Links for 2008-04-14
April 14th, 2008- Soaring claim costs transform marine insurance market.
- Coast Guard Tug Crew, Boom Boat Save Kayakers.
- Salvage firm goes under.
Hull claim insurance costs in 2007 have gone up 86% over five years, according to Norway’s Central Union of Marine Underwriters’ (CEFOR).
The Coast Guard, a tug boat crew and a boom boat crew rescued two kayakers on April 13 after they capsized and were overtaken by water in the Delaware River.
Deep-sea salvage firm SubSea Resources has called off its battle for survival after the cash-strapped company said it was calling in administrators.
Tell me about it. I just finished my insurance renewals and insurance clubs are seeing red. Although the frequency of claims is quite stable, the costs on the other hand has zoomed up.
Blame it on the high shipping market. Who am I kidding, I have a job because of the waves in the market.
From the insurance point of view, high market = pressure on the ships and there are a lot more older ladies out and less scrappings.
Shipowners (in general) on insurance renewals would find themselves as being a hypocrite - trying to get down premiums while the alter egos are counting money like Scrooge McDuck.