If shipping is the heart of global trade, its beat is about to slow. Many shipping companies are sticking with ageing fleets due to uncertainty about which fuels to use in the long term to reduce greenhouse gas emissions, but older vessels may soon have to start sailing slower to comply with new environmental rules.… Continue reading Ships Get Older and Slower as Emissions Rules Bite
Tag: marine insurance
Insurance Premiums Doubling for Some Aviation, Marine Businesses
Insurance premiums are doubling or more for some aviation and marine businesses particularly exposed to the war in Ukraine, increasing costs for airline and shipping firms, industry sources say. Global commercial insurance premiums rose 11 percent on average in the first quarter, according to insurance broker Marsh, which said the war was putting upward pressure… Continue reading Insurance Premiums Doubling for Some Aviation, Marine Businesses
North P&I and Standard Club Make Plans for Insurance Mega-Merger
North P&I and Standard Club are negotiating the terms of a merger that would create one of the largest mutual cover providers in the maritime industry. The combined club would provide coverage for approximately 400 million GT of vessels. “Standard Club and North now have the opportunity to create one of the world’s leading and… Continue reading North P&I and Standard Club Make Plans for Insurance Mega-Merger
CRC Group to Acquire Continental Underwriters
CRC Group, a nationwide wholesale distributor of specialty insurance products, announced today that it has reached a definitive agreement to acquire the assets of Continental Underwriters, a leading provider of primary marine, excess marine liabilities, ocean cargo, and inland marine insurance. “Over the last 50 years, Continental has built a successful track record of helping… Continue reading CRC Group to Acquire Continental Underwriters
CDC: Cruise Ships Will Not Sail in U.S. Waters until Nov. 1
Two hours before its “no-sail” order was set to expire, the Centers for Disease Control and Prevention announced late Wednesday it is extending its “no-sail” order for the U.S. cruise industry through Oct. 31. The CDC’s previous order had been scheduled to end Wednesday after extensions to the original mid-March order were issued in April… Continue reading CDC: Cruise Ships Will Not Sail in U.S. Waters until Nov. 1
Zurich Expands Roll Out of Marine Insurance Platform
Global insurer Zurich is accelerating the broader rollout of a new marine insurance platform for small and medium cargo. The Zurich Swift Insurance Platform provides web-based access to insurance that users can tailor to their needs. The platform leverages automation technologies to allow marine insurance brokers and intermediaries to manage the full policy lifecycle for… Continue reading Zurich Expands Roll Out of Marine Insurance Platform
Energy & Marine Advisor Joins Alliant in Houston
Alliant Insurance Services has announced that Karey Vaught has joined Alliant as Executive Vice President, Managing Director. Vaught will provide insurance and risk advisory services to energy and marine clients across the United States. “Karey brings with him an impressive track record and strong leadership skillset,” said John Ludwig, Co-COO, Alliant Specialty. “We will work… Continue reading Energy & Marine Advisor Joins Alliant in Houston
Shipping Industry Sails into Unknown with New Pollution Rules
Faced with imminent new global marine pollution rules, shipping companies and insurers are puzzling over the risks. To reduce emissions of toxic sulphur that cause premature deaths, shipowners who have long relied on the dirtiest residues of oil extraction will have to either switch to low-sulphur fuel or install exhaust gas cleaning systems from Jan.… Continue reading Shipping Industry Sails into Unknown with New Pollution Rules
ProSight, RB Jones Strike Marine Underwriting Agreement
Marine insurance specialist RB Jones has signed an underwriting and claims servicing partnership with ProSight. As part of the agreement RB Jones will write marine liability, marine excess, brown-water hull and excess energy placements on behalf of the carrier. Following the arrangement, which takes effect on 15 September, ProSight marine executive Mark Engel will become… Continue reading ProSight, RB Jones Strike Marine Underwriting Agreement
AXA XL and Vindati Team Up to Offer Brokers Access to Customized Ocean Cargo Insurance Via Online Platform
AXA XL’s US marine insurance business and Vindati, an InsureTech Managing General Underwriter (MGU) offering specialty products and an integrated shopping experience for brokers and agents, are teaming up to offer Ocean Cargo insurance for small and middle-sized businesses via Vindati’s proprietary rate, quote, bind, issue online platform. “With this partnership, we’re extending availability of… Continue reading AXA XL and Vindati Team Up to Offer Brokers Access to Customized Ocean Cargo Insurance Via Online Platform