Armada Risk Partners

The collision between a cargo ship and a fuel tanker off the eastern coast of England in the North Sea is likely to hit multiple marine insurance policies, carrying an estimated combined insured value of between $50 million and $100 million, according to credit agency Morningstar DBRS. The cause of the collision on March 10 between the MV Solong, a Portuguese-flagged cargo ship, and the MV Stena Immaculate, a tanker transporting jet fuel for the U.S. military, is still unclear. But the incident underlines the threat of collisions in the maritime industry and the potential impact on port operations. Here our CEO Ed McNamara gives his advice on how ports can best protect themselves with robust insurance policies. https://lnkd.in/eFBRk5RV

Your Armada Risk Partners Cyber & Insurance Tip: Don’t Hand Attackers the Playbook! Please NEVER store your #insurancepolicy or business continuity plan on your #network.? Why? Because if #attackers breach your system, they’re not just stealing data they’re gaining control of your #crisis response. With access to your insurance details, #threatactors know exactly how much you’re covered for, shaping their #ransom demands to match or exceed your #policy limits. If they also access your #businesscontinuity or #incidentresponse plan, they’ll anticipate your every move...Leaving you with fewer recovery options, if any at all. Instead, keep these critical documents securely stored offline or in a separate, access-controlled environment. Take this tip seriously. Shawn Newman and I have witnessed this happen far too often... Stay proactive, stay protected!!

The Case for Insurance: The Benefits Far Outweigh the Costs Insurance is more than just a routine expense—it’s a crucial safeguard for your financial security. In our latest blog, Tricia Reddy Lucas highlights the many advantages of a well-structured insurance program and why it's essential for peace of mind.

Tricia Reddy Lucas - thank you for insight and expertise on this topic.

Welcome to our fleet, Mike! Your experience and expertise will be a value add for our clients. 2025 is off to a great start. Mike Dugan

Season’s Greetings from Armada Risk Partners! ? As the year comes to a close, we want to extend our heartfelt gratitude to our clients, partners, and community. It’s been our privilege to stand by your side, shielding your businesses and teams from life’s uncertainties and helping you grow with confidence. ? This holiday season, we wish you joy, peace, and the comfort of knowing you’re protected. May the new year bring success, prosperity, and opportunities to grow. ? From our family to yours, Happy Holidays! Ed McNamara Edward J. Purcell, GBDS, CWCC

We’re delighted to report our CEO Ed McNamara will be speaking at the Ports of the Future conference in Houston. Ed will speak on “The Port of Tampa Bay – Port Disaster Insurance and Underwriting” The event takes place April 1-3, 2025, at the Hilton University Houston featuring senior representatives from 50 ports worldwide. Register here: https://pof.egr.uh.edu/

Thank you to the American Maritime Partnership (AMP) for featuring the latest advice article on port cybersecurity insurance from our CEO Ed McNamara on its American Voices website. Read Ed's headline tips for port and terminal operators: https://lnkd.in/eTQqadvn #cybersecurity #cyberattacks #ports

Thank you Marine Log for running the latest insurance advice article on cyber threats facing ports from our CEO Ed McNamara. ??Ed says ports globally are seeing an increasing number of sophisticated cyberattacks with vulnerabilities within port infrastructure, logistics software, and operational technology (OT) presenting significant security challenges. ??Cyber insurers expect ports to have taken determined action to make systems and processes as secure and up to date as possible. Such actions are necessary to ensure you can secure the best insurance coverage and lower premiums. ???At Armada Risk Partners we recommend that the latest cybersecurity technology is embedded in robust risk management procedures and policies together with continuous employee training and regular systems testing so that the latest threats can be identified and the level of security measures evaluated. ??As companies and organizations develop their cyber risk mitigation strategy, cyber insurance plays a vital role in helping pay for recovery costs and can cover third-party liabilities as well as incident response support with access to specialist teams. ??Read full article: https://lnkd.in/giYTpRn6 #cyberattacks #cybersecurity