rss icon Subscribe
desktop mobile

Insurance

Ship Insurers Primed to Raise Rates After Red Sea Attacks

© Denys / Adobe Stock

Insurers are set to raise the cost of providing cover for merchant ships through the Red Sea after a series of incidents that have hit vessels around Saudi Arabian waters, industry sources said.The possibility of more attacks on commercial shipping carrying oil and commodities through these waterways is growing after the outgoing U.

River Dance: Grounding Triggers Breakaway Barges

© kikimor / Adobe Stock

It was a beautiful mid-summer afternoon in the nation’s heartland. The skies were clear, the sun was shining and the variable southwest breeze barely caused a ripple on the muddy water of the winding river. Optimistic fishermen lined the riverbanks and a few recreational boaters were cruising close to the floating docks lining both shores.

Wasted Words: Post-casualty Apologies Are ‘Sorry’ Excuses

© Steve / Adobe Stock

Vessel collisions on America’s busy inland waterways have been a fact of life for a very long time. With towboats, barges, ferries, oceangoing ships and recreational vessels all jockeying for position in limited space, collisions (and even more near misses) are inevitable.Most of these incidents

Standard Club Upgrades Data and Insight Capabilities

© Pawinee / Adobe Stock

Mutual P&I insurer The Standard Club said it has enhanced its data and insight capabilities as part of a two-year upgrade program."We have looked hard at how we can use technology and data to better serve our members, with a particular focus on supporting risk selection and pricing, and on delivering new member services,

New Guidance Issues on Bulk Carrier Ventilation

INTERCARGO, The Standard Club, and DNV GL, have launched a new ventilation guide. Image: DNV GL

Proper ventilation is essential to preventing damage to the cargo and to ensure the safety of the crew and vessel in bulk carriers. To provide ship’s masters and crew with an understanding of different ventilation requirements for bulk cargoes, INTERCARGO, The Standard Club and DNV GL, the world’s leading classification society,

North P&I: Rates to Rise 10% in coming Policy Year

“With little investment yield now available from the defensive positions that make up the majority of any prudent insurer’s investment portfolio, we do not expect returns to compensate for a forecast underwriting deficit, and we expect free reserves to reduce. The Board has therefore agreed that the Club will seek a 10% General Increase in P&I premium rates for the 2021/22 policy year," Paul Jennings, Chief Executive.

A rapid escalation in pool claims and unsustainable premium rates have led North P&I Club to declare its intention to seek a 10% General Increase in P&I rates for the 2021/22 policy year.In its 2020 Pre-Renewal Report, North says its retained claims so far this year declined, with claims over $1 million slightly down.

The Shipowners' Club Promotes Hamblin

Mark Hamblin (Photo: The Shipowners' Club)

P&I insurer The Shipowners' Club announced it has appointed its chief information officer, Mark Hamblin, to its management board.Hamblin’s appointment comes after eight years working for the club, in which time he has become integral to the successful IT function, developing strategies and systems that

ABS, American P&I Club Launch Chemical Tanker E-learning Material

© andrej pol / Adobe Stock

The American P&I Club and ABS have worked together to produce a new e-learning module on chemical tanker operations, brought to life by state-of-the-art animations by IDESS IT, a frequent contributor to the American Club’s loss prevention capabilities.The new e-learning module, entitled CHEMICAL TANK,

Arctic Shipping Creates Insurance Headaches as Routes Open

© a_medvedkov / Adobe Stock

When Captain Will Whatley guides a ship through Arctic waters, he is starkly aware of what can go wrong.Double the manpower is needed to navigate. Lookout shifts are kept to just one hour, so sailors don't lose concentration and miss a mass of floating ice. Big icebergs show up on radar, but smaller,

Insurer GCube Strengthens Offshore Wind Team

GCube, an insurer for renewable energy projects, hired three new underwriters for its offshore wind team, including Joshua Cantwell, formerly of Talbot Underwriting, and Zoe Massie, formerly of Allianz Global.The appointments come alongside a number of new hires in the U.S. as GCube builds its global

Baldwin Joins LIG Marine Managers

Ken Baldwin (Photo: LIG Marine Managers)

LIG Marine Managers, a commercial marine and longshore MGA in the U.S. and Lloyd’s broker, announced that veteran marine insurance executive Ken Baldwin has joined the company as Vice President of Marine.At LIG, Baldwin will direct and expand marine programs, including the company's quality control,

Bridge Heights Are Not Guesswork: Accuracy Is Imperative

© Lisa L. Bell / Adobe Stock

“Your true pilot cares nothing about anything on earth but the river, and the pride in his occupation surpasses the pride of kings.” -Mark Twain, Life on the Mississippi (1883).That statement made by the great chronicler and river pilot over 137 years ago is arguably as true today as it was then.

IUMI: Insurers, Underwriters Must Jump Onboard Maritime's Digital Transformation

“Digitalization is not an option anymore - it is here to stay - and the marine insurance sector needs to keep pace" said Patrizia Kern, IUMI Data and Digitalization Forum Chair.

Speaking at the International Union of Marine Insurance (IUMI) annual conference, IUMI Data and Digitalization Forum Chair, Patrizia Kern discussed big data, the use of digital technologies, and how the COVID-19 pandemic has put digitalization on the fast track.“Digitalization is not an option anymore

Who Pays for Mauritius Oil Spill and How Much?

(Satellite image ©2020 Maxar Technologies)

A Japanese bulk carrier struck a coral reef off the Indian Ocean island nation of Mauritius on July 25, spilling about 1,000 tonnes of fuel oil and triggering a state of "environmental emergency".Scientists say the spill is the country's worst ecological disaster, killing wildlife and damaging pristine

Maritime Apps