Insurance

  • Safety builds your bottom line

    “There are as many, and more, upside economic consequences of a great safety culture as negative financial consequences of poor safety practices. It’s quite obvious which side shipping companies should be on, and our mission is to help them,” says John Roger Nesje, chief executive of Norwegian wireless technology pioneer Scanreach.

     

  • Myanmar sanctions – new U.S. designations

    In reaction to the seizure of power by the military in Myanmar, President Biden has issued an Executive Order designating ten officials in the military regime along with three entities with ties to them.

     

  • Philippines relaxes crew change restrictions for...

    The Philippines government has issued new guidelines on the arrival of both Filipino nationals and foreigners. The government has ended its temporary ban (effective until January 31 2021) on international crew change for seafarers from vessels which had called at a list of 36 banned countries.

     

  • IMB 2020 Piracy and Armed Robbery Report shows...

    The ICC International Maritime Bureau (IMB) recently published its 2020 report on Piracy and Armed Robbery against Ships. The reports states that in the last year, 195 incidents of piracy and armed robbery were reported to the IMB Piracy Reporting Centre (PRC). This figure is higher than the previous year when there were 162 incidents.

     

  • Maersk Ship loses 750 containers overboard in...

    A cargo ship operated by A.P. Moller-Maersk A/S lost several hundred containers in the Pacific Ocean while sailing through heavy seas from China to Los Angeles, the latest in a spate of incidents in which boxes carrying millions of dollars’ worth of goods have gone overboard.

  • Container stack collapses – causes and solutions

    In 2019 the international liner shipping industry transported 226 million containers around the world with a cargo value of more than US$4tn. Many of these were carried on ships’ decks but – due to container stack collapses – not all arrived safely.

     

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COVID-19 – US pledges support to facilitate crew changes and achieving key worker designation for seafarers

In its latest Marine Safety Information Bulletin (MSIB 04-21), the USCG recognizes that travel restrictions imposed by governments around the world have created significant hurdles to crew changes and repatriation of seafarers. The physical and mental fatigue of seafarers who are unable to leave the vessel at the end of their contracts has led to growing humanitarian concerns as well as concerns for the safety of seafarers and shipping.

 
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American Club experiences a positive 2021 P&I renewal

At its meeting conducted virtually from New York last week, the Board of the American Club noted that, despite challenging business conditions, the Club enjoyed a solid performance over the 2021 P&I renewal season. Both its mutual and fixed premium P&I portfolios performed well while American Hellenic Hull continued to consolidate its market position, gaining further momentum since the beginning of the year. Year-on-year annualized premium for the Club’s mutual P&I class grew by a little under 8% at February 20, while revenue for its Freight, Demurrage and Defence (FD&D) business increased by over 10%.

 
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Launch of new Cyber Insurance product

The Club is pleased to announce the launch of a new Cyber Insurance product aimed at assisting Members respond to a cyber attack on their vessels and insuring them for any loss of income the vessel incurs as a result.

 
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