Marine
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Corporate round-up
ACE launches legal helpline for UK D&O and EPL clients, Standard Club offers three new products including K&R and Willis…
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Maritime insurance anguish abides as shipping struggles
The maritime insurance industry is struggling to cope with the dual challenges of globalisation and several years of poor technical…
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Marine market in flux as hull and liability rates bounce after Concordia—Willis
Many marine hull and liability insurers have reacted to the sinking of the Costa Concordia with a determined push for…
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Shipping industry faces many new risk management challenges, says report
Despite hugely improved safety records the maritime industry faces many new risk management challenges as it learns to cope with…
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P&I market hardening as claims rise and solvency rules bite
Ship owners could face several years of premium rate increases as the sector prepares for another potential downturn and tougher…
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S&P raises P&I capital concerns
The International Marine Protection and Indemnity sector may face capital pressures going forward, according to S&P. Despite this fear the…
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Costa faces class action lawsuit over Concordia disaster
A class action lawsuit has been launched against Costa Cruises and its US-based owner Carnival Group following the Costa Concordia…
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EC steps up pressure on maritime safety following Concordia disaster
Siim Kallas, European Commissioner for Transport, has asked that the ongoing review of EU passenger ship safety legislation take ‘fully’…
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Insurers braced for over €500m in claims from Costa
The grounding of the cruise vessel Costa Concordia, which was damaged when it hit a rock off the Italian island…
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Piracy at record high but Somali hotspot sees reduction in success rate
Piracy is at a record high in 2011 but an increased number of attacks by Somali pirates, the main perpetrators…
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IUMI conference tackles piracy and poor insurer results
The growing threat of piracy as well as persistently poor insurer technical results were among the subjects discussed at the…
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Recent prominent incidents highlight supply chain risks
When the acid tanker ‘Waldhof’ capsised on the river Rhine near St Goarshausen in January 2011 and the river was…
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Piracy still on the up and more bold than ever, but successful hijacks down
Piracy has continued to escalate in the first half of 2011, with Somali pirates, who are still the main perpetrators,…
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Deepwater’s Transocean and Macondo Well owners wrangle over insurance
The insurers of Transocean Ltd sunken Deepwater Horizon drilling rig have asked a federal judge to decide whether BP and…
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ICC calls for fast government action on piracy threat that is hitting world trade
With the number of piracy attacks as ever on the increase off the Somali coast the International Chamber of Commerce…
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Tactics must evolve to meet new piracy threat, experts say
Somali piracy has taken an alarming turn for the worse in the first quarter of 2011 and governments and organisations…
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French ships turn to armed guards in bid to stave off piracy risk
French cargo ships are increasingly employing armed security teams in a bid to protect themselves against the raised threat of…
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Piracy at all time high in 2011
Piracy has hit an all time high in the first three months of 2011 with 142 attacks worldwide, the International…
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Shipping rates set to fall but trouble in MEA region adds to the industry’s woes
Whilst Marsh has predicted that buyers of marine insurance are likely to see rates continue to soften globally in 2011,…
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Torus signals German intent with war risk cover for shipowners
The German arm of industrial insurer Torus ended 2010 with a bang as the Cologne-based office of the company announced…