Vessels may be unable to access ports while seafarers may also be barred from operating in certain nations in the event of a full-blown trade war.
Safety & Regulation
Underwriters will challenge the tide of cases involving inaccurate or incomplete cargo labelling, IUMI committee chief warned.
The deal was announced this morning in London and as news spread to marine insurers in Cape Town, there was a concern over where it will leave the market.
IUMI targets membership increase in Africa.
A leading salvor said the introduction of more fire breaks would be a significant first step to prevent a fire from spreading across large numbers of containers.
For the vast majority of vessels, complying with the 2020 sulphur cap will mean using fuel oils with a sulphur content of 0.5%, the ICS said.
Astrid Seltmann said there are worrying sides for cargo insurers following significant losses last year that gave rise to the most expensive North Atlantic hurricane season in history.
The new BAF, comprising a trade factor and fuel cost, will replace the existing Standard Bunker Factor and enable customers to simulate and calculate the BAF tariff at any fuel price for a given trade route.
The project manager of the International Union of Marine Insurance’s (IUMI) large loss database has told Fairplay the project has the potential to create a new dawn for underwriters.
The marine insurance industry is vulnerable to a triad of key threats and the market must consider the risks facing the world today, said Dieter Berg.