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EU Sanctions against Iran

16 August 2010

Posted in Blog

Tagged: Europe, Iran, sanctions, shipping, trade

Following the CISADA sanctions, the UN, EU and UK have issued separate sanctions against Iran along similar lines. The EU sanctions ban European companies from investing in Iran’s oil and gas industries, while restricting trade and financial links including barring any European company from providing insurance services to Iranian entities. The EU sanctions go further than the [...]

Sanctions against Iran

9 August 2010

Posted in Blog

Tagged: insurers, Iran, sanctions

Earlier this year, the President of the United States signed legislation known as the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (CISADA). The sanctions prohibit the trade of petroleum products to Iran and seek to limit the provision of “goods, services, technology, information or support that could directly and significantly facilitate the maintenance or [...]

FP Marine Risks announces acquisition of EDI Cargo Cover

29 April 2010

Posted in Press Releases

Tagged: acquisition, Australia, Cargo, EDI Cargo Cover

QUEENSLAND and HONG KONG, 1 May 2010: FP Marine Risks, a Lloyd’s broker, today announced the acquisition of EDI Cargo Cover, a specialist cargo insurance agency based in Queensland, Australia. Last year, FP Marine Risks was granted an Australian Financial Services Licence, enabling it to conduct direct business in Australia. The acquisition of EDI Cargo Cover is [...]

Underwriters buoyant despite recession

26 April 2010

Posted in Blog

Tagged: insurers, losses, recession, soft market, underwriting

Despite some dire predictions from certain quarters of the market over the last year or so, marine insurers have yet again celebrated a good year with reports of healthy profits coming in from many underwriters. Whilst the harsh realities of the global economic downturn have struck the shipping and trading industries, the predicted knock-on effects on [...]

Uninsured cargo lost in fire

15 April 2010

Posted in Blog

Tagged: accumulation, Cargo, losses, uninsured

As reported in this week’s Asia Insurance Review, a large fire broke out last Saturday at the Inland Container Depot in South Delhi with estimated losses in the region of USD22 million to USD44 million after approximately 600 containers were damaged by fire, water and the collapse of burnt warehouses. It is believed that the majority [...]