Iran Sanctions being lifted…but still in place (Updated 3 Sept 15)
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 ...
Continue ReadingThe New Marine Insurance Act 2015 (sadly now just called the Insurance Act 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 ...
Continue ReadingLoss 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 ...
Continue ReadingCharterer’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 ...
Continue ReadingOff-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 ...
Continue ReadingSwedish Club receives A- rating from AM Best
The Swedish Club has received an upgrade from AM Best to an A- (Excellent) rating. Standard & Poor’s reaffirmed it’s “BBB+” rating earlier this year, although they had raised their assessment of the Club’s capital adequacy and earnings to ‘strong’. At the same time, the London Club, managed by A Bilbrough, have received their first interactive rating of ‘BBB’ from ...
Continue ReadingJapan P&I Club 2015 General Increase announced
The Japan P&I Club has today announced their General Increase for the 2015 year, as follows: 1. Mutual P&I entries – the Club will apply a 3% increase to the Advanced Call, with the Supplementary Call remaining static at 40%; 2. Charterers entries – the Club will apply a 5% increase; 3. FD&D entries – the Club will not apply ...
Continue ReadingThe Strike Club announces 2015 General Increase
The Strike Club has announced its general increases for the 2015 year for the various Classes that it writes to owners and charterers, as follows: Mutual cover for Classes I and II (shore related risks) – 10% general increase with a 30% release call set for 2015 Mutual cover for Class III (ship related risks) – 5% general increase with ...
Continue ReadingUK Defence Club announces 2015 General Increase
The UK Defence Club, the specialist FD&D standalone mutual managed by Thomas Miller Defence Ltd, has announced there will be no General Increase for mutual FD&D entries for the 2015/6 policy year. In addition, the Club has announced it will offer a Continuity Credit (taken as a reduction from the quoted 2015/6 premium) to existing members who renew in 2015/6 ...
Continue ReadingLondon P&I Club announces 2015 General Increase
A.Bilbrough & Co, managers of the London P&I Club, have announced the Club will seek a general increase of 6% in Annual Call Rates for the 2015/6 Policy Years for both mutual P&I and FD&D entries. The Club will increase P&I deductibles that are below USD15,000 by USD2000, with FD&D deductibles remaining unchanged. The Club have set Release Calls for ...
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