The 2nd edition of Insuring Cargoes-A practical guide to law and practice" authored by K.S. Vishwanath was recently published by Witherbys of UK. The book contains a wide array of topics, a tour de force on marine cargo insurance, reflecting the author’s depth and insight into the subject. There is a fine balance between law and practice. Concepts are well illustrated with examples drawn no doubt from the author’s long experience as a practitioner.
In an effort to make the complex system of general average (GA) more accessible to parties not familiar with the subject the Comité Maritime International (CMI) has, through its Standing Committee (SC) on General Average, produced the following handbook which, in its annex, also contains recommended standard security forms for general average cases.
24 February 2023 will mark one year since the onset of the war in Ukraine. Over 30 organisations and companies, including IUMI, have written a joint open letter urgently calling on the UN Secretary General – His Excellency António Guterres – to prioritise the immediate release of the 331 seafarers and 62 ships that remain trapped in Ukrainian ports.
The first Annual Disclosure Report for Poseidon Principles for Marine Insurance has been published today. It is a landmark step forward for transparency in the maritime and insurance sectors toward decarbonisation. The data will act as a stepping-stone for the Signatories to engage their clients in a discussion about climate change, technology, and new risks.
On 3 December 2022, EU governments agreed on a US$ 60 per barrel price cap on Russian seaborne oil. The cap will be reviewed every two months, starting from mid-January, to keep it at least 5% below the market price. The price cap will prohibit G7 companies dealing with the insurance, re-insurance or financing of oil trade or to handle Russian crude oil cargoes to third countries unless the oil was sold at or below the US$ 60 per barrel price cap.
With effect from 1 January 2023 Lloyd’s Salvage Arbitration Branch (LSAB) will be revising their fee charging structure. LSAB currently only charges a ‘time’ based fee (i.e. an hourly rate) for each Lloyd’s Open Form (LOF) case they manage/support.
On the penultimate day of the IMO's Maritime Safety Committee, Jun Lin, Chair of IUMI's Facts & Figures Committee and Head of Portfolio and Business Development at Gard, presented the latest statistics on marine insurance premiums as well as casualty trends. While the incidents generally show a downwards development, i.e. fewer casualties, a worrying trend continues to be fires. This is particularly true for containerships.
On the occasion of the IMO’s 106th session of the Maritime Safety Committee, IUMI Secretary General Lars Lange provided an update on the latest developments of the International Quality Assessment Review Body (IQARB).