Latitude Brokers

Iran Sanctions being lifted…but still in place (Updated 3 Sept 15)

Cargo, Charterers, Latitude Brokers, Owners, P&I
Andrew Brooker
15 Jul 2015

Update 3 September 2015: As the US moves towards congressional approval of the deal with Iran, timelines are becoming a little clearer now. Whilst, as at today’s update, the sanctions remain fully in place it appears more likely that the deal will be approved by the US, then the UN and, of course, Iran. At the same time, there appears ...

The New Marine Insurance Act 2015 (sadly now just called the Insurance Act 2015)

Cargo, Charterers, Latitude Brokers, Owners, P&I
Andrew Brooker
14 Jul 2015

It’s fair to say that Marine Insurance isn’t well known for its rapid evolutionary pace. The Marine Insurance Act 1906 codified in law the practices at the time, which themselves dated back another 200 years in some parts. ‘Fast’ forward another 110 years and the new Insurance Act 2015 (no longer the Marine Insurance Act) will finally become law in ...

Hong Kong to change Insurance Regulator

Currently, Hong Kong’s Commissioner of Insurance via the Insurance Authority grants approval to both the Hong Kong Confederation of Insurance Brokers (HKCIB) and the Professional Insurance Brokers’ Association (PIBA) to conduct oversight and self-regulation of insurance brokers and agents in Hong Kong. Latitude Brokers is a member of the HKCIB. For some time now, the Insurance Authority has been in consultation ...

Lodestar Increases P&I Limit to USD1bn

Further to our blog in November 2014 about the fixed premium Clubs providing higher limits, Lodestar Marine in London have now obtained reinsurance support to offer the full USD1bn limit. With the increasing competition both within the fixed premium market and to move tonnage placed within the International Group, there is a continuing need to differentiate. The USD1bn limit will allow ...

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 ...