marine insurance News

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 …

Nexus Completes Acquisition of Hiscox MGA Marine Business

Independent specialty managing general agent (MGA) Nexus Group announced it completed the acquisition of the Hiscox MGA Marine business (HMM) from Hiscox MGA Ltd. Completed on Dec. 30, 2020 via an asset purchase into Millstream Underwriting Ltd., a Nexus Group …

2019 Mississippi River Tanker Accident Caused by Poor Management, Miscommunication

A fully loaded tanker on the Mississippi River near Reserve, La., caused $40.5 million in damage when it plowed into moored vessels, barges and infrastructure along the river in May 2019, federal transportation safety officials say. The National Transportation Safety …

COVID-19 Fuels Abandonment of Ships – and Their Cargoes and Crews

From the deck of their tanker, Captain Samig Nabiyev and his crew could see the smoke and fire rising over the Port of Beirut, 900 meters away. When the flaming warehouse exploded, the force of the blast knocked Nabiyev flat …

‘Urgent Action’ Needed to Help Stranded Sailors and Avoid Supply-Chain Risks

Fidelity International is calling for urgent action to address the humanitarian crisis and supply-chain risks caused by the more than 400,000 seafarers who are stranded aboard vessels and a similar number who remain ashore with little prospect for work or …

Victor Insurance Appoints Former RSA Executive Turner as International Head of Marine

Victor Insurance, the world’s largest managing general underwriter (MGU), announced the appointment of Richard Turner as international head of Marine, effective immediately. In this newly created role, Turner will be responsible for driving Victor’s international marine business with a specific …

NTSB: Offshore Louisiana $750K Liftboat Loss Caused by Faulty Preload Procedure

The overturning of a liftboat servicing an oil platform in the Gulf of Mexico off the Louisiana coast was the result of an inadequate preload procedure, according to federal report. The National Transportation Safety Board on Nov. 17 issued its …

Insurers Face Liability Uncertainties as Ships Begin to Sail Through Arctic Waters

When Captain Will Whatley guides a ship through Arctic waters, he is starkly aware of what can go wrong. Double the manpower is needed to navigate. Lookout shifts are kept to just one hour, so sailors don’t lose concentration and …

Pirate Kidnappings in Waters Off Coast of West Africa Rise by 40%: Study

The number of kidnappings reported off the West African coast in the year through September is 40% higher than the same period in 2019, according to the International Maritime Bureau. Piracy incidents in the Gulf of Guinea contributed to a …

Japanese Bulk Carrier Splits Apart as Mauritian Authorities Work to Contain Oil Spill

A Japanese bulk carrier that ran aground on a reef in Mauritius last month threatening a marine ecological disaster around the Indian Ocean island has broken apart, authorities said on Saturday. The condition of the MV Wakashio was worsening early …