Cuban Sanctions – Hull and War Insurance
UPDATE 25 October 2016 Since our original post, the US has continued to roll back the sanctions in place with the latest amendment significantly reducing the ban on vessels calling in to the US for 180 days after a call to Cuba. Essentially, if the cargo being carried to Cuba is on the latest list as an EAR99 cargo, then the ...
Continue ReadingBritannia announces nil GI for 2017 and reduces Deferred Calls for 2014 and 2015 Policy years.
Britannia P&I Club also announces no general increase on P&I and FD&D rates for 2017 renewal. At the same time, the Club is reducing 2014/15 and 2015/16 Deferred P&I calls as follows: 2014/15: the deferred call is reduced to 35% from 45% originally, then 40% in November 2014 and 37.5% in October 2015. 17.5% was collected in October last ...
Continue ReadingThe “Longchamp” – a judgment with consequences?
General Average is commonly seen in insurance policies and other contracts in shipping industry. English law defines a general average act as any extraordinary sacrifice or expenditure voluntarily and reasonably incurred for the common safety and for the purpose of preserving the property in peril in a common maritime adventure. The York-Antwerp Rules (YAR) lay down the items allowable in a ...
Continue ReadingKey market needs to ‘substantially improve’ efficiency – Our Comments
This article first appeared in Business Insurance. The marine insurance market in Singapore needs to ‘substantially improve its efficiencies to continue writing business at a profit’ as margins are squeezed by the current soft market, according to a prominent broker. Andrew Brooker, founding partner of marine specialist Latitude Brokers, told Insurance Business that the marine market faces a tough challenge ...
Continue ReadingClaims Alert – Fraudulent Bank Accounts (updated again 22 April 2016)
UPDATE 22 APRIL 2016 Further to our advices below, we have received another alert from the International Transport Intermediaries Club (ITIC), a specialist professional indemnity insurer for the transport industry, which shows that the fraudsters continue to find different and elaborate ways to deceive clients in the marine industry. The full circular is available here, but the ITIC specifically advise: ...
Continue ReadingSwedish Club 2016 General Increase announced
The Swedish Club has announced a nil General Increase for the 2016 policy year for both P&I and FD&D classes with any changes in the GXL Reinsurance programme being passed on to Members. Deductibles will be increased by USD1000 for cargo and crew liabilities. Release calls have not been updated yet. The full circular can be found here or on ...
Continue ReadingLatitude goes Jamming with Feeding Hong Kong for Christmas
As part of the festive season, we helped Feeding Hong Kong make 2000 jars of jam to be given out to low-income families in December. The sacks contain a number of homemade items and each jar is personalized by the volunteers! Our own Kay Chan said “I am very glad to be one of the volunteers participating in the jam making session ...
Continue ReadingSkuld 2016/7 Renewal Update announced
Skuld will continue to underwrite their 2016/7 policy renewals based on individual Member’s records rather than announcing a General Increase, so their announcement is different to other IG Clubs. They will pass on any changes in the IG GXL Reinsurance costs to Members when they are finalized. However, Skuld have announced their mutual Members will receive a guaranteed premium credit equivalent ...
Continue ReadingLatitude Brokers in Sailors’ Society epic 35km hike across Hong Kong on 5th December 2015
BIG thanks to all our Corporate Sponsors who are now emblazoned across our shirts!!! Nepa, Waltons & Morse, India International Insurance, Ironshore, Thomas Miller, Skuld, TT Club, Affinity Shipping LLP, UK P&I Club, RPC, SART and Charterers Club…you’ve put us well on our way to our target of HKD125,000 (around GBP10,000)!! All the Founding Partners will be hiking on 5th December, with ...
Continue ReadingOverview of 2016 IG P&I Club General Increases (Final)
The following is solely in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. The headline General Increase numbers are as follows and will be updated as each Club announces: American Club – 2.5% Britannia – 2.5% Gard – 2.5% Japan – 3% London – 5% North of England – 2.5% Shipowners – 0% Skuld – (not applicable) ...
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