Liability Insurance, Marine and Risk - Insurance Industry Brief

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 …

Risk

Risk Claim Insured Insurer

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 …

Risk

Risk Protection Liability Insurance Marine

Oil Tanker Insurance Payouts at Risk After UK’s Russia Sanctions

Insurance Journal

JULY 23, 2024

Transfers of oil at sea that involve a recently sanctioned Russian insurer may prevent western firms from paying claims if something goes wrong, a key provider of cover said. Moscow-based Ingosstrakh PJSC has emerged of a major insurer to Russian …

Risk

Risk Insured Insurer Insurance

Insurance Considerations When Expanding Your Business to a New Location

Mark Jackson Insurance Agency

MARCH 19, 2025

Brick commercial office building by Binyamin Mellish Expanding your business to a new location is an exciting step toward growth, but it also introduces new risks. From property protection to liability coverage, ensuring your business insurance policies align with your expansion is critical.

Workers Compensation

Workers Compensation Liability Property Damage Inland Marine Insurance

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

Risk Protection Liability Insurance Marine

Sweden Seizes Ship Suspected of Sabotage in Baltic Sea

Insurance Journal

JANUARY 27, 2025

Sweden detained a vessel suspected of damaging a subsea data cable connecting it with Latvia, the third such incident in the Baltic Sea in the past three months. The Security Service said it’s conducting a preliminary investigation into the crime …

Crime

Crime Damage Protection Liability Insurance

Insurance for Apartment Building Owners: Protecting Your Client’s Investments With the Right Coverage

Distinguished

MARCH 20, 2025

From devastating floods to slip-and-fall lawsuits, insuring apartment buildings is no simple task. And with rising property values, more frequent catastrophic weather events, and emerging risks like habitability claims, its never been more critical to help your clients navigate their insurance options.

Building

Building Protection Damage Liability

‘Geoeconomic Fragmentation’ Challenges Insurers: Geneva Association

Insurance Journal

JANUARY 24, 2025

January 2025 report from the Geneva Association, titled “Insurance in a Fragmented World Economy,” found that geopolitical tensions have driven the global economy toward “geoeconomic fragmentation.” ” Geoeconomics refers to the intersection of geopolitical forces and economic policies.

Insured

Insured Insurer Insurance Policy

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

Distinguished

SEPTEMBER 25, 2024

An increase in construction also means an increase in financial risk. All of which can cost their property or business owners millions of dollars in losses without adequate insurance coverage. This is why the popularity of Builder’s Risk insurance is growing. What Does Distinguished’s Builder’s Risk Cover?

Risk

Risk Broker-Agent Insured Insurer

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

Distinguished

SEPTEMBER 10, 2024

From hurricanes on the Gulf Coast to rapid urban development in cities like Birmingham and Huntsville, the need for comprehensive Builder’s Risk Insurance has never been more critical. Distinguished’s Builder’s Risk program insures a variety of the most common construction projects.

Risk

Risk General Liability Broker-Agent Insured

What are the most important questions to ask when choosing business insurance?

Protect Commercial Insurance

OCTOBER 25, 2024

This approach ensures that you choose a policy that doesn’t just tick boxes but genuinely covers your specific risks and requirements. What are the specific risks associated with your industry? Every industry comes with its own set of risks. Once you’ve outlined the risks, the next step is determining how much coverage you need.

Business Insurance

Business Insurance Liability Insurance Liability Policy

Finland Power Grid Operator Asks Court to Seize Oil Tanker Over Cable Damage

Insurance Journal

JANUARY 3, 2025

Finland’s national power grid operator said on Thursday it had asked a Helsinki court to seize the Eagle S oil tanker in a bid to secure the company’s claim for damages related to the breakdown of the undersea Estlink 2 …

Damage

Damage Claim Protection Liability Insurance

Baltic Sea Cable Cuts Can’t Be Accident, EU Tech Chief Says

Insurance Journal

JANUARY 14, 2025

The European Union’s new digital chief, Henna Virkkunen, suggested the repeated damage to undersea cables in the Baltic Sea couldn’t be fully accidental, as leaders from the region prepare to gather for a NATO summit devoted to the topic. “It …

Damage

Damage Protection Liability Insurance Risk

Finland Finds Anchor Drag Marks Left by Tanker That Broke Cables

Insurance Journal

DECEMBER 31, 2024

Finnish authorities investigating damage to subsea power and data cables found drag marks on the seabed likely left by the anchor of seized tanker Eagle S. Working under water, “we have been able to identify the dragging track at the …

Damage

Damage Liability Insurance Risk Marine

Owner Seeks Release of Oil Tanker Seized in Finland Cable Probe

Insurance Journal

JANUARY 1, 2025

The owner of an oil tanker seized by Finland on suspicion of breaking an undersea power line and four telecoms cables in the Baltic Sea last week is seeking the release of the ship, a lawyer representing the company said …

Protection

Protection Liability Insurance Risk Marine

Sweden Probe Into Broken Cable Advances as Seabed Study Winds Up

Insurance Journal

NOVEMBER 22, 2024

Sweden’s Navy completed a survey of the seabed near one of the damaged data cables in the Baltic Sea as the Nordic country investigates potential sabotage against the underwater infrastructure. A high-speed fiber optic cable connecting Finland and Germany was …

