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The Insurance Committee & current issues facing the industry

The Insurance Committee & current issues facing the industry. Mr. Ken Marshall, Chairman, INTERTANKO’s Insurance Committee. INTERTANKO’s Insurance Committee. Aims & Objectives Terms of Reference Membership Meetings Reporting History & Development. Hull Marine.

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The Insurance Committee & current issues facing the industry

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  1. The Insurance Committee & current issues facing the industry Mr. Ken Marshall, Chairman, INTERTANKO’s Insurance Committee

  2. INTERTANKO’s Insurance Committee • Aims & Objectives • Terms of Reference • Membership • Meetings • Reporting • History & Development

  3. Hull Marine • Joint Hull Committee – IHC • Capital Providers • Relations with Underwriters & Brokers

  4. Cargo Insurance • No consideration for quality • Age is relevant • Subsidy is from good to bad

  5. P & I Insurance • Current situation • International Group (IG) • IG Renewal • Pooling • Liabilities

  6. Oil Pollution Liability & Compensation • CLC (shipowners) • Fund Convention (cargo interests) • Third Tier • Sharing of liability between owners/cargo • Revision of conventions ???

  7. I-O Positions on CLC • Support improvements within existing conventions • Support voluntary compensation increase for small tankers • Maintain owners’ defences against breaking liability limits • No unilateral schemes • Revision only to be considered after effects of agreed changes can be seen

  8. I-O views on revision discussion • Welcomes oil spill statistics project • Shares the views of many states that oppose CLC revision now • Wishes to maintain industry unity & discussion • Focus on the interest of the victims • If revision comes then all elements in play, even channelling etc.

  9. EU penal sanctions • Draft EU Directive establish penalties for ship source pollution • Stipulates no insurance for fines • INTERTANKO active on the issue

  10. War Risk • Areas & Rates • Few Casualties • Underwriters’ attitude guided by perception

  11. Terrorism • Exposure • Cover available • Problem areas • Possible solutions

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