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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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Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
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- Parliament of New Zealand
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Marubeni Corporation - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
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