Insurance

Vessel response plans in respect of potential pollution and the contracting of oil spill response organisations are now required in many jurisdictions.  The announcement earlier this week the waiver on compliance with vessel response planning requirements of the Oil Pollution Act 1990 in Alaskan waters was terminated, highlighted the need to check OSRO contracts for compliance with International Group guidelines.

In compliance with ICOBS 8 Annex 1 Part 1 (2) the attached pdf lists ships with claims filed since 20-02-2011.  

OUTLINEShips carrying oil as cargo are now required to comply with new vessel response planning criteria (APC) when visiting Alaskan portsCertification from the Alaska Maritime Prevention and Response Network and a contract with Alaska Chadux  must be evidenced in vessel response plansAlaska Chadux contracts do not comply with the International Group guidelines, liabilities under that contract may arise that are outside P&I cover

This year we report another operating surplus and a further increase in the Club's free reserves and hybrid capital to $486 million.  This level of capital, puts our Club's financial strength at the top level of its peer group in the P&I sector.  This result is particularly pleasing as it comes in a year which has seen results elsewhere in the market adversely affected by an increase in claims and volatile investment returns.  Overall the Club produced a surplus of $11 million.  The main driver behind this positive outcome was the continuing improvement in the claims reserves on the more recent policy years and the early indications that 2011 will be a low claims year.

Good result in difficult times:  This year we report another operating surplus and a further increase in the Club's free reserves and hybrid capital to $486 million.  This level of capital, puts our Club's financial strength at the top level of its peer group in the P&I sector.  This result is particularly pleasing as it comes in a year which has seen results elsewhere in the market adversely affected by an increase in claims and volatile investment returns. Overall the Club produced a surplus of $11 million.  The main driver behind this positive outcome was the continuing improvement in the claims reserves on the more recent policy years and the early indications that 2011 will be a low claims year.

An executive order by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria.  This order strengthens the US Treasury’s ability to tackle foreign individuals and entities determined to have violated US sanctions on Syria or Iran.

An executive order “Prohibiting Certain Transactions with and Suspending Entry into the United States of Foreign Sanctions Evaders with Respect to Iran and Syria” (“FSE E.O.”)  by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria.   This order strengthens the US Treasury’s ability to tackle foreign individuals and entities determined to have violated US sanctions on Syria or Iran.

Saturday 21st April saw another milestone in the history of this annual event. Known to everyone in the Korean shipping community as “the UKMC”, and now in its 26th official consecutive year, this year’s UKMC saw some 40 hikers gather early in central Seoul to set off by coach to tackle Mt Geombong (which translated means “modest summit”) a favourite amongst hikers and located in the region of Chuncheon, Gangwon Province, the most north easterly province in South Korea.

Updated FAQs have been issued by the International Group following discussions with the UK Treasury.  A number of common areas of enquiry from Members were addressed.  These FAQs replace those issued earlier in March 2012.  

The invitation to apply for the 2012 Robin Travis Scholarship can be found here.