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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
 KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and cover in respect of biological and bio-chemical weapons for the 2020 policy year.
War and terrorism risks
For 2020, cover for war and terrorism risks will remain available from the Club in accordance with the relevant proviso to Rule 3.1.1 of the Rules of Class I.
This cover will apply in excess of an insured vessel’s proper hull value, or $500 million, whichever is the lower amount, and will be for a limit of $500 million for 2020, the same figure as that which obtains for the current policy year.
Addendum I to this Circular sets out the terms of this excess cover. It will apply to all vessels insured on fully mutual conditions in accordance with the Rules of Class I, into the cover of which these terms will be deemed to be incorporated.
Cover in respect of biological and bio-chemical weapons
The International Group of P&I Clubs’ pooling facility to provide cover for certain war and terrorism risks, which are otherwise excluded because most War Risk Hull and P&I policies contain a bio-chemical exclusion, will continue for the forthcoming policy year.
The risks covered by virtue of the pooling facility are in respect of a Member’s liability:
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to pay damages, compensation or expenses in consequence of the personal injury to, or illness or death of, any seaman (including diversion expenses, repatriation and substitute expenses and shipwreck unemployment indemnity); and
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for the legal costs and expenses incurred solely for the purpose of avoiding or minimizing any other P&I liability arising from a bio-chemical event (other than under Class 1, Rule 2, Section 20, being the “Omnibus Clause”).
The limit of cover will be $30 million (the same as for 2019) any one event for each vessel.
Addendum II to this Circular sets out the terms of this cover. It will apply to all vessels insured on fully mutual conditions in accordance with the Rules of Class I, into the cover of which these terms will be deemed to be incorporated.
United States Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA)
The US Terrorism Risk Insurance Act of 2002 (TRIA), has been further extended by TRIPRA up to December 31, 2020.
For eligible vessels, cover for such risks will be deemed to attract a premium of $0.0025 per GT per annum, and will be included in the vessel’s overall premium.
It should be noted that, under the terms of the extension of the original TRIA provisions to year-end 2020, an industry-wide cap of $100 billion will continue to apply to all claims recoverable on the basis of TRIA/TRIPRA provisions.
Should any Member have any questions as to the intention or extent of either special cover described above, the Managers will, as always, be pleased to respond.
Source: The American Club
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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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Showing 1171 to 1175 news of total 6871 |
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- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- PTC India Limited - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- The University of Queensland
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
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