Posts tagged: losses
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 [...]
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 »Sydney yacht fire raises questions of marina operator’s liability
3 August 2009
Posted in Blog
Tagged: liabilities, losses, marina, yacht
The recent fire in Pittwater near Sydney, Australia, in which six yachts were destroyed by fire and parts of a marina damaged, has highlighted the importance of marinas and shiprepairers being appropriately and sufficiently insured for the work being undertaken. It is believed that the source of the fire came from the equipment [...]
Read more »Charterers feeling the crunch risking all to keep costs down
18 March 2009
Posted in Blog
Tagged: charterer, legal costs, liabilities, losses
Many charterers on time charter trip (TCT), short term time or voyage charters are seeing a downturn in volumes, freight rates and consequently profits. Costs are being squeezed all the way down the chain and charterers are looking to find ways of reducing their expenses, but if their insurance seems a tempting cost to sacrifice, [...]
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 »Marine Kidnap and Ransom Insurance
1 November 2008
Posted in Articles
Tagged: Gulf of Aden, kidnap & ransom, liabilities, losses, piracy, shipowner, Somalia
The percentage of piracy attacks that involve hostage-taking or kidnap has risen dramatically from 53% in 2004 to a staggering 82% in 2007. Whilst attacks in the Malacca Strait and Indonesia have dropped by over 50% in the same time, the Somali coast and Gulf of Aden have seen a drastic rise from only 2 incidents [...]
Read more »Insurance as a risk management tool in supply chain management
1 July 2007
Posted in Articles
Tagged: Asia, business interruption, Emma Maersk, Hyundai Fortune, insurers, liabilities, Lloyd's, losses, MSC Napoli, piracy, ports and terminals, premiums, regulation, risk, supply chain, trade, vessel
This article appears in the Standard Chartered Bank World of Supply Chain Management 2007/2008 With growing trade volumes, vessel sizes and government legislation, supply chain managers face increasing risks and liabilities in their industry. Insurance is an important risk management tool, but one that has yet to be fully utilised in Asia. For an effective [...]
Read more »Feeling undervalued?
12 April 2006
Posted in Articles
Tagged: claims, General Average, insurers, losses, salvage, ship valuation, shipowner, underinsured
This article was published in Asia Pacific Shipping, April 2006. Andrew Brooker, Associate Director of FP Marine Risks, a leading marine insurance broker based in Hong Kong, explains: “The S&P market can have a huge impact on the ability of shipowners to receive full reimbursement from their insurers in the event of certain types of loss, [...]
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
29 April 2010
FP Marine Risks builds direct retail business in Australasia through acquisition of specialist cargo insurance agency
Opinions
26 March 2009
26 November 2008