The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, has welcomed an announcement by the ratings agency Standard and Poor's upgrading the UK Club's outlook from "Stable" to "Positive." In its review, Standard and Poor's said: "The positive outlook reflects our expectation that the UK Club's stronger and more stable underwriting performance of 2011 and 2012 will continue through 2013-2015."
The UK P&I Club's latest Risk Focus bulletin highlights the issue of sudden loss of power, a problem highlighted by incidents during and after the switching to lower sulphur fuels that are now mandated in certain coastal regions. In the bulletin, the Club highlights causes of sudden loss of power and proposes mitigating procedures that ships' crew should adopt.
The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, formally announces a reorganisation of its structure to establish the UK Europe as the sole provider of direct insurance business to UK Club Members. The new structure will take effect from February 2013 and does not impact members in the 2012 policy year.
Slips, trips and falls represent nearly one in three of the large personal injury claims submitted to the UK P&I Club. New Risk Focus publication aims to reduce the incidence of such accidents Following the launch of its Bow Tie loss prevention initiative in January 2012, the UK P&I Club is now embarking on the publication of a series of 'Risk Focus' booklets which highlight specific areas of risk. This month (April) sees the publication of 'Risk Focus: Slips, trips and falls'.
The UK P&I Club has announced that it is reorganising its structure to establish UK Europe as the sole provider of direct insurance to UK Club members. By reducing the number of separately regulated insurers from two to one, the UK Club aims to streamline governance, reduce compliance costs and more efficiently manage the Club's solvency capital requirements whilst meeting the impending Solvency 2 regulations for insurers in the European Union.
The Club's approach offers strategic guidance to owners and operators on tackling the root cause of expensive claims. Using quantified real-life case examples owners/operators are able to invest proportionately in risk management and loss prevention activity. The detailed reports and reviews enable information to be shared across the fleet and operational departments enhancing credibility, co-operation and effectiveness. The result will be a consistent and inclusive approach that encourages sustained and measured loss prevention activity over the longer term.
A new publication from the UK P&I Club "How to prevent tanker cargo shortage claims" focuses on one of the major sources of cargo-related claims in the tanker sector.
A new publication from the UK P&I Club focuses on one of the major sources of cargo-related claims in the tanker sector: cargo contamination. The Club stresses that loading and discharging of a cargo is a joint operation between the crew of the tanker and the terminal staff.