marine hull insurance News

Philippine Rescuers Find Bodies of 4 Crew Members of Abandoned Cargo Ship; 9 Missing

MANILA, Philippines – Rescuers in the southern Philippines found the bodies of four crew members Wednesday and rescued seven others who jumped off a cargo vessel, which took in water and listed after its anchor broke in rough seas, officials …

Suez Canal Blockage Continues to Disrupt Global Trade, Hitting Supply Chains

LONDON/LOS ANGELES – A backlog of container ships carrying consumer goods has grown in some key strategic ports after a near week-long blockage in the Suez Canal, adding to ongoing disruptions to global trade, industry sources say. Dozens of container …

Reinsurers Will Bear Most of Costs of Container-Ship Grounding in Suez Canal

LONDON — Reinsurers are set to foot most of the bill for the grounding of the ship that halted traffic in the Suez Canal, industry sources said, with payouts expected to run into hundreds of millions of dollars. International supply …

Marine Insurers Set to Raise Rates After Red Sea Attacks on Merchant Ships

LONDON – Insurers are set to raise the cost of providing cover for merchant ships through the Red Sea after a series of incidents that have hit vessels around Saudi Arabian waters, industry sources said. The possibility of more attacks …

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 …

Russia Aims to Boost Arctic Shipping by Subsidizing Higher Costs, Including Insurance

Russia wants to make its Arctic waters more attractive to shippers than the Suez Canal and could be willing to compensate for potential risks to make that happen. President Vladimir Putin has made development of the Arctic one of Russia’s …

ArgoGlobal Syndicate 1200 to Exit Asia and Global Hull Underwriting

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, announced plans to exit Syndicate 1200’s underwriting operations in Asia and most of its hull underwriting business within the syndicate. All existing policies remain valid and the company will manage claims …

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 …