Ukraine parliament approves $500 million ship insurance fund

Ship insurance - Ukraine Flag

The country has made the move to help ensure that it can export more grain from its ports. As a component of a broader strategy to ensure it can export more of its grain, the Ukrainian parliament has approved a $500 million ship insurance fund to provide coverage for vessels experiencing any damage while at the country’s ports. The country is seeking to renegotiate the Black Sea Grain Initiative terms while Russia’s invasion continues. Ukraine is preparing for the renegotiation of the Black Sea Grain Initiative and have approved a…

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An issue with insurance sanctions has oil tankers stuck at the Turkish straits

Insurance sanctions - Water - Turkish Flag

Negotiations have yet to come up with a solution to move ships carrying 23 million barrels of crude. The Turkish straits continue to have a backlog of oil tankers as of the writing of this article, and negotiations haven’t shown any indication of offering an insurance sanctions glitch solution. The tankers contain over 23 million barrels of oil from Kazakhstan and have been stopped from moving. The twenty six tankers were unable to pass the Bosphorus and Dardanelles straits last week due to issues relating to the insurance sanctions against…

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Green Vault discovers it is uninsured after $1 Billion museum theft

museum theft - jewels, vintage jewelry, silver, gold

The priceless, irreplaceable jewels stolen from the German museum were not covered by insurance. The day following a priceless jewelry and artifact museum theft in Germany, an unfortunate discovery was made. The items estimated to be worth over $1 billion are not covered by an insurance policy. This has added to the pressure on police to identify and locate the culprits in order to return the items. Last week’s museum theft made international headlines. The missing items include a pearl necklace, a diamond-encrusted dagger as well as dozens of other…

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Allianz SE joins forces with Microsoft for a strategic insurance partnership

Strategic insurance partnership - Microsoft building

The two giants will be working together to transform the way digital processes are conducted. Allianz SE and Microsoft Corp have jointly announced that they’ve entered into a strategic insurance partnership. The goal is to digitally transform the insurance industry for greater ease and improved customer experience. Many consumers feel their insurers have fallen behind the times in terms of digital experience. The companies are hoping to use this strategic insurance partnership to change the entire customer experience from what it is today into something much improved. The idea is…

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Oil insurance affected by skyrocketing risk levels in Persian Gulf

Oil Insurance - oil rig

The Joint War Committee of London’s Lloyd’s Market Association said the risk is highest since 2005. The oil insurance companies are reacting to the risks spiking in the Persian Gulf that are affecting tankers that must travel through that region. The risk of danger to oil tankers in the Persian Gulf hasn’t been this high since 2005. A new report from the Joint War Committee of London’s Lloyd’s Market Association stated that it would increase its “listed areas.” Those listed areas are the regions in which the highest shipping risks…

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