Insurance

  • Standard Club: Directors’ Report for the year...

    The technical account shows a profit of $99.898, with an overall profit of $13.579, compared with the period ended 2020 which produced a technical loss of $1.727.742, with an overall loss of $1.775.484. Gross calls, before reinsurance, decreased from $21.048.177 in 2020 to $586.321 in 2021 and gross claims paid decreased from $22.978.970 in 2020 to $5.532.952 in 2021. Gross provision for claims decreased from $8.465.403 in 2020 to $1.975.343 in 2021. Net of reinsurance, the claims in the technical account were a net credit of $59.375 in 2021, compared with a net cost of $1,082,639 in 2020.

     

  • Tindall Riley & Co Limited and Britannia P...

    Richard Heppell has been appointed as Chief Financial Officer Designate for Tindall Riley & Co Limited and Britannia P&I. Richard joins on 6 September, having recently served as the CFO for Neon, the specialist insurer and Lloyd’s managing agent.

     

  • As disasters multiply, container ship insurers...

    A series of major loss events involving container ships in recent months — including a sudden surge in containers lost overboard in the North Pacific region in late 2020 and early 2021, the grounding of the Ever Given in the Suez Canal in March and a fire that destroyed the X-Press Pearl off the coast of Sri Lanka in June — has highlighted the risks to companies that insure ever-larger vessels.

     

  • North P&I Club appoints Nick Wolfe to drive...

    Global marine insurer North P&I Club has reaffirmed its drive for diversification by appointing Nick Wolfe as Deputy Global Director (Underwriting), reflecting a significant expansion in his leadership role in developing the diversification strategy.

     

  • Canada’s Ship Safety Bulletin 08/2021 on measures...

    The Government of Canada has issued a new Ship Safety Bulletin (08/2021) on measures to mitigate the spread of COVID-19 on passenger vessels and ferries. It applies to Essential Passenger Vessels which are defined as vessels that are performing essential services and ferry vessels.

     

  • Sailors’ Society Wellness at sea campaign – The...

    Seafarer wellbeing has been a focal topic for Standard Club in recent years, particularly during the Covid-19 pandemic and we are proud to be working in partnership with Sailors’ Society’s Wellness at Sea programme, sharing helpful advice and resources over several months.

     

  • Shipment of project and equipment cargoes

    Although the Code of Safe Practice for Cargo Stowage and Securing (the “CSS Code”) defines many common cargoes, there is no clear definition of project and equipment cargo. The types of project and equipment cargoes vary, and they are normally carried by multipurpose vessels or semi-submersible vessels which are specially designed for large and heavy project cargoes. However, using general cargo ships or bulk carriers to carry project cargoes is not uncommon either.

     

  • Standard Club PEME scheme

    The club’s PEME scheme initially focused on clinics operating in the Philippines before expanding in 2019 to include Indonesia, India and Ukraine. These jurisdictions were selected because, between them, they represented almost 55% of all crew claims received, based upon a review of the club’s claims data between 2010 and 2015.

     

  • UK P&I Club creates new regional roles to...

    The UK P&I Club, one of the leading providers of P&I insurance and other services to the international shipping community, has created a new role of Regional Claims Director in each of its main service hubs, enhancing global claim capability for Members.

     

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Standard Club: Directors’ Report for the year ended 20 February 2021

The technical account shows a profit of $99.898, with an overall profit of $13.579, compared with the period ended 2020 which produced a technical loss of $1.727.742, with an overall loss of $1.775.484. Gross calls, before reinsurance, decreased from $21.048.177 in 2020 to $586.321 in 2021 and gross claims paid decreased from $22.978.970 in 2020 to $5.532.952 in 2021. Gross provision for claims decreased from $8.465.403 in 2020 to $1.975.343 in 2021. Net of reinsurance, the claims in the technical account were a net credit of $59.375 in 2021, compared with a net cost of $1,082,639 in 2020.

 
English

As disasters multiply, container ship insurers face troubled seas

A series of major loss events involving container ships in recent months — including a sudden surge in containers lost overboard in the North Pacific region in late 2020 and early 2021, the grounding of the Ever Given in the Suez Canal in March and a fire that destroyed the X-Press Pearl off the coast of Sri Lanka in June — has highlighted the risks to companies that insure ever-larger vessels.

 
English

Shipment of project and equipment cargoes

Although the Code of Safe Practice for Cargo Stowage and Securing (the “CSS Code”) defines many common cargoes, there is no clear definition of project and equipment cargo. The types of project and equipment cargoes vary, and they are normally carried by multipurpose vessels or semi-submersible vessels which are specially designed for large and heavy project cargoes. However, using general cargo ships or bulk carriers to carry project cargoes is not uncommon either.

 
English

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