Tag: maritime insurance
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Heightened Assessed Risk and Security Measures Implemented in Strait of Hormuz
May 20: Following the recent attacks at Fujairah anchorage: (1) Shipowners and ship managers are increasing their security measures while in the Strait of Hormuz. For example, (1a) Japanese shipping […]
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Reduction in Rates
Oslo-headquartered P&I and defense insurance mutual Skuld is offering what it says is a “large reduction” in basic pricing rates for Maritime Kidnap and Ransom insurance. Reduction in Rates for Maritime Kidnap […]
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Lawyer to Push for Change
A U.S. lawyer for compensation-seeking survivors of the Costa Concordia capsizing said Wednesday he will push for changes in maritime laws and technology to make the cruise ship industry safer. […]
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Cruise Ship Claims in Tens of Millions
The German reinsurer Munich Re expects claims related to the Costa Concordia to run into several tens of millions of euros. Following the capsize of the Italian cruise liner over […]
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Insurance Backing
More ship insurers are backing the use of private armed guards on merchant vessels at sea to combat Somali piracy as attacks and the resulting costs are set to rise […]
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Critical Issues
Over 100 representatives from the German shipping community attended a seminar entitled ‘Sanctions, Drugs and Guns’ in Hamburg, Germany, which was hosted by North P&I club. Simon Williams, North’s associate […]
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Armed Backing
Insurers are getting behind the idea of armed guards on ships. IUMI President Ole Wikborg has stated that while it took time to realise flag-State consensus on armed guards may […]
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Insurance Costs
Shipowners are paying $120 million a year to insurers to protect vessels against the risk of attack by Somali pirates, the Lloyd’s Market Association said. Insurers paid out “significantly” more […]
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Fast Growing Business
The world’s third largest insurance broker, Willis Group Holdings plc, considers piracy coverage as among its “fastest-growing” businesses. Even amid an ever increasing demand for protection against kidnappings and ransom, […]
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Piracy
Piracy By Nick Riddle In 2010 the response of the insurance industry to the threat of piracy was confused; it lacked coherence and consistency. Part of that confusion resulted […]
