Liability Insurance, Marine and Protection

Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk

Insurance Journal

SEPTEMBER 17, 2024

Marine insurance markets face significant risk from the growth of a shadow fleet of ships hauling oil from sanctioned producers like Russian and Iran, an industry group said. The opaque nature of the ownership of those vessels makes it hard …

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Russia’s Oil Tanker Firm Sovcomflot Says G-7 Sanctions Make Oil Trade Less Safe

Insurance Journal

SEPTEMBER 20, 2024

Russia’s state-run oil tanker company Sovcomflot PJSC said that western sanctions on ships moving the nation’s petroleum oil are only serving to heighten environmental risks by forcing some vessels out of mainstream trading. Since late last year, US, European Union …

Risk

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Fires Spotted on Red Sea Tanker Drifting With Oil on Board

Insurance Journal

AUGUST 23, 2024

The UK Navy said that three fires have been observed on a ship attacked in the Red Sea earlier this week. The Sounion’s crew were evacuated from the ship in the past few days after the vessel was struck by …

Protection

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Yacht Insurer OMAC Is Hull Carrier for Sunken Yacht in Sicily, Sources Say

Insurance Journal

AUGUST 21, 2024

Yacht insurance provider OMAC is the carrier on the hull for the Bayesian, a 56-meter-long (184-ft) sailboat, that was hit by a ferocious storm on Monday, sinking off the northern coast of Sicily, two sources with knowledge of the matter …

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London-Based Ship Registry Helps Russia Oil Tankers Keep Running

Insurance Journal

AUGUST 23, 2024

Three oil tankers that are under British sanctions for transporting Russian petroleum are sailing under the flag of a nation that bases its operations in London. The Galaxy, the Liberty and the Rigel, all of which moved barrels for Moscow …

Protection

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Captain of Sunken Superyacht Placed Under Investigation, Source Says

Insurance Journal

AUGUST 26, 2024

Italian prosecutors have placed under investigation the captain of the superyacht that sank off Sicily last week in a storm, killing British tech magnate Mike Lynch and six other people, a judicial source said on Monday. James Cutfield, a 51-year-old …

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Captain of Sunken Superyacht Declines to Answer Prosecutors’ Questions, Lawyer Says

Insurance Journal

AUGUST 29, 2024

The captain of a superyacht that sank during a storm off Sicily last week, killing seven people, decided not to respond to prosecutors’ questions Tuesday, his lawyer said. James Cutfield, a 51-year-old New Zealand national, is under investigation for possible …

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Sunken Superyacht Likely to Cost Insurers at Least $150 Million, Experts Say

Insurance Journal

AUGUST 30, 2024

Insurers of the Bayesian superyacht that sank this month, killing tech entrepreneur Mike Lynch and six others, could be on the hook for at least $150 million, according to the first estimates by industry experts. The British-flagged 56-meter-long (184-foot-long) yacht, …

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Toxic Waste Bound for Thailand on Maersk, MSC Cargo Vessels to Return to Europe

Insurance Journal

AUGUST 16, 2024

Shipping containers bound for Thailand allegedly filled with tons of hazardous industrial waste from Albania are now slated to return to Europe, after environmental groups sounded the alarm they were being illegally exported to Southeast Asia. Moller-Maersk A/S …

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Update: Two Oil Tankers on Fire in Waters Near Singapore, Crew Members Rescued

Insurance Journal

JULY 18, 2024

Two large oil tankers were on fire on Friday in waters near Singapore, the world’s biggest refueling port, with two crew members airlifted to hospital and others rescued from liferafts, authorities said. The Maritime and Port Authority of Singapore (MPA) …

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How Iran Oil Link Could Complicate Insurance Claims After Tankers Collide Off Singapore

Insurance Journal

AUGUST 5, 2024

A collision between two tankers off Singapore in July raises questions over insurance claims, as one of the vessels previously shipped Iranian oil, potentially complicating payments due to Western sanctions, ship-trackers and industry sources say. What Happened? The Singapore-flagged Hafnia …

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Fire-Hit Tanker Enters Malaysia Terminal Area After Being Detained by Coast Guard

Insurance Journal

JULY 22, 2024

A tanker that was involved in a collision near Singapore last week entered the area of Malaysia’s Bertam floating oil terminal on Monday morning after it was intercepted by local authorities on Sunday, shipping data from LSEG and Kpler showed.

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Dark Fleet Caper Exposes Growing Risks in Crowded Malacca Strait

Insurance Journal

JULY 22, 2024

A collision that set two vessels ablaze off Singapore has underlined the growing risks in the crowded Straits of Malacca, as the dark fleet expands and lackluster Chinese demand leaves dozens of the tankers idling. The Ceres I, a 23-year-old …

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Thailand Races to Stop Toxic Waste Cargo on MSC, Maersk Ships

Insurance Journal

AUGUST 13, 2024

Thai authorities are racing to stop about 100 shipping containers allegedly filled with hazardous industrial waste from Albania reaching the nation’s ports. Basel Action Network, a US-based nonprofit that tracks toxic trade which precarviously alerted Malaysia to illegal e-waste shipments, …

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Builder’s Risk Insurance in Tennessee: A Broker’s Guide

Distinguished

SEPTEMBER 25, 2024

What Risks Does Distinguished’s Builder’s Risk Insurance Protect Against? When a project is under construction or renovation, your clients are likely not covered by their homeowner’s insurance or business insurance. Different Builder’s Risk insurance policies vary from one insurance carrier to another. 

