To finding the best Marine GPS device, you really have to ask yourself what you are looking for and for what purpose you would really use it. And when I say research, you really have to research and base it on to your criteria that you’ve set.

In the case of races it is straightforward. You say where you are going, how long the race is, and when you expect to finish. If you are going on an extended cruise the insuring company or broker will want to know much more about the vessel in terms of its internal and external ballast, whether it has a centerboard or lifting keel, what sort of self-steering it has, the type of construction, and particularly the thickness of the topsides, deck, and cabin top. There will be a number of items covering radio call signs, the color of various parts, the sort of radio sets and the frequencies on board, what radio watch schedule is proposed and more details about the engines. These items are needed in case a search has to be initiated.

by Andrea

The term “salvage” refers to the performance of representing an assistance to a vessel in agony. Separately from the deliberation at the sea, it is conventionally “a place of safety”, and  sailors honour-bound to make assistance as mandatory. It is visibly in underwriters’ interests to give assistance to the vessels that has been broken down. In the guidelines, the rule includes a “sue and labour” segment  that covers the practical costs gained by a ship owner to avoid a larger defeat and downfall. At sea, a ship in misery and danger will naturally be in agreement to “Lloyd’s Open Form”.

Claim is used to describe the process of getting an insurance company to pay out on the policy you bought from them.

Exclusions are events not covered by an insurance policy

Indemnity – the principle by which insurance policyholders are put in the same financial position after a loss as they were immediately before it.

Lloyd’s of London – An insurance market organized into syndicates, which underwrites most types of policy.

The cargo (marine) insurance works on the principles of insurable interest, utmost good faith, and indemnity.

Insurable Interest

When the goods are lost or damaged and the owner of the goods (i.e., the title holder in the goods) suffers a loss, fails to realize an expected profit, or incurs liability from the loss or damage, the owner (the title holder) is deemed to have an insurable interest in the goods.
When the exporter delivers the goods, the insurable interest in such goods transfers at the point and time where the risk shifts from the exporter to the importer, as determined by the international commercial terms used. For example, the point and time where the risk shifts in:

CIF
(Cost, Insurance and Freight to the named port of destination) —
the point the risk shifts is on board the ship at the named port of loading, as such the insurable interest transfers from the exporter to the importer at the time the goods pass over the ship’s rail.

CIP
(Carriage and Insurance Paid To the named place of destination) —
the point the risk shifts is at the depot in the country of shipment, as such the insurable interest transfers from the exporter to the importer at the time the goods are loaded on truck or container, rail car, or airplane (or goods placed in the custody of an air carrier) at the named point of departure.

The time the insurable interest transfers from the exporter to the importer is, technically, the time the exporter endorses the specific policy or the insurance certificate to the importer, as the case may be.

The insurance certificate bears the open policy number of the exporter and, like in a specific policy, the claim agent at port of destination and that claim payable at destination are also indicated.

The importer relies on the specific policy or the insurance certificate and the supporting claims documents as proof that the goods have been insured and that he/she has the insurable interest in the goods when filing for insurance claims against loss or damage.

In the trade terms DDU and DDP, the exporter is responsible for the risks up to the delivery of goods to the final point at destination (the project site or importer’s premises usually), as such the insurable interest in the goods does not transfer from the exporter to the importer in the shipment.

Some countries may require that the import and/or export shipments be insured with their national insurance companies.

Source: resources.alibaba.com

Troubles at sea can result in big losses for companies relying on the products on board. No agency tracks how much cargo is lost at sea around the world each year.

However because ships can hold such huge loads, accidents take on a large extent. One sunken ship can carry thousands of cars worth tens of millions of dollars. There is a great need for marine and ocean protection, as the marine entrepreneur must be protected against an ever-increasing suit-conscious public.

Targeted Lloyd�s insurer Kiln has today announced it is to recommend to its shareholders and approach by Tokio Marine & Nichido Fire Insurance in a bid worth around 150p per equity share, following a selection process of several other tabled and speculative approached for the business.

According to statements released today TMNFI have made a bid worth slightly over �442 million, which has been accepted by the board of directors and is to be put before shareholders at an extraordinary general meeting for majority approval.

If the bid is accepted by a majority of members, the move will proceed, and will see an equity sale to TMNFI within the next few weeks as desired, following satisfaction of all other legal and regulatory requirements.

Tokio Marin have today said they are delighted to have had the offer for Kiln accepted, suggesting that it plays a key part in their intentions for future expansion, which will see them develop overseas business over the coming years.

�Tokio Marine has a high regard for the management and underwriting teams within Kiln and values highly the culture that has made Kiln the successful business that it is. It is Tokio Marine�s intention, therefore, to retain the culture, identity and brand of Kiln.�

Meanwhile chief executive of Kiln Ed Creasy was also said to be happy with the deal, suggesting it provided a good value proposition for all those involved and interested in the fortunes of Kiln.

�The Kiln Board believes the Acquisition represents an excellent outcome for Kiln, its shareholders, and employees. We believe Kiln�s strategy will be facilitated by becoming part of a major international group, which recognises the strength of our brand, respects our existing culture and which will provide exciting opportunities for Kiln�s employees.�

by Stewart Douglas
Source: insurancedaily.co.uk

Cargo policies cover loss or damage to goods being shipped, while hull policies cover vessels shipping the goods. There are two types of hull coverage: blue water hull, pertaining to maritime vessels, and brown water hull, which covers ships and boats on rivers and lakes. Different lines of ocean marine coverage appeal to different customers; importers and exporters usually buy cargo policies, while ship holders more frequently obtain hull and liability insurance.

The Container Owners Association calculates that a fully loaded 20-foot dry freight container will float because its volume displaces 83,000 pounds of water, more than its weight of 30 tonnes or 66,000 pounds. Mathematically, it would float with 18 inches sticking out of the water. However, if water enters and increases the weight to over 83,000 pounds, the container will sink. Floating containers were previously shot at or exploded to sink them and reduce their danger to ships because this was less expensive than salvage costs for towing and recovery. This is now illegal because of the pollution risk it poses.

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