Ocean Marine

Great Lakes Oil Spill Shows Need for Environmental and P&I Coverage

The U.S. Coast Guard and other authorities have completed one phase of an investigation into severed underwater cables that leaked about 600 gallons of mineral oil insulation fluid in the Straits of Mackinac. Officials suspect a boat anchor strike on April 1 damaged the cables and dented oil pipelines in the waterway that connects Lake…

Commercial Marine Insurance: Comparing Cruise Ships to Local Ferries

The cruise ship industry sees nearly $38 billion in revenue annually around the world, with more than $15 billion invested into new cruise ships1. Ferries, cruise ships, and other passenger vessels are a much different exposure than cargo ships that carry dry cargo, not people. Accidents and catastrophic mechanical failures with passenger vessels often result in…

Checklist: 6 Cargo Questions for Your Commercial Marine Clients

The third quarter of 2017 has experienced record-breaking severe weather. This year’s hurricane season is one of only six years to feature at least two Category 5 hurricanes: Irma and Maria.1 Remediation from perils such as these and other acts of nature including floods, windstorms and earthquakes can be a costly endeavor—making Commercial Marine insurance crucial, especially for…

Top 3: Commercial Insurance Articles

Insurance Market Source highlights this month’s top three commercial insurance articles on insurancemarketsource.com. 1. Safe Harbor As uncertainty roils marine markets, creative coverage strategies keep commercial shipping concerns buoyant. The commercial marine industry has been contending with rough waters for several years, and the waves keep getting higher, says Andrew Hills, Managing Director, Lochain Patrick Insurance Brokers, London, U.K, a subsidiary…

Safe Harbor

As uncertainty roils marine markets, creative coverage strategies keep commercial shipping concerns buoyant The commercial marine industry has been contending with rough waters for several years, and the waves keep getting higher, says Andrew Hills, Managing Director, Lochain Patrick Insurance Brokers, London, U.K, a subsidiary of H.W. Kaufman Financial Group. “The financial state of shipping…

Risk Below the Surface

Five questions for marine insurance expert, Patrick Barco Transporting materials is a complex process involving numerous parties with competing interests and responsibilities. Global in scope, modern supply chains are fraught with risk as freight forwarders work with cargo carriers to ensure products are transported safely and efficiently from point A to point B, crossing borders…