Rolls-Royce and risk management firm AXA Corporate Solutions on Monday announced they have signed a Letter of Intent (LOI) to explore ways to jointly develop risk management products for autonomous shipping. Under the LOI, the company's will seek ways in which they can combine their respective products to bring a new offering to the marine market, utilising Rolls-Royce Ship … [Read more...]
British Ship Insurer Steamship to Set Up Dutch Subsidiary as Brexit Hedge
By Jonathan Saul LONDON, Feb 22 (Reuters) - British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access. "We are about to apply for a licence to establish a subsidiary company in the Netherlands," Steamship Mutual's executive chairman Gary Rynsard told … [Read more...]
Human Error to Blame for ‘Majority’ of Auxiliary Engine Damage Claims -Marine Insurer
The majority of auxiliary engine damage occurring onboard ships happens as the result of human error, according to a new warning from the marine insurer The Swedish Club. An investigation into auxiliary engine damage by The Swedish Club, one of the leading marine mutual insurance companies, revealed that the majority of all damage takes place immediately after maintenance … [Read more...]
Ship Insurer: Chittagong Emerges as International Anchor-Dragging Hotspot
British ship insurer the London P&I Club has issued a warning of the increased risk of accidents involving ships at anchor in the Bangladeshi port of Chittagong, which the club says has become an international hot-spot for anchor-dragging incidents. In recent years, the club has noted a significant rise in the number of ships calling at Chittagong and, as most bulk … [Read more...]
Maersk and Partners to Deploy Blockchain-Based Marine Insurance Platform in January
By Jemima Kelly LONDON, Sept 6 (Reuters) - Consultancy EY, data security firm Guardtime, Microsoft and ship operator Maersk have joined to build a blockchain-based marine insurance platform that will be the first real-world use of the nascent technology in the shipping industry. EY and Guardtime said the platform had already been built and would be deployed in January, … [Read more...]