Posts tagged: shipowner
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 »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 »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 [...]
Read more »Falling ship values highlights importance of value adjustment rates
3 August 2009
Posted in Blog
Tagged: insurers, premiums, risk, shipowner, shipping, value adjustment rate
As shipowners will know all too well, ship values have continued to fall; at FP Marine Risks we have seen some reductions of up to 50% in recent months. However, the consequent reduction in premium varies widely among insurers and it is important that shipowners are aware of the basis of that variation in premium [...]
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 »More shipowners enjoying benefits of Asian placement in these difficult times
30 June 2009
Posted in Blog
Tagged: Asia, capacity, insurers, shipowner, shipping, underwriting
Shipowners with smaller fleets, smaller vessels or lower values can still benefit from an Asian insurance placement as world markets become more competitive. Some believe that Asian-based underwriters are dedicated to the Asian-based shipowning market (putting aside Japan and Korea’s involvement in the large fleets) to the exclusion of non-Asian tonnage. Whilst this may have [...]
Read more »Lay Ups in Singapore – no sign of increasing premiums
28 May 2009
Posted in Blog
Tagged: P&I, ports and terminals, premiums, shipowner
Earlier this year, the American P&I Club issued a members alert regarding lay ups in Singapore. It refers to a general indication that Singapore’s port has become congested with laid up vessels and that members should be aware of an increased risk of collision. It appears that most claims have resulted from mis-calculating the strength [...]
Read more »Owners recommended to consider Club’s investment portfolios
3 April 2009
Posted in Blog
Tagged: P&I, shipowner, underwriting
While economic times were good, Protection and Indemnity Clubs were able to use positive investment income, mostly drawn from exposure to equity markets, to reduce their calls to members whilst simultaneously growing their free reserves. The income allowed shipowners to enjoy reduced premiums even when there was an increase in claims activity, because of the [...]
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 »World insurance markets not yet hardening in response to the global recession
19 February 2009
Posted in Blog
Tagged: charterer, claims, hard market, IUMI, recession, shipowner
In January, IUMI (International Union of Marine Insurance), warned of bleak times ahead as the industry prepared to face the impact of a global slowdown. Slowing demand and lower freight rates are forcing shipowners and charterers to cut costs and find efficiencies. Inevitably, marine insurers will feel the effects through increasing claims, and pressure on [...]
Read more »Negotiations arise when changing technical management
13 February 2009
Posted in Blog
Tagged: shipowner, shipping, technical management
As some insurers become more conservative in their approach to risks, what might have been a simple request to agree to a change of technical management is fast becoming a more difficult negotiation. One of the aspects an underwriter will consider when rating or accepting a risk is the identity of the technical manager and [...]
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 »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 [...]
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 [...]
Read more »Recent articles
3 September 2012
Have recessionary risks hindered the opportunities available to Asian marine insurers? And is the future a profitable one?
20 July 2011
What has changed in the marine insurance markets over the last year? And can Assureds expect to see these soft markets continue?
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
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 November 2008