Tag: marine insurance

Lloyd’s of London Braces for Historic Loss After Baltimore Bridge Disaster

Marc
Francis Scott Key Bridge Crash 2024

The insurance industry, led by Lloyd’s of London, faces a potential record-breaking payout in the wake of the catastrophic Baltimore bridge collapse—a sobering reminder of the immense risks inherent in marine transport and infrastructure. A Behemoth of Insurance History for Lloyd’s of London Lloyd’s of London has long stood as an enduring icon in the insurance realm, demonstrating resilience amidst colossal claims. Among the most notable was the payout following the sinking of the Titanic, a testament to the enormity of marine risks that insurers like Lloyd’s contend with. The…

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

H. Cutner
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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American boat insurance now available for travelers to Cuba

G. Turner
american boat insurance

The United States has now approved a coverage for craft traveling into Cuban waters. American boat insurance is now available to boaters traveling from the United States into Cuban waters. Marine insurance company, Pantaenius, will be offering policies for this situation. This may reduce a considerable barrier to Cuban travel for the purposes of cruising and fishing. While the embargo for travel to Cuba was lifted nearly a year ago, hull insurance had yet to be allowed. When the embargo was lifted, U.S. citizens with a legal reason to travel…

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New inland marine insurance line launches from Berkshire Hathaway

H. Cutner
Marine Insurance

This has provided independent agents in this category with a new line of offerings for their customers. Berkshire Hathaway Specialty Insurance (BHSI) has now announced that it has launched a complete new line of inland marine insurance products within the United States, which are meant to be a complement to its existing contractor’s builder’s risk and ocean cargo coverages. There are a range of different products that are being offered within this new line of insurance policies. Among the types of coverage in this new inland marine insurance line are:…

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Munich Re makes a move on marine insurance

Nordstrom
Marine Insurance

Reinsurer is moving its marine insurance underwriting to Hong Kong Munich Re, one of the world’s leading reinsurance companies, is beginning to consolidate its marine businesses and has chosen Hong Kong as the center for its underwriting in the Asia Pacific region. The company is following a trend that has seen many insurance and reinsurance companies separate their marine businesses from the traditional property casualty sector. Companies are beginning to be affected in changes in the marine sector and are looking to provide better coverage options to organizations that need…

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