Insurance Expert News

DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility, has advised Indian shipowners to consider the benefits of fixed premium P&I cover. DGS Marine spoke at a P&I Insurance Seminar held in Mumbai, India last week and jointly hosted by DGS Marine Group and the British European and Overseas (BE&O) P&I Facility. Attended by delegates from across India’s shipping community, the seminar examined a range of shipping-related legal and insurance issues…

The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG). Maria, who is president/broker at SYIG, said, “The biggest challenge presently is Obamacare. Interestingly enough, it’s actually affecting the international marine industry, in that we now have to cope with tighter guidelines regarding time spent in-and-out of the U.S. waters. Most underwriters require that the yachts spend at least six months outside the U.S. in a 12-month period. It doesn’t matter that the yacht is registered outside the U.S. and the crew are non-U.S. “Some underwriters can’t even provide coverage for U.S.

Operators of vessels off the East coast of Africa are being warned by a leading insurance expert to prepare for an increase in pirate attacks after the southwestern monsoon ends in coming weeks. “There is a temporary lull in pirate activity at the moment off the East coast of Africa…but we expect this to be just that - a temporary lull,” said William Tobin, of the not-for-profit mutual organization Shipowners’ Protection Ltd., and a leading speaker at an upcoming regional maritime conference in Abu Dhabi. “When weather conditions improve we expect an increase in activity over and above what we have witnessed in the recent past,” he added. “The lack of any law and order, particularly in Somalia, continues to deteriorate.”  The southwestern summer monsoons occur from June through September.