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Insurance

VLCC Explodes off Oman Coast

© Rudi Hansen / MarineTraffic.com

A Shipping Corporation of India very large crude carrier (VLCC) has suffered an explosion in one of its cargo tanks while transiting off the coast of Oman, the shipowner confirmed Tuesday.Three crew members of the 316,409 DWT oil tanker Desh Vaibhav are reported missing, and one person with burn injuries has been evacuated by helicopter,

Cargo Ship Collides with Yacht off England

Two sailors have been rescued after their yacht collided with a cargo ship off Dungeness, Kent.HM Coastguard received a Mayday from the yacht following the collision which happened just after 4:10 a.m. local time on Wednesday.Dungeness RNLI lifeboat rescued the two from the yacht, and both crew members are safe and well.

London P&I Club Setting up Cyprus Office over Brexit

British ship insurer London P&I Club is setting up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access, the group told Reuters on Friday.Britain dominates the global marine insurance market and losing access to specialist Protection

North P&I Club, 24Vision Sign Partnership Agreement

Photo: North P&I Club

 North P&I Club and 24Vision announced today that they have entered into a partnership agreement, with effect from 1 July 2018, to provide P&I insurance to charterers and small ship operators.   As part of 24Vision’s wider service proposition to their marine industry clients, the partnership agreement

Slow, Steady Vessels Lower Operating Costs

Logo: The Swedish Club

 The Swedish Club warns that vessel operators should always look to the long term, when specifying the type of engines to be installed across the fleet.    Latest statistics from the Club show that vessels propelled by medium/high speed engines have a claims frequency 2.5 times higher than slow speed engines,

BNSF: Crude Rail Service Could Resume Tuesday

File Image: A typical Crude Oil train in the United States makes its way south along inland waterways. CREDIT: Dagmar Etkin

BNSF Railway Co on Monday said it could resume service Tuesday on a stretch of northwestern Iowa track damaged when a train left the track and crude oil spilled from derailed cars.   The crude oil train derailed near Doon, Iowa, on Friday sending 32 rail cars off the track and spilling an estimated 230,

BNSF: Nearly Half of Iowa Crude Spill Contained

File Image: A typical Crude Oil train in the United States makes its way south along the inland waterways. CREDIT: Dagmar Etkin

Workers have contained nearly half of the crude oil spilled near Rock River in northwest Iowa over the weekend following a freight train derailment on Friday, BNSF Railway Co said.   About 100,000 gallons had been hemmed off using booms out of the estimated 230,000 gallons spilled, BNSF said in a statement on Saturday.

A Post-casualty Rush to Judgment Can be Costly

© Peter Vandenbelt / Adobe Stock

It was a warm and sunny early summer morning in an increasingly popular and typically busy domestic harbor. And, not surprisingly, the water and waterfront were crowded with commercial and private vessels of every description. From a slowly moving tug/barge combination, a working dredge and a small

YM Efficiency Docks in Sydney after Losing 83 Containers at Sea

© V. Tonic / MarineTraffic.com

A Taiwan-owned cargo ship docked safely in Sydney on Wednesday after losing 83 containers off the coast of Australia during a massive storm which saw the ship battered by five metre (15 feet) swells.The YM Efficiency limped into Sydney with a container hanging halfway off its side. It had arrived off

Shipowners’ Club Pact with Jumar Holdings

Photo: The Shipowners' Club

 The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist sector, is delighted to announce a new technology partnership with Jumar Holdings Limited.   The Club has taken a 33% equity stake in Jumar, which sits alongside the 67% stake held by Jumar founder and CEO, Wendy Merricks.

Staying Afloat with Strong Workboat Insurance

© donvictori0 / Adobe Stock

When it comes to insuring your assets, changing markets and risk variables demand better understanding of the underwriting process, as well as a long-term, stable relationship with an insurer who – like you – is in for the long run.U.S. inventor Thomas Edison once said, “There is no substitute for hard work.

World's First Marine Insurance Blockchain Platform Launched

Lars Henneberg. Photo: EY

 EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance industry leaders Willis Towers Watson, XL Catlin, MS Amlin and ACORD announce members of the marine industry are using Insurwave, a blockchain platform to support marine hull insurance.    In an increasingly complex and ever evolving risk landscape,

An Unlikely and Remarkable Safety Journey

(Credit: Gregory Thorp)

Late last year, the Transportation Research Board released a major study that was undertaken “in response to the rapid development of domestic sources of energy and questions about the safest ways to move these products.” The Study Committee examined the operational responses of the three primary modes impacted by the fracking revolution – rail,

DMA: Third Party Liability Insurance Mandatory for Small Vessels

Photo: Danish Maritime Authority

 After new regulation, all speedboats with a hull length below 15 m, personal watercrafts/jet skis and similar vessels must now be covered by a 3. part liability insurance.   Danish Maritime Authority informed that if the vessel does not have insurance coverage, you are not allowed to operate it.    The

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