marine cargo insurance News

Brit Global Specialty USA Transfers Renewal Rights for Cargo Business to Falvey Cargo

Brit Global Specialty USA will transfer the renewal rights for its cargo business to Falvey Cargo Underwriting, effective July 2. As part of the deal, Will Frohne and Yasu Saegusa will move from Brit to Falvey Cargo as underwriters. Brit …

Report Highlights Need for Better Risk Management on Europe’s Container Ship Routes

A Dutch safety watchdog said Thursday [June 25] that it is “undesirable” for large container ships to use a shipping route through an environmentally sensitive, shallow sea off the coast of the Netherlands, Germany and Denmark in heavy northwesterly storms …

Panama Threatens Sanctions, Hefty Fines on Ships That Tamper with Transponders

Panama’s Maritime Authority said it will impose sanctions on vessels, including fines of up to $10,000 and withdrawing its flag from the ship, if they deliberately deactivate, tamper or alter the operation of their tracking transponders. “This General Directorate of …

Ship Inspectors Conduct Virtual Inspections of Oil Tankers During Pandemic

Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage. Oil …

Zurich Expands Marine Insurance Platform into Additional Countries, Regions

Zurich Insurance Group is expanding the roll-out of a new marine insurance platform for small and medium cargo, following its successful introduction in selected markets around the world. The Zurich Swift Insurance Platform provides intuitive, web-based access to insurance that …

Greek Tanker Manager Denies Connection to Oil Leak Tarring Brazil’s Beaches

The manager of an oil tanker being probed by Brazilian authorities in connection with an oil spill off the country’s coast has found “no proof” of the vessel conducting activities that may have led to leaks on a journey between …

Marsh JLT Specialty Taps Nevill from Gard (UK) as CEO, UK Marine & Cargo

Insurance broker Marsh announced the appointment of Louise Nevill as chief executive officer for Marsh JLT Specialty’s UK Marine & Cargo business. Nevill is expected to join the firm early next year and will report to Paul Moody, UK CEO, …

UK Navy Stops Iran from Blocking BP Oil Tanker Leaving Persian Gulf

The British navy intervened to stop Iran from blocking a commercial oil tanker leaving the Persian Gulf, heightening friction just as European nations scramble to salvage a landmark nuclear accord with the Islamic Republic. The BP Plc-operated British Heritage, which …

Insurance for Middle East Oil Shipments Soars to More Than $500,000

The cost of insuring Middle East oil shipments is soaring as tensions mount in a region responsible for about a third of all seaborne petroleum. So-called war risk premiums for a standard oil cargo from the Persian Gulf and the …

As Lloyd’s Jettisons Some Marine Insurance Lines, Opportunities Created for Rivals

Rivals to Lloyd’s of London are riding a rising tide of marine insurance rates, leaving the 330-year-old market behind after it jettisoned sections of its oldest line of business last year. Premiums for marine insurance, which until 2018 had fallen …