Claims 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: ...

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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 ...

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The 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 ...

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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 ...

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