Market update - 2018 November   Transmarine continues to trade strongly in challenging market circumstances. With over 40 years of experience in the trade disruption market we have seen strong growth in 2018; this is being driven by the contraction in the hull market with the loss of significant capacity from the Insurance market with Underwriters who were wading in waters…

The Joint War Committee (JWC) of the IUA and the LMA have reviewed the summary of Listed Areas and an amendment has been made effective 14 June 2018.   The Port of Jakarta was deleted effective 14 June 2018, this was the only change.   The full text of the current JWC Listed Areas Summary as at 14 June 2018…

On 8 May 2018 the American President announced that the US would cease its participation in the Joint Comprehensive Plan of Action (JCPOA) that the US, EU and other world powers agreed in 2015 (implemented 2016) that eased Sanctions against Iran in return for Iran stopping its Nuclear Weapons programme. Since the implementation date in January 2016, Transmarine has been…

Our Deputy Class Underwriter, Kim Whalley, has been spending some time in Lloyd’s shadowing members of the Aegis hull team. Aegis provide 100% of the Transmarine security and, as managing agents writing business on their behalf, it is important for both parties to be in sync in terms of risk appetite and underwriting principles.

The British do love to complain about the weather and talk of weather related problems bring us naturally on to the recent hurricanes in the Caribbean and America. Hurricanes occurring in hurricane season cannot be described as extraordinary in terms of timing and location - no matter how extraordinary and devastating the impact may be - but we cannot escape…

The cover provided under a Loss of Hire policy responds to claims arising out of the standard H&M perils such as groundings, allisions and collisions, engine breakdown and other incidents where there is damage to the vessel; our largest claims relate to the lost revenue from these events. An off the shelf loss of hire policy however doesn’t cover the…

In accordance with Ukrainian law the removal of isolated ballast in the territorial sea, inland waterways of Ukraine is allowed without restrictions and control by the state authorities, provided that such a ballast is taken in the Black or Azov Sea prior to entering the territorial waters of Ukraine (paragraph 5-1 of Regulation of Cabinet of Ministers of Ukraine No…

There has been speculation that the Yangzi River ports in China will be closed during the 19th National Congress meeting. Based on the information available, there is no formal government regulations regarding this; our local correspondence’s have commented  that port authorities advise that the ports will not be closed. It is worth noting that Jiangsu MSA has issued a notice…

An interesting article from Willum Richards, Chairman of the Association of Average Adjusters and an old friend of MECO, on the perpetual battle between Assured and Insurer on what is reasonable in terms of costs following a casualty and a claim for damage under a hull policy. Add to this the requirement to repair the vessel well but also quickly…

Interesting post from our friends at the Shipping Tribune in Mumbai on the pain still being felt amongst the good Doctors and Dentists in Germany, following the underwhelming performance of shipping investments over the last 10 years. Less sympathy for the banks but it would seem that the problem of over valued assets is not over yet http://shippingtribune.com/newsdetails.php?s_id=6422

Michael Else and Company Limited, which traces its origins back to 1974, is pleased to announce a rebranding as The MECO Group. We have created a new corporate identity for the Group and its branded insurance and consultancy products. Our new logo reflects the maritime heritage of the Group, which has always used navigational imagery in its logos. The new…