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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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Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Australian Coal Association
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Economic Council, Georgia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
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