May 2015 - Latitude Brokers

Loss of Hire Insurance – is there a better way?

Loss of Hire policies are not as frequently purchased in Asia as in other parts of the world, Scandinavia and Europe for example. The traditional loss of hire policy responds to the net loss of income after a hull and machinery claim. There are a number of deductible and limit options available but a 14 day deductible and a 90 ...

Construction Projects – what’s the Marine connection?

Almost every week there is news of a commitment to finance construction projects around the world, either at a governmental level or through private investment. For most large multi-year projects, the necessary materials are not available domestically and have to be shipped in from around the world in a complex logistical operation, with each component arriving at the project site just ...

Charterer’s Default Insurance (Updated)

Since the financial crisis of 2008, counter-party risk has changed dramatically. That has, thankfully, resulted in shorter charter chains, a move to better counter-party risk management and a continued move towards charterers with a strong track record. That said, the shipping market continues to have an excess of capacity, particularly in dry bulk, with rates remaining low. Container rates remain ...

Cuban Sanctions – Cargo Insurance

Given the US and Cuba are restarting their diplomatic relationship, the sanctions that have been in place for over 50 years are anticipated to be softened and finally extinguished completely. Whilst regular trade to/from Cuba has been complicated and rare until now, this is set to change and quickly – so how does is your insurance affected? Cargo Insurance Cargo insurances often (but ...

Latitude launches in Hong Kong

More than 100 shipowners and operators, insurers and lawyers turned out for the champagne launch party of Latitude Brokers in Hong Kong’s Maritime Museum. Latitude is a new retail marine insurance broking venture set up by Andrew Brooker, Tom Fulford-Smith, Charles D’Alton and Vanessa Toucas in a joint venture with Cooper Gay Swett & Crawford, one of the world’s largest ...

Off-Spec Bunkers remain a major issue

The International Bunker Industry Association has recently announced their intentions to tackle the issue of off-spec bunkers through collaboration with owners, operators and suppliers. Whilst the figures appear to be improving, as 8% of bunkers tested in Q1 2015 have been found to be off-spec, down from 10% in the same period 2014, those figures remain high and cause substantial ...