Damage

Damage Liability Insurance Risk Marine

Oil Tanker Linked to Subsea Cable Damage Has Serious Deficiencies, Finland Says

Insurance Journal

JANUARY 8, 2025

Finland’s public transport agency said on Wednesday that an oil tanker suspected of damaging undersea cables in the Baltic Sea has been found to have serious deficiencies and will not be allowed to operate until repairs have been made. Baltic …

Damage

Damage Protection Liability Insurance Risk

Finland’s Elisa Says Baltic Undersea Cables Were Torn Apart by External Force

Insurance Journal

JANUARY 6, 2025

Two undersea telecommunications cables that were damaged in the Baltic Sea on Dec. 25 appeared to have been torn apart by a strong external force, Finland’s Elisa said on Monday, adding that they had now been repaired. Baltic Sea nations …

Damage

Damage Protection Liability Insurance Risk

Toxic Waste That Set Off Global Outcry Seized by Albania’s Prosecutors

Insurance Journal

OCTOBER 30, 2024

Albanian prosecutors ordered that containers filled with suspected hazardous industrial waste be seized after the cargo was forced to return to Europe from Southeast Asia. The prosecutors’ order Sunday directed customs authorities and the police to confiscate 102 containers for …

Protection

Protection Liability Insurance Liability Risk

Key Strategies for Protecting Your Collection

Distinguished

OCTOBER 31, 2024

How to Mitigate Risks Proactively Protect people first, property second. Notify your insurer and broker as soon as possible, detailing how, when, and where the loss occurred and what property may be damaged. Consult your insurance broker for clarity on the specifics and potential additional coverage options.

Protection

Protection Broker-Agent Inland Marine Broker

Russia’s Rostelecom Says Baltic Sea Cable Damaged, Tass Reports

Insurance Journal

FEBRUARY 10, 2025

A Russian underwater cable in the Baltic Sea has been damaged by an unspecified external impact, Tass reported on Saturday, citing the telecommunications provider PJSC Rostelecom. Restoration work is underway and the incident has had no impact on subscribers so …

Damage

Damage Protection Liability Insurance Risk

Just 3 weeks to go for the 2023 Mansfield Awards for Claims Excellence

Prof. Allan Manning

JULY 5, 2023

Just a reminder that there is only 3 weeks to go before the 2023 Mansfield Awards, which is now in its 7th year! The awards night will be held at The Establishment Ballroom, located at 252 George St, Sydney. The function starts at 6pm, with the awards portion running for approximately 1 hour, during which 6 awards will be presented.

Claim

Claim Casualty Insurance Insurance Claim Insurance Industry

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 …

Damage

Damage Protection Liability Insurance Risk

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 …

Protection

Protection Liability Insurance Risk Liability

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 …

Protection

Protection Liability Insurance Risk Liability

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 …

Protection

Protection Liability Insurance Risk Liability

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 …

Protection

Protection Liability Insurance Risk Liability

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 …

Commercial

Commercial Protection Liability Insurance Risk

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 …

Protection

Protection Liability Insurance Risk Liability

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 …

Protection

Protection Liability Insurance Risk Liability

Finland and Lithuania Report Severed Undersea Data Cables

Insurance Journal

NOVEMBER 19, 2024

An undersea data cable connecting Finland and Germany was cut in the early hours of Monday by what was likely an external impact and a nearby link between Lithuania and Sweden was also damaged. The 1,200-kilometer (750-mile) high-speed fiber optic …

Damage

Damage Liability Insurance Risk Marine

Management Liability Insurance: A Broker’s Guide

Distinguished

JANUARY 28, 2025

This is why making sure executives are backed by comprehensive management liability insurance is so important. As a wholesale broker, understanding the intricacies of management liability insurance is essential to effectively guide your agents and clients through the process of securing the right coverage for their unique needs.

Liability Insurance

Liability Insurance Liability Broker-Agent Insured

Insurance Industry Brief

Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk

Dark Fleet Caper Exposes Growing Risks in Crowded Malacca Strait

Trending Sources

Oil Tanker Insurance Payouts at Risk After UK’s Russia Sanctions

Insurance Considerations When Expanding Your Business to a New Location

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

Sweden Seizes Ship Suspected of Sabotage in Baltic Sea

Insurance for Apartment Building Owners: Protecting Your Client’s Investments With the Right Coverage

‘Geoeconomic Fragmentation’ Challenges Insurers: Geneva Association

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

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

What are the most important questions to ask when choosing business insurance?

Finland Power Grid Operator Asks Court to Seize Oil Tanker Over Cable Damage

Baltic Sea Cable Cuts Can’t Be Accident, EU Tech Chief Says

Finland Finds Anchor Drag Marks Left by Tanker That Broke Cables

Owner Seeks Release of Oil Tanker Seized in Finland Cable Probe

Sweden Probe Into Broken Cable Advances as Seabed Study Winds Up

Oil Tanker Linked to Subsea Cable Damage Has Serious Deficiencies, Finland Says

Finland’s Elisa Says Baltic Undersea Cables Were Torn Apart by External Force

Toxic Waste That Set Off Global Outcry Seized by Albania’s Prosecutors

Key Strategies for Protecting Your Collection

Russia’s Rostelecom Says Baltic Sea Cable Damaged, Tass Reports

Just 3 weeks to go for the 2023 Mansfield Awards for Claims Excellence

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

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

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

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

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

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

Burning Houthi-Hit Oil Tanker Set for Fresh Rescue Effort

Finland and Lithuania Report Severed Undersea Data Cables

Management Liability Insurance: A Broker’s Guide

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