Insurance
Keep informed with daily analysis and insight into shipping insurance to reduce risk, support reinsurance decisions, manage investments and identify exposure within the maritime industry
UK Club beefs up loss prevention work
The move will see safety and risk management, claims and underwriting teams work more closely together to adapt cover offered by marine mutual
India allows three more Russian entities to provide marine insurance
Move will facilitate imports of crude in face of Western price cap
Lack of insurance a threat to safety of navigation, nations tell IMO
A recent oil spill from a capsized barge, which damaged the coastline of Trinidad and Tobago, was just one example of what can happen when unsafe vessels sail without insurance
Tankers clock up steepest rise in marine insurance costs
Data from Baltic Investor Indices points to broadly steady market for past four quarters, but limited increases for some vessel types
Shipowners’ Club holds steady at 2024 renewal
Break-even underwriting result and ‘excellent’ investment return means marine mutual is in ‘very good health’, insists chief executive Peacock
Middle East tensions fail to move dial on war risk rates
MSC Aries hijack and Iranian missile onslaught see little impact on Red Sea premiums and small hardening of Middle East Gulf trips
Cargo interests face long wait over Dali general average call
General average shares the cost of a salvage between the shipowner and cargo owners. How much is eventually paid will not be known until long after the cargo has been delivered
FBI opens criminal investigation into Key Bridge allision
FBI agents boarded Dali on Monday as part of a criminal investigation into the catastrophic Key Bridge allision, the Washington Post reported. A port worker told a CNN affiliate in the days following the incident the ship was experiencing severe electrical problems while in port, but retracted their comments the following day. Determination of criminal negligence or wrongdoing could significantly impact the owner’s general average and limitation of liability claims
Shipping warned of increasing risks as governments struggle to contain multiplied threats
War risk insurers are struggling to calculate exposure at any given moment in certain volatile areas
General average declared in Baltimore bridge collapse
Singapore-based Grace Ocean has declared a general average, a source told Lloyd’s List on Friday. The move means shippers with cargo on board Dali will have to chip in for salvage costs
Marine insurance premiums won’t hit opcosts, Drewry predicts
P&I clubs approach underwriting balance, while H&M insurers still slugging it out for market share
Baltimore bridge collapse owners liability limitation bid has strong chance
As Britain’s most famous 20th-century judge Lord Denning once ruled, limitation of liability is ‘not a matter of justice’ but instead finds ‘justification in convenience’
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