[Allianz Commercial has put together key points on shipping collisions following the Baltimore shipping collision incident in the US] Baltimore’s Francis Scott Key Bridge collapsed into the Patapsco River in the early hours of March 26 after a container ship, the Dali hit a column. Initial reports suggested that as […]
Fire, collision and sinking, and damaged cargo are the top causes of marine insurance losses by value, according to Allianz Global Corporate & Specialty’s analysis of more than 240,000 claims worth €9.2bn in value. Inflation is compounding existing trends driving higher claims severity. Soaring prices for steel and spare parts […]
Recently a marine insurer paid a heavy penalty after it was identified that they were breaking the Financial Advisory and Intermediary Services (FAIS) & Short-Term Insurance Act (STIA) regulations. The main issues were that the carrier/third party sold insurance to the cargo owners, and the policy was issued in the […]
