Posts tagged: Cargo
FP’s Alto platform provides Cargo Insurance to INTTRA’s members
16 April 2013
Posted in Press Releases
Tagged: Alto, Cargo, cargo insurance, INTTRA
INTTRA, the world’s largest multi-carrier shipping network for ocean freight, has launched a new member service that enables shippers to purchase cargo insurance from marine insurance specialist, FP Marine Risks, via INTTRA’s e-commerce platform. “By leveraging the buying power of the world’s largest ocean shipping network, shippers can reap the benefits of member services all [...]
Read more »Asia Marine Insurance Market – still buoyant in 2012
3 September 2012
Posted in Articles
Tagged: Asia, capacity, Cargo, forecast, Hull and Machinery, hull market
Written by FP Marine Risks and first published in the Asia Insurance Review, September 2012 The past year has seen the world stutter through economic crises in the Eurozone, slowing and downward revisions of growth rates, natural catastrophes and major disasters. According to the World Trade Organisation, there was a sharp deceleration in world trade [...]
Read more »BIMCO’s New Charter Party Clause for Solid Bulk Cargoes that Can Liquefy
7 August 2012
Posted in Blog
Tagged: BIMCO, Cargo, charterer, P&I, risk
In conjunction with the International Group of P&I Clubs, BIMCO (the Baltic and International Maritime Council) has released an industry standard clause for the carriage of solid bulk cargoes, by Charterers, that may be subject to liquefaction. Iron ore fines and nickel ore have recently been highlighted as two commodities requiring special attention. The Clause [...]
Read more »FP Marine Risks Wins Biosecurity Award From Australian Government
14 March 2012
Posted in Press Releases
Tagged: ABARES, Australia, Australian Government, award, Biosecurity, Cargo, cargo insurance, farmer, fertiliser, FP Marine Risks, insurance, logistics, marine insurance, Outlook 2012, ports, shipping
FP Marine Risks, as part of a team of six Australian shipping industry companies, last week won an award from the Australian Government at the ABARES Outlook 2012 conference.The award recognised the company’s role in arranging the return of contaminated soil that could have caused extensive damage to agriculture and the environment. In May 2011, [...]
Read more »Marine insurance markets – a year on
20 July 2011
Posted in Articles
Tagged: Asia, Cargo, forecast, Hull and Machinery, marine insurance, soft market, tsunami
Written by FP Marine Risks and first published in the Asia Insurance Review, July 2011 Almost a year ago, we wrote about the marine insurance market from an Asian perspective. We said that to focus on “underwriting, underwriting, underwriting” in response to the global economic slowdown, suggested that insurers should seek rate rises, higher deductibles [...]
Read more »Radioactive ships and cargo – the insurance industry should provide cover
5 May 2011
Posted in Blog
Tagged: Cargo, clauses, Hull and Machinery, insurers, nuclear radiation, shipowner, specialist, underwriting
In light of the Japanese earthquake and subsequent radiation leak, the insurance industry has been very quick to point out that radioactive exclusion clauses are paramount and apply to ship and cargo owners. However, we believe that there is a commercial and humanitarian case for providing an insurance solution for some nuclear incidents. The relevant [...]
Read more »Container shortages exposing freight forwarders to delay costs
24 December 2010
Posted in Blog
Tagged: Cargo, freight forwarders, liabilities, marine insurance
A shortage of containers is causing concern for freight forwarders and other container users, particularly as the subsequent impact from delays or damage can lead to additional financial costs. Container manufacturers struggled to keep their factories open during the global economic slowdown and many were forced to close and lay off workers. The sudden turnaround [...]
Read more »New Incoterms 2010
20 December 2010
Posted in Blog
Tagged: Cargo, ICC Clauses, Incoterms, trade
As of 1 January 2011, new Incoterms will apply replacing the 2000 version. They have been drawn up to reflect changes in international trade, security concerns, e-commerce and the increase in e-communications, as well as the spread of customs-free areas. Much emphasis has also been placed on making Incoterms easier to understand, and for that [...]
Read more »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 [...]
Read more »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 [...]
Read more »Cargo accumulation hazard, precipitating large losses
29 March 2010
Posted in Blog
Tagged: accumulation, Cargo, freight forwarders, insurers, losses, reinsurance, storage
Significant accumulation of cargo is exposing cargo owners, freight forwarders and marine underwriters to the possibility of catastrophic losses. Freight stations and warehouses can each contain hundreds of millions of dollars worth of goods that are at risk of becoming total losses from perils such as fire, flood and wind. Earlier this year, a serious [...]
Read more »Marine consequential loss insurance gaining importance in difficult times
15 December 2009
Posted in Blog
Tagged: Advanced Loss of Profits, Cargo, consequential loss, Delay in Start Up, losses, project cargo
Many infrastructure projects require that often expensive and sophisticated equipment must be installed and operating to capacity soon after it arrives on site. Many major infrastructure and mining operations involve the import of key equipment valued at hundreds of millions of dollars. These items are ordered to arrive on site on specific dates in order [...]
