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 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 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 ReadingOur (very concise) View on P&I and H&M for 2015
We were kindly asked by Tradewinds to give a short overview of how we see the H&M and P&I market in 2015. Here’s what we said in Tradewinds 9 January 2015 edition: “P&I The main themes for 2015 are diversification, regulatory effects, fixed premium and the Nairobi Convention. Diversification of IG Clubs’ product base continues, the latest being Standard Syndicate ...
Continue ReadingXL to buy Catlin Group for USD4.1bn (Updated)
The purchase of Catlin Group by the global insurer XL Group Plc is to proceed according the their Press Release of yesterday. The new entity will trade as XL Catlin, with the parent company remaining as XL Group. According to the press release, the companies are expecting the transaction to be completed in mid-2015. What’s interesting about this is, aside ...
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 ReadingNewbuilding Program – Insurance Contract Review
According to RS Platou’s October 2014 Monthly Newsletter, there have been 748 newbuildings ordered for the year to date, with 2463 vessels due for delivery from now to 2016 and beyond. Whilst we do not intend to comment on the reasons for that here, what we do know is that for many stakeholders, insurance is a long way down the ...
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