Cyber Risks and P&I Insurance

Since it launched in 2010, the International Group’s P&I Qualification (P&IQ) programme has grown to become one of the shipping industry’s foremost professional courses. In 2020, with its international reach and network, the IG P&IQ found itself perfectly positioned to deliver its courses and exams online. This led to the greatest participation levels to date, with 657 candidates sitting P&IQ examinations in the year.

In Part I  of this article, the authors introduced the three new eBL providers whose blockchain based systems were recently approved by the International Group (IG), and provided an overview on how their systems work.  Here in Part II, we take a look at the recent products and initiatives of Bolero and essDOCS, two of the first generation eBL providers. We also take a look at cyber risks again and at whether the paper BL, as a tool, is still fit for purpose in today’s international trade.

Members are advised that effective 12:00pm, Thursday 22 July, South Australia transitioned from a 'low risk' state to a ‘medium risk’ state, advance warning of a FIC has also been given which will run in Australia from 1 August to 31 September 2021 to determine the level of compliance with the safety of navigation requirements of International Conventions and familiarity of the masters and officers with their processes for ensuring safety of navigation.

In order to keep our Members posted with the development of the changes in those areas, the UK Club’s correspondents Huatai have kindly issued a circular to introduce the current situation of fishery farm claims and update the latest geographical extent of the major fishery farms in China.