Related Research Articles
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament. It operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".
The Oil Pollution Act of 1990 (OPA) was passed by the 101st United States Congress and signed by President George H. W. Bush. It works to avoid oil spills from vessels and facilities by enforcing removal of spilled oil and assigning liability for the cost of cleanup and damage; requires specific operating procedures; defines responsible parties and financial liability; implements processes for measuring damages; specifies damages for which violators are liable; and establishes a fund for damages, cleanup, and removal costs. This statute has resulted in instrumental changes in the oil production, transportation, and distribution industries.
General insurance or non-life insurance policy, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure. Typical P&I cover includes: a carrier's third-party risks for damage caused to cargo during carriage; war risks; and risks of environmental damage such as oil spills and pollution. In the UK, both traditional underwriters and P&I clubs are subject to the Marine Insurance Act 1906.
Chartering is an activity within the shipping industry whereby a shipowner hires out the use of their vessel to a charterer. The contract between the parties is called a charterparty. The three main types of charter are: demise charter, voyage charter, and time charter.
Marine insurance covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though marine insurance also includes onshore and offshore exposed property,, hull, marine casualty, and marine losses. When goods are transported by mail or courier or related post, shipping insurance is used instead.
The American Bureau of Shipping (ABS) Courier is an American maritime classification society established in 1862. Its stated mission is to promote the security of life, property, and the natural environment, primarily through the development and verification of standards for the design, construction and operational maintenance of marine and offshore assets.
A ship classification society or ship classification organisation is a non-governmental organization that establishes and maintains technical standards for the construction and operation of ships and offshore structures. Classification societies certify that the construction of a vessel complies with relevant standards and carry out regular surveys in service to ensure continuing compliance with the standards. Currently, more than 50 organizations describe their activities as including marine classification, twelve of which are members of the International Association of Classification Societies.
The Germanischer Lloyd SE was a classification society based in the city of Hamburg, Germany. It ceased to exist as an independent entity in September 2013 as a result of its merger with Norway's DNV to become DNV GL.
Sovcomflot is Russia's largest shipping company, and one of the global leaders in the maritime transportation of hydrocarbons, as well as the servicing and support of offshore exploration and oil & gas production.
The Prestige oil spill occurred off the coast of Galicia, Spain in November 2002, caused by the sinking of the 26-year-old, structurally deficient oil tanker MV Prestige, carrying 77,000 tonnes of heavy fuel oil. During a storm, it burst a tank on 13 November, and French, Spanish, and Portuguese governments refused to allow the ship to dock. The vessel subsequently sank on 19 November, about 210 kilometres (130 mi) from the coast of Galicia. It is estimated that it spilled 60,000 tonnes or a volume of 67,000 m3 (17.8 million US gal) of heavy fuel oil.
Assuranceforeningen Skuld (Gjensidig) is an international marine insurance mutual based in Oslo, Norway that specializes in protection and indemnity insurance and marine insurance. Total premium income for 2023/24 was US$527 million. In addition to Oslo, Skuld has offices in Bergen, Bermuda, Copenhagen, Hamburg, Hong Kong, London, New York, Piraeus, Singapore and Tokyo.
Norwegian Hull Club (NHC) is a mutual insurance company based in Norway. The company operates within the marine and offshore energy segments offering Hull & Machinery, Loss of Hire, Total Loss, War, Offshore Energy, Construction All Risks, Yachts, P&I and other related insurances.
The NorthStandard P&I Association or Club is a marine mutual liability insurer in the United Kingdom.
Insurance in South Africa describes a mechanism in that country for the reduction or minimisation of loss, owing to the constant exposure of people and assets to risks. The kinds of loss which arise if such risks eventuate may be either patrimonial or non-patrimonial.
Seaworthiness is a concept that runs through maritime law in at least four contractual relationships. In a marine insurance voyage policy, the assured warrants that the vessel is seaworthy. A carrier of goods by sea owes a duty to a shipper of cargo that the vessel is seaworthy at the start of the voyage. A shipowner warrants to a charterer that the vessel under charter is seaworthy; and similarly, a shipbuilder warrants that the vessel under construction will be seaworthy.
The London P&I Club abbreviated also London Club, and The London Steam-Ship Owners’ Mutual Insurance Association Limited is a group of protection and indemnity insurance (P&I) companies for mutual maritime insurance representing global ship-owners, founded and registered in England 1866, incorporated in 1875. The London Club offers FD&D insurance and war risk insurance. It is a member of the International Group of P&I Clubs, an umbrella for thirteen separate clubs insuring 90% of the world's ocean-going freighters.
The Central Insurance of Iran is the financial regulatory agency in charge of regulating the Iranian insurance industry. Central Insurance was established to regulate, standardise and guide the local insurance industry.
The UK P&I Club is a marine mutual liability insurer in the United Kingdom providing P&I insurance for the global shipping industry. The UK P&I Club is one of the 12 members of the International Group of P&I Clubs. The club is one of the largest of the global P&I Clubs and in 2002 covered more than 100 million tons across 6,000 ships. In 2019, the Club provided insurance for over 144 million gross tons of merchant shipping.
References
- ↑ Trond Gram. "Assuranceforeningen Gard". Store norske leksikon. Retrieved August 1, 2017.
- ↑ https://www.forsikringsforeningen.no/aeolus/ (in Norwegian)
- ↑ Gard Guidance to the Rules https://gard.no/rules-statutes-and-guidances/