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Builder’s Risk Insurance in Alabama: A Broker’s Guide

Distinguished

SEPTEMBER 10, 2024

We’ll outline the projects we cover and risks we address, equipping you to protect your clients’ investments in Alabama’s expanding construction market. Distinguished’s Builder’s Risk program insures a variety of the most common construction projects.

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Risk General Liability Broker-Agent Insurance

Explosive-Packed Drone Boat Slams Into Oil Tanker in Red Sea

Insurance Journal

OCTOBER 1, 2024

An explosive-laden drone boat slammed into an oil tanker as it sailed past the coast of Yemen, a sign Israeli airstrikes haven’t deterred the country’s Houthi militants from attacking commercial shipping. The 900-foot ship was hit by an uncrewed surface …

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EU Navy Starts Towing Stricken Red Sea Oil Tanker Hit by Houthis

Insurance Journal

SEPTEMBER 16, 2024

The European Union’s naval force said it managed to connect tug boats to a burning oil tanker in the Red Sea, and that the vessel is now being towed away. “The tug boats have successfully connected to the vessel and …

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Salvage of Stricken Oil Tanker in Red Sea Expected in Coming Days, Sources Say

Insurance Journal

AUGUST 30, 2024

A salvage operation to recover a Greek registered oil tanker stranded in the Red Sea after an attack by Houthi militants is expected to start in the coming days, two sources with knowledge of the matter said on Friday. What …

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EU Mission in Red Sea Says no Oil Spill From Tanker Damaged in Houthi Attack

Insurance Journal

AUGUST 29, 2024

The European Union’s mission in the Red Sea said on Wednesday there was no oil spill in the waters near the Greek-flagged tanker hit by a fiery Houthi militant attack off Yemen’s coast. The mission, called Aspides, added that the …

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Houthis Say Tugs Can Tow Away Stricken Oil Tanker Attacked in Red Sea

Insurance Journal

AUGUST 29, 2024

Yemen’s Houthi militants said they’ll let tugboats tow away an oil tanker that they attacked last week in the Red Sea, a step that might to help avert an environmental disaster. The 900-foot Sounion was hauling 150,000 tons of dense …

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Houthi-Hit Oil Tanker in Red Sea Appears to Be Leaking: Pentagon

Insurance Journal

AUGUST 28, 2024

An oil tanker attacked in the Red Sea by Iran-backed Houthi rebels on August 21 appears to be burning and leaking, a Pentagon spokesman said on Tuesday. “Sounion now sits immobilized in the Red Sea, where it is currently on …

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Burning Houthi-Hit Oil Tanker Set for Fresh Rescue Effort

Insurance Journal

SEPTEMBER 13, 2024

Specialist salvage teams are set to renew efforts to remove a blazing oil tanker that’s been stuck in the Red Sea for over three weeks after it was attacked by Houthi militants, the European Union naval force in the region …

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Fires Burn on Houthi-Hit Oil Tanker but No Spill Yet, EU Says

Insurance Journal

AUGUST 26, 2024

Fires were burning around the oil tanks of a ship that was attacked by Houthi militants in the Red Sea, but there were no signs of a spill so far, the European Union naval force in the region said. Flames …

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Insurance Industry Brief

Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk

Russia’s Oil Tanker Firm Sovcomflot Says G-7 Sanctions Make Oil Trade Less Safe

Trending Sources

Fires Spotted on Red Sea Tanker Drifting With Oil on Board

Yacht Insurer OMAC Is Hull Carrier for Sunken Yacht in Sicily, Sources Say

London-Based Ship Registry Helps Russia Oil Tankers Keep Running

Captain of Sunken Superyacht Placed Under Investigation, Source Says

Captain of Sunken Superyacht Declines to Answer Prosecutors’ Questions, Lawyer Says

Sunken Superyacht Likely to Cost Insurers at Least $150 Million, Experts Say

Toxic Waste Bound for Thailand on Maersk, MSC Cargo Vessels to Return to Europe

Update: Two Oil Tankers on Fire in Waters Near Singapore, Crew Members Rescued

How Iran Oil Link Could Complicate Insurance Claims After Tankers Collide Off Singapore

Fire-Hit Tanker Enters Malaysia Terminal Area After Being Detained by Coast Guard

Dark Fleet Caper Exposes Growing Risks in Crowded Malacca Strait

Thailand Races to Stop Toxic Waste Cargo on MSC, Maersk Ships

Builder’s Risk Insurance in Tennessee: A Broker’s Guide

Builder’s Risk Insurance in Alabama: A Broker’s Guide

Explosive-Packed Drone Boat Slams Into Oil Tanker in Red Sea

EU Navy Starts Towing Stricken Red Sea Oil Tanker Hit by Houthis

Salvage of Stricken Oil Tanker in Red Sea Expected in Coming Days, Sources Say

EU Mission in Red Sea Says no Oil Spill From Tanker Damaged in Houthi Attack

Houthis Say Tugs Can Tow Away Stricken Oil Tanker Attacked in Red Sea

Houthi-Hit Oil Tanker in Red Sea Appears to Be Leaking: Pentagon

Burning Houthi-Hit Oil Tanker Set for Fresh Rescue Effort

Fires Burn on Houthi-Hit Oil Tanker but No Spill Yet, EU Says

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