London P&I Club General Increase 2016 announced
A Bilbrough & Co, managers of the London P&I Club have announced a general increase of 5% on P&I and FD&D premium at the 2016 renewal. In addition, as per previous years, any change in the International Group reinsurance premium will be charged at cost to Members. The Club is increasing deductibles by USD2000 this year, after the same increase for deductibles below ...
Continue ReadingUK P&I Club General Increase 2016 announced
At their recent meeting the Directors of the UK P&I Club have agreed on a general increase of 2.5% on P&I premium at the 2016 renewal. In addition, as per previous years, any change in the International Group reinsurance premium will be charged at cost to Members. The Club is maintaining the standard deductible at USD10,000 with no change this year. ...
Continue ReadingIndian Ocean Piracy High Risk Area reduced from 1 December 2015
BIMCO has announced a reduction in the Piracy High Risk Area for transiting the Indian Ocean effective from 1st December 2015, per the below map. BMP4 (the latest advisory on anti-piracy measures) will now only be applicable when a vessel enters the reduced area, which is defined by the following boundaries: In the Red Sea: Latitude 15oN In the Gulf of ...
Continue ReadingLatitude speaking on panels at 3rd Asia Marine Insurance Conference, 12-13 October
We are pleased to be involved with the 3rd Asia Marine Insurance Conference, being held on 12/13 October at the Excelsior Hotel in Hong Kong. Some of the industry’s most senior underwriters will be there offering their views on the industry. Charles D’Alton will be on the P&I panel and Andrew Brooker will be on both the Owner’s panel and ...
Continue ReadingAmerican Club latest to diversify in to H&M
The American P&I Club, managed by the Shipowners Claims Bureau Inc, is the latest P&I Club to diversify into the hull and machinery market. Shipowners Claims Bureau (SCB) have announced the opening of the American Hellenic Hull Insurance Company, based in Cyprus, but underwriting from Piraeus. SCB have joined with the Hellenic Hull Mutual and, subject to regulatory approval, will move their ...
Continue ReadingIran 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 ReadingLodestar 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 ...
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 ...
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