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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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- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Aditya Birla Group - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
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