Welcome to the third issue of Cargo Delivers, our new regular newsletter rounding up the latest news and trends in the cargo insurance industry.
For our main feature we hosted a roundtable, bringing together some of London’s leading cargo underwriters and key personnel from the Lloyd & Partners Cargo team, to discuss why good quality information on cargo is vital to ensure the right level of coverage, and in negotiating relevant extensions. Stock throughput policies, particularly, have emerged as a popular product with cargo clients, and we outline why we expect these to continue gaining ground.
In this issue we cover:
How to be a ‘good insured’?
We are regularly asked by clients to explain what makes a ‘good insured’ in the eyes of insurers and how could they improve insurers’ views of their standing in the insurance market.
Satellite insurance communities
The past 20 years has seen a marked increase in the capacity of the satellite insurance communities that serve the cargo market. We discuss the rise of insurance hubs in places like Singapore, Miami, and Dubai, and consider how they measure up against the London market.
The International Cargo Insurance Conference (ICIC) was held in Oxford (UK) in early June. This was their third conference and was fully subscribed and well attended by insurers, brokers, cargo surveyors, maritime lawyers and subrogation experts from around the world.
Commodities downturn – an insurance perspective
There has been a marked downturn in commodity pricing in recent years as a slowdown in China has converged with an over-supply of oil to send values plummeting. The slump in prices has inevitably produced a number of challenging issues for companies within the sector as falling profits can impact on many areas, including the risk transfer process.
Demise of freight
The global freight market sees the trading and chartering of the world’s merchant shipping fleet. The use of vessels is sold on the basis of time, voyage or freight charter with a number of other options negotiable from the degree of control of the ship to the responsibility for crewing and maintenance.
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For further details, please contact Gordon Longley, CEO of Cargo and North America Property on +44 (0)20 7466 6555 or email Gordon_longley@jltgroup.com