Read more »Rotterdam Rules
5 October 2009
Posted in Blog
Tagged: Cargo, contracts of carriage, liabilities, Rotterdam Rules, shippers, trade
Recently 16 states signed up to the new Rotterdam Rules which concern contracts of carriage wholly or partly by sea. The Rules have been designed to regulate marine cargo liabilities internationally and may ultimately replace the Hague Rules, the Hague-Visby Rules and the Hamburg rules in those countries that are signatories to those conventions. The [...]
Read more »New ICC Clauses making it clearer for cargo clients
26 March 2009
Posted in Opinions
Tagged: Cargo, ICC Clauses
At the beginning of the year, the new ICC Clauses became available to the Market after a two year consultation. The overall result has been to create clearer policies that are more favourable to the Assured. The following is a summary of some of the more noteworthy changes taken from the new ICC (A) (all [...]
Read more »New ICC Clauses making it clearer for cargo clients
17 March 2009
Posted in Blog
Tagged: Cargo, ICC Clauses
At the beginning of the year, the new ICC Clauses became available to the Market after a two year consultation. The overall result has been to create clearer policies that are more favourable to the Assured. In the Opinions section of this website, we have provided a summary of some of the more noteworthy changes [...]
Read more »Claims expected to rise as recession deepens
19 February 2009
Posted in Blog
Tagged: Cargo, claims, commodity prices, recession, shippers
We have not witnessed any significant increase in the number of claims since the first signs of a recession last year. However, it is commonly the case that claims do rise in slowing economies and we expect to see that trend returning this year. Lowering worldwide consumer demand has already heavily impacted commodity prices. Profit [...]
Read more »New shipping regulations in the US
9 February 2009
Posted in Blog
Tagged: Cargo, Homeland Security, importers, regulation
The Department of Homeland Security (DHS) has recently implemented new regulations for cargo security that will affect companies involved in the importation of products into the US. These regulations have been designed to help identify high-risk shipments as early as possible. Known as the Importer Security Filing and Additional Carrier Requirements Regulation, it requires marine [...]
Read more »No time for risk taking
15 January 2009
Posted in Articles
Tagged: Advanced Loss of Profits, Cargo, claims, Delay in Start Up, freight forwarders, FSL, Hurricane Katrina, Hurricane Rita, insurers, losses, premiums, recession, reinsurance, risk, soft market, specialist, underwriting
First published in the January / February 2009 edition of Heavy Lift Magazine The global economic gloom is casting its shadow over insurance like everything else, with sharp rises in premiums likely across the board in the near future. We asked logistics-industry insurance expert Philip Bilney* why reducing cover is not a good idea. Can [...]
Read more »Piracy and the effect on cargo owners
26 November 2008
Posted in Opinions
Tagged: Cargo, General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, P&I, piracy, Somalia, war
In the waters off Somalia and the Gulf of Aden, the frequency of pirate attacks has intensified over the last two years as Somalia remains without a central government. International security efforts have increased, but their presence is having minimal impact on what is unquestionably a lucrative crime. Somali pirates are making ransom demands of [...]
Read more »Zooming In
26 July 2006
Posted in Articles
Tagged: Asia, Cargo, insurers, risk, specialist, trade, trade credit, underwriting
Originally published by Trade Finance Magazine, July/August 2006 The challenge for credit and political risk insurers is considering the numerous factors that affect the markets in which they operate. Global trends affect the demand for business and local issues determine how they structure cover for their clients. Oliver O’Connell looks at a snapshot of the [...]
Read more »No Harmony for Shippers
26 April 2006
Posted in Opinions
Tagged: Cargo, contracts of carriage, DG Harmony, IMDG Code, shippers
You arranged shipment of your dangerous goods and declared it to the carriers as required by the International Maritime Dangerous Goods (IMDG) code. A fire originating from your consignment engulfs an entire ship and its cargo – in what circumstances could you be found liable? In a recent case regarding strict liability, PPG Industries Inc, [...]
Read more »Recent articles
14 July 2011
We recommend ways for freight forwarders to ensure the liability insurance they purchase will protect them when they need it most.
18 February 2011
In light of continued disease outbreaks in fish farms around the world, Aquaculture Insurance must play a vital part of any risk management strategy.
Blog
6 December 2012
In recent months, three insurers have pulled out of the Hull and Machinery market as competitive pressures and a year of substantial claims take their toll.
28 November 2012
At the recent Meeting of the Association’s board of Directors, the general increase to be applied to the advance call rates for the 2013 policy year was set at 5%.
Press releases
4 February 2013
Hyperion Insurance Group Limited, the international insurance intermediary group, and FP Group Limited (FP), the Hong Kong-headquartered specialist marine broking group, are pleased to announce their partnership today, with Hyperion taking a 55% stake in FP Group Limited.
9 May 2012
FP Marine Risks has received approval for an investment into Shanghai-based HY Insurance Brokers. Both companies are specialist marine insurance brokers.
Opinions
26 March 2007
26 October 2005