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London leads liability, Asia yet to respond
22 February 2010
Posted in Blog
Tagged: Asia, liabilities, Lloyd's, London, underwriting
There is no doubt that Asia is a highly competitive market for traditional marine hull insurance. We have mentioned in previous blogs how shipowners are in a good position to secure well-rated insurance from competitive Asian insurers as a way to offset the rises being sought in London. However, in terms of marine [...]
Read more »Norwegian Plan updated for 2010
15 February 2010
Posted in Blog
Tagged: P&I, piracy, renewal, shipowner
The Nordic Association of Marine Insurers (Cefor) has now released the 2010 version of the Norwegian Marine Insurance Plan (NMIP) updating their 2007 version. Whilst there would not appear to be any fundamental changes, owners may wish to be aware of the following. Cefor has sought to clarify the relationship between the NMIP and the [...]
Read more »Asian capacity allows shipowners to fight London rises
1 February 2010
Posted in Blog
Tagged: Asia, capacity, London, premiums, shipowner
The recent renewal season highlighted how international insurance markets and shipowners were handling the changing economic conditions, with the London market seeking rises, whilst shipowners pressed for lower premiums, providing opportunities for other markets, such as Asia. The global downturn’s effect on trade has meant shipowners are facing further pressures to reduce costs, including reducing their [...]
Read more »London Steamship calling for 5% General Increase
31 December 2009
Posted in Blog
Tagged: P&I
The Club’s Committee has decided to apply a 5% increase on 2009 Estimated Total Cost for the 2010/2011 Policy year, prior to further adjustments based upon individual records. Any adjustment to the reinsurance cost of the Club will also be applied to Members. The Release call rate is set at 15% of Advance Call. Additionally, all deductibles [...]
Read more »West of England P&I Club sets General Increase for 2010
31 December 2009
Posted in Blog
Tagged: P&I
The board of the West of England P&I Club has decided to increase Members’ advance calls by no less than 5% for 2010 P&I renewals, and will seek specific increases from those members with adverse claims records. In addition the reinsurance costs will be payable at its actual cost. The forecast additional call for 2010 is [...]
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15 December 2009
In India earlier this year, a bridge collapsed under the weight of a 128-wheel truck carrying a turbine causing at least five deaths and extensive damage to the cargo.
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