses worth hundreds of millions of euros for the reinsurance industry, Fitch Ratings said, even as rescue teams were successful in partially refloating the vessel on Monday.

     

  • ISO Review of 2020 Marine Fuels Quality Submitted...

    In response to the shipping community’s concerns about the characteristics of Very Low Sulphur Fuel Oil (VLSFO), an ISO Review of 2020 Marine Fuel Quality in January 2021 will be submitted to the IMO Marine Environment Protection Committee (MEPC) for its upcoming 76th session scheduled for June 2021.

     

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Preventing COVID-19 onboard

At a time when the number of COVID cases increases and many ports and countries operate with differing COVID-19 regulations, we encourage ship operators to review their crew change management plans, implement all relevant recommendations set out in the revised IMO supported protocols for crew changes and travel, and continue to promote compliance with proven health measures such as physical distancing, hand hygiene, cough etiquette and use of masks.

 
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Russian transport operators must insist on comprehensive insurance cover

Recent changes to regulations in Russian law now make it possible for forwarders and road hauliers to access full liability cover, similar to that enjoyed by those in the global supply chain. However, most insurance products on the market don’t offer comprehensive protection. Executives from Panditrans, TT Club’s Network Partner in Russia, have outlined the improved regulatory situation but emphasized the inferiority of the cover available in the market. Valuable risk management advice on temperature controlled and tank container cargoes was also presented at the recent TransRussia trade show in Moscow.

 
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2021 financial statements – Britannia P&I announces satisfactory results

Total calls and premiums for 2020/21 were marginally lower than the previous year. The underwriting result was a deficit of USD20.5m before allowing for the investment return allocated to the technical account. The strong investment performance achieved for the financial year ended resulted in an overall surplus for the year of USD37.0m after tax. In October 2020 there was a capital distribution to Members of USD10.0m. The total capital resources of the Group therefore increased by USD27m to USD449m at 20 February 2021. Additional assets totalling USD177.8m held by Boudicca Insurance Company Limited are available to Britannia to meet future claims.

 
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COVID-19 vaccination of foreign seafarers in the United States

US federal health regulators lifted a recommended pause on the use of the Johnson & Johnson or Janssen (J&J) single-shot Covid-19 vaccine. The decision allows states in the US to resume administering the J&J vaccine. The J&J vaccine along with the Pfizer and Moderna vaccines remain the only authorized vaccines in the US.

 
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