Latest risk and insurance news for ship owners

21 April 2017

JLT Specialty has published the latest edition of their marine newsletter, The Link. 

Main features in this issue include:

Calm after the storm: In January 2010, DC Merwestone ran into trouble when water from the emergency fire pump system flooded the engine room. Although the ship didn't sink and a tug towed it to safety, the owners of the vessel got embroiled in a six-year legal battle with the underwriters when they filed a claim for the ensuing damages. This article contains the details of the legal tussle and the resultant change in English law.

Pulling in the same direction: In May 2015, one of the legs of the Troll Solution – a self-propelled, self-elevating unit that's a jack-up, oceangoing vessel, heavy lift crane and offshore accommodation platform – collapsed while carrying out maintenance work on the wellhead platform CAAN-A in Mexico's Bay of Campeche. The platform finally sank to the seabed after various attempts to refloat and salvage had failed. This article contains information about how, despite some unique challenges, the newly formed maritime services company Ardent successfully completed the largest wreck removal project of 2016.

Piracy and cargo theft in South East Asia: Of the 246 actual and attempted incidents of piracy and armed robbery on ships recorded by the ICC International Maritime Bureau in 2015, 147 (59.75%) occurred in South East Asia – which is predominantly outside the Joint War Committee's Listed High Risk Area. Of particular concern is the threat of armed robbery in conjunction with piracy in the region. This article compares the modus operandi of pirates in South East Asia, East Africa and Gulf of Guinea, highlighting the importance for charterers and owners to have appropriate piracy and cargo coverage for their crew and assets in all parts of the world. It also provides information about a new product launched by Lloyd's for the threat in South East Asia.

This newsletter also contains an update on the conflict in Yemen and advice for ship owners and masters who plan to enter Yemeni waters. 

To read any specific article, please click on its title. You can also download the full newsletter by visiting the JLT Specialty Limited website