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