Posts tagged: Hull and Machinery
Insurers withdrawing from Hull and Machinery market
6 December 2012
Posted in Blog
Tagged: capacity, Hull and Machinery, hull market, insurers, underwriters
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. Whilst technically it has been operating at an overall loss for sixteen years, the H&M market has still seen recent new entrants such as WR Berkley, Argo and Barbican [...]
Read more »Gard sets General Increase at 5% for 2013
5 November 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal, shipowners
The Club’s mutual advance calls will be increased by 5% for 2013/14 for both P&I and FD&D classes. The Deferred call is set at 25% as per previous years. The Club’s standard deductibles will be raised by USD1,000. Changes in the costs of the Group reinsurance programme will be borne by Members. Deferred calls for [...]
Read more »The London Club announces increase in P&I and FD&D Annual Calls
5 November 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal, shipowner
The Committee has recently reviewed the Club’s position in respect of their retained claims, the increased costs of Pool claims and volatility of investment return; in light of those factors, the Annual rates for 2013 policy year will be increased by 12.5%, with any adjustment in the Group reinsurance programme being passed on to Members. [...]
Read more »The UK Club announces general increase for 2013, returns premium for 2011
5 November 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal, shipowners
At their recent meeting the Club’s board of directors agreed on a 7.5% increase on P&I Mutual premium for 2013, plus any increase in the Group reinsurance premium. At the same time they have decided on a 2.5% Mutual Premium discount for the 2011 policy year. The discount will be deducted from settlement of 2011 [...]
Read more »Steamship Mutual General Increase Announcement
30 October 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal
The Club Directors have decided on a 7.5% increase on all premiums for 2013. Members’ records will also be assessed as usual for further adjustments in premiums and also for adjustments in the deductibles. In addition, the costs of the IG reinsurance programme will be directly passed on to the Members. Release calls are set [...]
Read more »Piracy update 2012
20 September 2012
Posted in Blog
Tagged: Hull and Machinery, hull market, kidnap & ransom, piracy, war, war risks
We recently produced a new version of our piracy report, which is available by emailing info@fp-marine.com, to reflect the latest updates surrounding the issue. The following is a summary of that report. Piracy continues to cause shipowners, charterers and traders significant financial and operational challenges. And whilst there has been a reduction in the total [...]
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 »Sanctions easing against Burma
25 July 2012
Posted in Blog
Tagged: Burma, Hull and Machinery, marine insurance, sanctions, trade
In light of recent human rights and democratic gains in Myanmar (Burma) – cemented by Aung San Suu Kyi’s success in April’s elections – there has been a considerable easing of Western sanctions. The US, the EU, Canada and many others have responded to the changing environment and as trade doors tentatively begin to open, [...]
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 »New hull syndicates in London signal good news for Assureds
4 November 2010
Posted in Blog
Tagged: capacity, Hull and Machinery, Lloyd's, marine insurance, premiums, rates
There has been considerable activity of late in the Lloyd’s Marine Hull Market. A series of underwriting groups are preparing to launch new Hull operations for the 2011 year of account. To date, we have heard confirmation of the following new entrants into the Marine Hull sector : 1) Barbican 2) Canopius 3) Liberty [...]
Read more »Confusion remains over marine kidnap and ransom insurance
1 August 2009
Posted in Articles
Tagged: claims, General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, piracy, premiums, risk, shipowner, specialist, war
First published in the August 2009 edition of Ships and Shipping The maritime news continues to be filled with articles about pirate attacks in the Gulf of Aden, while piracy also continues less reported in several other key areas such as Nigeria, the Philippines and Brazil. There has been some discussion, and perhaps confusion, about [...]
Read more »Maersk Alabama – existing policies may not have responded to cover ransom
15 April 2009
Posted in Blog
Tagged: General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, Maersk Alabama, P&I, piracy
The Maersk Alabama made the news for many reasons after it was attacked by pirates recently, not least because it was the first American-flagged vessel to be hijacked in the Gulf of Aden. The crew was able to recapture their vessel, but the captain was taken as sole hostage on a lifeboat at sea. Uniquely, there [...]
Read more »Lay up returns or cancelling returns only on Hull and Machinery policies
2 March 2009
Posted in Blog
Tagged: Hull and Machinery, lay up, shipowner, shipping
As freight rates and trade volumes have dropped, an increased number of vessels are being laid-up whilst owners reduce costs and sit out the current downturn. Some estimates suggest this is affecting up 9% of the world container fleet. So, what’s the most premium efficient way to manage a lay-up? The Institute Time Clauses – [...]
Read more »Insurance premiums expected to rise on back of piracy
29 January 2009
Posted in Blog
Tagged: charterer, Gulf of Aden, Hull and Machinery, piracy, shipowner, Somalia, war
There is an expectation that insurance premiums are due to rise as marine piracy continues to affect major shipping routes. Whilst the increase in naval presence has helped lower the rate of attacks, there have been a number of high profile pirate attacks on vessels transiting the Gulf of Aden which have been settled via [...]
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 »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
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%.
28 November 2012
Whilst the Club’s retained claims exposure has developed in line with projections over the past two years, the Club is concerned about the continuing increase in the pooling costs.
Press releases
16 April 2013
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.
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.
Opinions
26 March 2009
26 March 2007