Posts tagged: Cargo
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 [...]
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 majority [...]
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 [...]
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 margins [...]
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 up to [...]
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 Asian [...]
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, a [...]
Read more »Recent articles
8 September 2010
The global economic slump created conditions that should have left marine insurance clients bearing the brunt of a hardening market and spiralling premiums. Not only did that not transpire, but it is not likely to either.
Blog
9 August 2010
Sanctions against Iran are having an inevitable impact as insurers introduce new clauses to avoid possible breaches.
Press releases
20 December 2007
Opinions
26 March 2007
26 October 2005