Over the last eighteen months, we have witnessed the most dramatic change to working and economic conditions in our lifetime. However, the Club and the shipping industry have shown considerable resilience under these difficult circumstances.
Limit on Special War Risks P&I cover for 2018 policy year remains US$500 million. Bio-Chem" exclusion remains, and a supplementary cover for "Bio-Chem" risks in respect of crew and legal costs limited at US$30 million continues to be available. A portion of these covers is provided in accordance with the requirements of the US Terrorism Risk Insurance Act of 2002 (Act), as amended by the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2015
Following the implementation of Martial Law in Mindanao (southern Philippines) on 24th May 2017, the Senate and the House of Representatives met jointly at the end of July and voted to extend martial law in Mindanao until 31st December 2017.
The E.O. had an effective date of March 16, 2017. However, the key provisions of E.O. 13780, banning the issuance of new visas to nationals of the six designated countries for 90 days, have now been suspended by two Federal district court judges, one in Hawaii and the other in Maryland. A ruling is awaited from a third Federal judge in the State of Washington.
The Club has been advised by our Correspondent that the Port of Fujairah has put in place a new regulation prohibiting a vessel from sailing when a crew member is disembarked for medical reasons.
Members are reminded of Circular 6/16: Iran Trading - increased limit of fall-back cover, which informed Members that The International Group had purchased €100 million of "fall-back" cover to respond to any reinsurance recovery shortfalls. The International Group announced last week that the "fall-back" reinsurance programme will not need to be renewed past 20th February 2017. The full text of the notice is below, and is also available on the International Group website here.
This circular sets out details of the arrangements that will be made by the Club to assist owners to comply with the MLC financial security requirements applicable from January 2017
