Insurance rates for tankers transiting through the world’s most important oil choke point have skyrocketed in recent weeks, according to the CEO of a U.S.-listed shipping company. Six oil tankers and a U.S. spy drone have been attacked since May either in, or near, the Strait of Hormuz — a strategically important waterway which separates… Continue reading Insurance Rates Have ‘Increased 10-Fold’ After Attacks in the Strait of Hormuz
Tag: marine insurance
Cargo Insurers Can Face Up to $65M in Exposure Value for Gulf of Oman Attack
The tankers were attacked in the Gulf of Oman, which is located near the Strait of Hormuz, a vital shipping route for global trade. More than a fifth of global oil demand passes through the Strait or 16.8 million barrels per day according to Lloyd’s List. According to Russell Group analysis, there are over 67,533… Continue reading Cargo Insurers Can Face Up to $65M in Exposure Value for Gulf of Oman Attack
Worldwide Facilities Hires Leah Koontz as Senior Associate Broker, Marine
Worldwide Facilities Marine, a division of Worldwide Facilities, national wholesale insurance broker, managing general agent and program underwriter, is pleased to announce the addition of Leah Koontz to the Los Angeles team as a Senior Associate Broker. Koontz has been in the marine insurance business for more than 20 years. Her experience began with a… Continue reading Worldwide Facilities Hires Leah Koontz as Senior Associate Broker, Marine
Everest Insurance® Announces Workers’ Compensation Marine Expansion
Everest Insurance® is pleased to announce that they have joined with All Risks, Ltd. to expand their workers’ compensation capabilities for the marine industry. Through this program, brokers will have access to workers’ compensation, United States Longshore & Harbor Workers (USL&H) and marine employers liability (MEL) on one policy in 46 states. Everest has partnered… Continue reading Everest Insurance® Announces Workers’ Compensation Marine Expansion
Lloyd’s Raises Gulf Insurance Risks After Ship Attacks
Lloyd’s of London insurance market on Friday widened its list of areas in and around the Gulf posing “enhanced risk for marine insurers” after attacks on ships off the UAE. Lloyd’s said that the Gulf, part of the Gulf of Oman, Oman and the United Arab Emirates had been added to the list. Saudi Arabia’s… Continue reading Lloyd’s Raises Gulf Insurance Risks After Ship Attacks
Worldwide Facilities Marine Hires Kelly Martinez as Broker
Worldwide Facilities Marine, a division of Worldwide Facilities, national wholesale insurance broker, managing general agent and program underwriter, is pleased to announce the addition of Kelly Martinez to the Los Angeles team as a Broker. Worldwide Facilities Marine has offices in Los Angeles, CA and Houston, TX and specializes in all aspects of commercial marine… Continue reading Worldwide Facilities Marine Hires Kelly Martinez as Broker
Lloyd’s of London Reviews Marine Insurance Market as Losses Mount
Lloyd’s of London Ltd., a syndicate that controls about a fifth of the global marine insurance market, is reviewing a number of loss-making members of its marine unit, a move that could drive up costs for insuring the world’s ocean carriers. The review comes after a loss of $2.6 billion at Lloyd’s last year and… Continue reading Lloyd’s of London Reviews Marine Insurance Market as Losses Mount