Insurance

  • American Club experiences a positive 2021 P&I...

    At its meeting conducted virtually from New York last week, the Board of the American Club noted that, despite challenging business conditions, the Club enjoyed a solid performance over the 2021 P&I renewal season. Both its mutual and fixed premium P&I portfolios performed well while American Hellenic Hull continued to consolidate its market position, gaining further momentum since the beginning of the year. Year-on-year annualized premium for the Club’s mutual P&I class grew by a little under 8% at February 20, while revenue for its Freight, Demurrage and Defence (FD&D) business increased by over 10%.

     

  • COVID-19 – US pledges support to facilitate crew...

    In its latest Marine Safety Information Bulletin (MSIB 04-21), the USCG recognizes that travel restrictions imposed by governments around the world have created significant hurdles to crew changes and repatriation of seafarers. The physical and mental fatigue of seafarers who are unable to leave the vessel at the end of their contracts has led to growing humanitarian concerns as well as concerns for the safety of seafarers and shipping.

     

  • Launch of new Cyber Insurance product

    The Club is pleased to announce the launch of a new Cyber Insurance product aimed at assisting Members respond to a cyber attack on their vessels and insuring them for any loss of income the vessel incurs as a result.

     

  • The Standard Club’s PEME scheme

    Since its creation in September 2015, the club’s pre-employment medical examination (PEME) scheme has conducted over 12,500 examinations on behalf of club members. These examinations have been fundamental in the club’s efforts to reduce the toll of preventable illness claims.

     

  • Bauxite – A cargo that may liquefy

    The IMO has introduced amendments to the International Maritime Solid Bulk Cargoes (IMBSC) code regulations concerning the carriage of bauxite, that came into force on 1 January 2021. If you are involved in the bauxite trade this article will assist you in your communication with shippers and authorising loading, understanding the classification of this type of cargo, and loss prevention.

     

  • Testing for COVID-19 onboard

    11 March 2021 marks the one-year anniversary since the WHO declared COVID-19 a global pandemic. On the date of the declaration, the WHO reported 118,319 confirmed cases of COVID-19 globally. One year later, this number has risen to above 117,000,000 and includes more than 2,600,000 deaths. It is the scenario the public health community has feared for decades. A novel virus has emerged and is spreading rapidly around the world, causing a significant threat to international health and the economy.

     

  • Additional fuel analysis to be conducted starting...

    Members may recall the club’s recent update on the requirements for complying with the California Ocean-Going Vessel (OGV) Fuel Regulation. The OGV Fuel Regulation requires the use of marine distillate grade fuel (marine gas oil or marine diesel oil) with a maximum sulfur level of 0.1% while operating within 24 nautical miles of the California coast. Compliance via scrubbers is not allowed. Please see the attachment box for the previous news item.

     

  • Marine insurance: IRDAI in talks with INSA to set...

    The Insurance Regulatory and Development Authority of India (IRDAI) is in talks with Indian National Shipowners Association (INSA) to develop a protection and indemnity insurance club (P&I club) in India, a move that will support the development of a marine insurance market in India, said insurance sector players at a Maritime India Summit.

     

  • The International Group of P&I Clubs launches...

    Too many lives are lost unnecessarily when seafarers or shore-based personnel enter enclosed spaces on board ships. The International Group has collaborated to produce a safety training animation that draws attention to the risk of entering such spaces without first taking preventive and protective measures.

     

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Ship operators at increased risk of drug smuggling

Commercial carriers are not willing participants in the trafficking of drugs, but they may be exposed to various losses including fines if drugs are found on-board. The P&I cover for fines arising out of smuggling was changed at the start of the 2021 insurance policy year. It is important that Members are aware of the change, the increased exposure and how to deal with the challenges related to smuggling when operating ships.

 
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Industry recommended framework of protocols for ensuring safe ship crew changes and travel during the Coronavirus (Covid-19) pandemic

The International Maritime Organization(IMO)has released and promoted the joint industry document, Industry Recommended Framework of Protocols for Ensuring Safe Ship Crew Changes and Travel During the Coronavirus (COVID-19) Pandemic,encouraging both IMO Member States and all stakeholders to consider applying the protocols to the maximum extent possible.

 
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UK Defence Club launches guidance on shipping’s green transition

The UK Defence Club, a leading provider of marine legal costs insurance and other services to the international shipping community, has launched The Green Transition, a comprehensive report outlining the practical and contractual challenges facing the shipping industry on its journey towards becoming carbon neutral.

 
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Beware of fishing vessels in Chinese waters

Gard’s correspondent in China, Huatai Insurance Agency and Consultant Service Ltd., recently published a circular warning of an increase in fishing traffic in the Bohai Sea, the Yellow Sea, the East China Sea, and the waters north of 12°N of South China Sea as the start of this year’s seasonal fishing ban is approaching. Huatai Circular PNI [2021] 05 of 22 April 2021 outlines the time periods for each location and includes key points from an advisory issued by the Chinese Ministry of Agriculture and Rural Areas.

 
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