The inland marine insurance segment has grown steadily in the past decade in tandem with increases in construction spending and the transport of goods, with direct premiums written nearly doubling to $24.5 billion in 2018 from $13.3 billion in 2009, according to a new AM Best special report. The Best’s Market Segment Report, titled, “Economic… Continue reading Economic Growth and Specialization Bolstering Inland Marine Expansion: Best
Tag: cargo insurance
Pembroke Pulls Out of Cargo Business
Under review Pembroke Managing Agency has jettisoned its cargo business, according to The Insurer. The Liberty-owned managing agency – which acquired Pembroke when it purchased lronshore in May 2017 – underwrites cargo business through Lloyd’s syndicate 4000. The cargo team is headed up by divisional director Andrew Corton, who joined Syndicate 4000 in 2012. Corton… Continue reading Pembroke Pulls Out of Cargo Business
Maersk Introduces Alternative to Cargo Insurance for Customers
Maersk has introduced an extended liability solution, Value Protect, as an alternative to cargo insurance with the aim to increase customers’ chance of receiving full compensation if damages occur in transit. Value Protect – valid when the cargo is in Maersk’s custody – covers cargo loss or damage in cases such as fire, accidents due… Continue reading Maersk Introduces Alternative to Cargo Insurance for Customers
Retailers Share Liability for Misclassified Truck Drivers at California Ports under New Law
A new California law attempts to resolve a long-running dispute over wages and working conditions for port truck drivers by putting big retailers — who foot the freight bill — on the hook for labor violations by the cargo carriers. Senate Bill 1402, which Gov. Jerry Brown signed into law Saturday, is set to take… Continue reading Retailers Share Liability for Misclassified Truck Drivers at California Ports under New Law
Cybersecurity in the Maritime Industry
The global shipping industry – much like air, road and rail transportation – is undergoing a technological revolution. From hull cleaning to collision avoidance systems, automation has made incredible advances in recent years. There is more to come, too. Norwegian company Yara has partnered with the engineering group Kongsberg with plans to launch the world’s… Continue reading Cybersecurity in the Maritime Industry