Insurance
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American Club takes tonnage and premium hit after ratings agency downgrade
Growth seen at past two renewals has slightly retreated, in part because of derisking, argues chief executive Ioannou
Dark fleet insurance? Not reassuring
It’s 2024 and we still still have vessels ‘owned’ by anonymous brass plate companies, ‘flagged’ with fictitious ‘registries’, ‘IMO numbered’ with digits based on mum’s birthday, ‘classed’ by little-known ROs and ‘insured’ by shaky fixed premium providers. This isn’t progress
Owners have legal duty to seek release of ransomed crews
War risk, hull and machinery or kidnap and ransom cover will normally foot the bill, with cargo contributing through general average
Marsh Netherlands to get new marine broking director
Role involves hull and cargo insurance broking services and risk advisory expertise for Dutch maritime sector
Somalia piracy resurgence makes kidnap & ransom cover necessary
‘You might as well have it, because stuff happens,’ lawyer warns
NorthStandard partners with navigational safety start-up Orca AI
NorthStandard to incentivise members to use Orca AI’s automated watchkeeper platform by subsiding part of their investment. The club envisions members ‘making significant savings as a result of using Orca AI’s advanced solution’
International Group outlines strategic road map
Maintain inclusive approach to insuring owners using alternative fuels, IG tells members
Gang warfare disrupting Haiti ports
Major carrier pulls calls and advises owners to consider diverting cargoes in transit elsewhere, as P&I correspondents warn of descent into extreme violence
Tipping point in the Red Sea
Wording of Conwartime and Voywar clauses are matters BIMCO could usefully revisit before the next crisis
Navium had 100% of war risk on True Confidence
Marine MGA Navium wrote 100% of the war risk for the bulk carrier hit by a fatal Houthi strike on Wednesday. The Clive Washbourn-led outfit will be on the hook for the hull value, estimated at $17.6m, but could be protected through a ‘sidecar’ arrangement with reinsurer Fidelis
Red Sea war risk rates unmoved by Rubymar sinking
Bulk carrier sinking is first total loss caused by Houthi attacks but ‘if anything, the market is starting to flex downwards’, says underwriter
Sunken Rubymar’s only UK link was its disputed insurance cover
Yemeni Houthis sank the Belize-flagged bulker Rubymar on the basis of data that wrongly linked the Lebanese owners to a residential block of flats in Southampton. Now, amid a dispute between the ship’s owner and its insurer, it may fall to Yemen to clean up a fuel oil slick, 21,000 tonnes of ammonium phosphate sulphate and a navigation hazard
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