Indian 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 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 ReadingCuban 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 ...
Continue ReadingNHC increase Charterer’s Liability limits to USD500m from 1st January 2015
The Norwegian Hull Club’s specialist Charterer’s Liability underwriting arm will, from 1st January 2015, be able to offer up to a USD500m limit of liability. Whilst not every charterer (or more frequently, owner) demands USD500m of cover, other markets in the form of many of the International Group (IG) Clubs, The Charterers Club and Raetsmarine, already write to USD500m. Charterama BV ...
Continue ReadingEbola Update
The Ebola outbreak in West Africa has caused significant concern and has been shown not to be a local problem for this terrible disease. The worst-hit countries of Liberia, Sierra Leone and Nigeria all have substantial ports with shipping being the main method of import/export of goods. As such, just as with the civil aviation industry, the marine industry has ...
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