On the 9th November the Supreme Court in Bermuda also sanctioned the transfer of UK Club (Bermuda)'s business to UK Club (Europe). UK Club (Bermuda) will become the reinsurer of UK Europe and continue to be the holding company controlled by its members. The new structure will take effect from February 2013 and does not impact members in the 2012 policy year.
The United States Office of Foreign Assets Control regularly issues listings of all the ships, companies & individuals with whom trading would result in a breach of sanctions. Known as the Specially Designated Persons (SDN) list it now runs to some 540 pages of closely typed text. These lists are continually updated so the online search facility makes identifying such proscribed companies, individuals or ships a much more convenient task.
Circular 9/12: Oil pollution in the United States - Tanker voyage Additional Premium system 2012 policy year – Amendment to Circular 1/12
This Circular amends Circular ref. 1/12 regarding application of 50 per cent rebate of the US tanker voyage additional premium. The 50 per cent reduction on premium rates for voyages involving loading or lightering of persistent oil cargo in the US will not be restricted to LOOP and the four designated areas described in Circular ref 1/12. The reduction will continue to be applied to other lightering areas approved by the US Coast Guard on the same basis as prior to Circular 1/12
Personal injury: Exposure & expertise
The early summer edition of our Bodily Injury team's Newsletter is published this week. It places particular emphasis on the legal principle of 'maintenance and cure'. The breadth of exposure through this avenue of claim is not widely understood. The seemingly limitless potential for punitive damages where owners fail to pay maintenance and cure, is explored as is the trend towards palliative treatment which raises the prospect of a continued cost for owners.