What maritime risks must be covered under the law and what is the mandatory level of coverage?
ACORD Solutions Group, accounting giant EY, technology giant Microsoft and the Maersk, the world’s largest shipping company have combined to launch the world’s first marine insurance blockchain platform. EY said that the distributed ledger will be used to capture information about shipments, risk and liability, and to help firms comply with insurance regulations. It will also ensure transparency across an interconnected network of clients, brokers, insurers and other third parties.
‘Big four’ accounting house EY, technology giant Microsoft and the Maersk, the world’s largest shipping company have combined to launch the world’s first marine insurance blockchain platform.
When shipping goods from A to B, any number of things can go wrong: cargo gets damaged, a congested port delays docking, a storm throws a vessel off course, pirates raid a ship. So shippers buy insurance through a complex jumble of brokers and underwriters to manage the risk to their freight.
The absence of human capacity in oil and gas insurance underwriting has been identified as a major reason for the massive outflow of insurance businesses to the London market, writes Ebere Nwoji
Senior managers from Maritime Administrations and legislative draftspersons specialised in maritime and shipping related legislation from 11 Pacific Island countries gathered in Suva this week (26–29 September) for the Regional Workshop on International Maritime Organization Civil Liability Conventions.
A year ago, the container shipping industry was in the doldrums with oversupply of capacity and lay-up of 7% of the global fleet in capacity terms. Predictions were that the market would only fully recover in 2018. One year on, we speak to some insurance players for their sentiments on the marine cargo market.
Discover how you can keep customers satisfied, reduce your business risks and stand out in the competitive logistics market by offering cargo insurance.
Extreme weather events may have an impact on the trading of cargo vessels, for example during the recent hurricanes Harvey, Irma and Maria in the USA and Caribbean, as they give rise to legal and cover questions in relations to the contracts of carriage agreed by the carrier.
Some banks have begun to pare back credit lines to smaller trading companies holding industrial metals in South Korea amid escalating tensions over North Korea’s nuclear and missile program, two industry sources said this week.
Opening this year’s annual IUMI conference in Tokyo, President Dieter Berg predicted an impending shake-up in the marine insurance sector driven by the current environment of disruption.
Opening this week's annual International Union of Marine Insurance (IUMI) conference in Tokyo, President Dieter Berg predicted an impending shake-up in the marine insurance sector driven by technology “disruption.”