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Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
 KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from an insurer’s point of view.
Project cargo is the large, oversized, overweight heavy lift cargo or critical pieces of equipment that may be high value or time sensitive and sometimes both. Project cargo insurance covers against loss or damage in transit for critical components of large civil, production facility, infrastructure, and/or construction projects.
Considerations
In addition, there are considerations to be taken into account for Delay in Start up (DSU) and Advanced Loss of Profits (ALOP) against loss of income and profit arising from late or non-delivery of critical components due to an accidental occurrence in transit.
Failure of a shipment to arrive, or not arrive intact, can turn a USD10 million cargo loss into a claim ten times its value when factoring in the knock-on effects of one piece of equipment not being ready at a particular date, which then causes disastrous consequences to the project as a whole. Whilst failure of any cargo to arrive has an enormous impact on operations, for project cargo this has far reaching ramifications.
For this reason the assured look towards insurers to cover the additional economic cost when something goes wrong.
Evaluating risk
Insurers will only compensate the assured for the loss or put it back in the same position. So how does an underwriter even start to evaluate the risk when the consequences are not easily apparent? Project cargo is specifically dependent on transport logistics and tight timeframes, so missing any goal or target will have serious knock-on effects.
To begin a proper assessment of the exposure, a few crucial factors need to be considered. The time and costs for re-fabrication as well as for reshipping the item need to be calculated, which is not an easy task when the bespoke nature of these items is considered.
During this time, insurers will need to calculate the knock-on effects when other goals or targets cannot be met. This means they need to evaluate the loss of profit and/or other operational costs at each stage affected until the project is completed. This is by no means guesswork and there is a complex system involved in calculating each risk.
Appraising the exposure is only part of the problem to insurers because one must consider how to move such an item. Project cargo will most likely be out-of-gauge or exceed regular weight limits, so the question is how the transport is to be done. Moving pylons across muddy roads in India during monsoon season, or loading reactors onto vessels, need the highest level of expertise. The services of engineers, surveyors, mariners, naval architects, consultants and government officials will be required. Careful consideration is essential in deciding who to employ.
Relevant experience
A major factor is to ensure the right people with the relevant experience are chosen. A team of international experts may need to be flown out at each stage of the transit. A key role is an individual who will be in charge of coordinating all communications amongst the team, ensuring all members are properly informed whilst avoiding any misunderstanding whatsoever.
Once the determined route has been scrutinised, the next stage is to ensure all requirements are met. Inland transits often require special authorization or conditions and vessels might need special clearance from their P&I clubs or insurers.
Insurers are very reliant on the assured and other experts to advise on stowage and on whether an item is capable of withstanding the rigours of transit. Items that protrude or carry extreme weights present a huge problem while stationary, but these complications are magnified tenfold when combined with extreme forces of rolling and pitching while in transit.
Calculations need to be carried out by professionals, securing contractors to ensure correct fastenings, buttresses, and so on, are used. Stability during the voyage is essential, so great care is taken to ensure the centre of gravity is evenly distributed.
All the advice from the experts is only as good as Mother Nature permits. A final weather routing will often need to be agreed before the shipment can commence.
No matter how fastidious insurers, carriers, freight forwarders and shippers are, there is a chance that an accident will happen. Claims will of course arise when route surveys are not properly carried out of when stowage of fittings are not adequate.
There will always be unforeseen events that cannot be predicted. The role of the insurer is not to take a gamble on whether a shipment will arrive in time and good order, but to know the risks and eliminate the uncertainties. For project cargo this is critically important, given the high cargo values and the potentially enormous claims involved.
Source: FP Marine / Hellenic Shipping
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Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
Wednesday, 03 September 14
CFR S.CHINA COAL SWAP FOR JAN 2015 DELIVERY CLOSED AT $ 68.30 PMT; DOWN 2.43% W-O-W
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.95 (-1.39%) day on day and US$ 1.40 (-2.03%) week on wee ...
Tuesday, 02 September 14
BERAU COAL HAS AWARDED A CONTRACT EXTENSION TO BUMA FOR 647 MLN BCM OVERBURDEN REMOVAL
COALspot.com: PT Delta Dunia Makmur Tbk (“DOID”) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama (&l ...
Monday, 01 September 14
GLOBALCOAL WELCOMES TWO NEW MARKET MEMBERS
COALspot.com: globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the India ...
Sunday, 31 August 14
COAL FREIGHT RATES INTO INDIA FROM INDONESIA FIRM
COALspot.com: The freight market continued to firm this week. BDI up 5.42 percent week ended 29 August and closed at 1147 points while the Ca ...
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Showing 3511 to 3515 news of total 6871 |
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- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- The University of Queensland
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Australian Coal Association
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
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