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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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Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
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- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
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