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My sincere thanks to MILLER Magazine, long recognized for its expertise in the grain industry, for this opportunity to be interviewed following the Black Sea Grain conference. Contributing to this conversation was a valuable opportunity for me to share my perspectives on current geopolitical risks and their impact on insurance coverage. I hope our exchanges will provide useful insights for your readers. #BSG #grain #Millermagazine #insurance #marineinsurance #warrisks #geopolitics #GC2024

In a world marked by geopolitical tensions and climate-related risks, the resilience of the maritime insurance industry stands as a pillar of stability, ensuring the smooth flow of grain across the seas. Despite challenges in key trade routes like the Red Sea and the Ukraine/Black Sea area, marine insurance remains strong in its support of global trade. Jean-Patrick Caumont, Senior Account Executive at EYSSAUTIER-VERLINGUE, shares valuable insights into this important sector in his article in Miller Magazine’s May issue. Read the full article here: https://lnkd.in/dvkmHW2G #MaritimeInsurance #graintrade #Riskmanagement #shipping

?? Navigating the Waters of Global Commerce: The Essential Role of Maritime Insurance ?? In the complex world of international trade, maritime insurance stands as a vital protector of assets across the globe. Here’s why it’s indispensable: ?? Comprehensive Coverage: From hull and cargo to liability and freight, maritime insurance shields all key assets involved in sea transportation. ?? Critical for Risk Management: It mitigates risks posed by natural disasters, piracy, and accidents, ensuring that trade barriers are minimized. ?? Legal Compliance: Adhering to international regulations requires appropriate insurance, safeguarding your business against potential legal challenges. ?? Future Outlook: With advancements in technology and shifts in trade patterns, maritime insurance continues to evolve, promising even greater efficiency and security. Let’s discuss how integrating robust maritime insurance policies can secure your trading operations and propel your business forward. ???? #MaritimeInsurance #InternationalTrade #BusinessRisk #GlobalCommerce #TradeProtection #InnovationInInsurance #BusinessGrowth #RiskManagement #LinkedInProfessionals

?? Maritime Insurance Update: Ukraine Quick findings from conversations with Chinese vessel owners and insurance broker: ? Most report increased premiums for Ukrainian ports ? Some seeing increases up to 1.5% ? One insurance broker quoted ~0.75% for Ukraine/Russia coverage but stressed it’s not set in stone. Bottom line it seems that not all war risk underwriters have increased the premium. What are you hearing from your underwriters? Any similar experiences? Let's discuss below. #MaritimeInsurance #UkraineConflict

?If you think geopolitical tensions won't affect your premium rates, you are wrong. Red Sea is an important route for global trade connecting Europe, Asia, and Africa. However, the recent conflict and tensions in the region have raised serious problems. Primary concerns for Indian vessels are Increased military presence,? naval blockades,? or security incidents,? which lead to temporary closures or restrictions on shipping routes. While India emerges as a key player in international trade, understanding the implications of the Red Sea conflict on import-export dynamics is essential, along with the critical role of insurance in mitigating associated risks. Marine insurance policies typically offer coverage for various types of risks, including: ?? Hull and Machinery Insurance: Covers physical damage to the vessel itself, including collisions, grounding, and machinery breakdowns. ?? Cargo Insurance: Protects the goods being transported against risks such as theft, damage, fire, and natural disasters. ?? Protection and Indemnity (P&I) Insurance: Provides liability coverage for third-party claims arising from accidents, pollution, or other incidents involving the vessel. ?? War Risk Insurance: Offers coverage for losses caused by acts of war, terrorism, or political unrest, which may not be covered under standard marine insurance policies Moreover, insurance plays a crucial role in facilitating trade by providing reassurance to lenders, financiers, and trading partners involved in international transactions. At Policy Icon we try to keep our clients in the loop of the ongoing geopolitical tensions and their possible implications on their business. Additionally, we offer customized solutions to them so that their businesses can prosper. #policyicon #redseawar #geopoliticaltensions #typeofcorporateinsurance #safety The

?? Recently, #GlobalTrade has faced worldwide issues ranging from unpredictable weather patterns interrupting the Panama Canal to piracy in the Indian Ocean. #Shippers without the right insurance will be left with costly consequences in the increasingly likely event of a transit disruption. ?? Cran Fraser, Marine practice, NFP, penned an op-ed for Global Trade Magazine on how shippers can be proactive and protect their goods. As Cran notes, marine insurance is one of the oldest forms of coverage and finding the right risk insurance policy is just as important today. ?? Shippers have more options than ever to mitigate conflict and other global issues, and #InsuranceBrokers play a pivotal role by tailoring solutions based on their client’s needs. ?? Read more from Cran here: https://lnkd.in/e4YpmxdF #NFP #Insurance #PropertyandCasualty #MarineIndustry #Cargo #GlobalLogistics #ShippingIndustry #SupplyChain #Transportation #MarineShipping #InsuranceIndustry #MarineInsurance

As a #maritime law specialist i believe , the Marine and #Aviation Insurance (War Risks) Act 1952 holds profound relevance, particularly when considering the intricate dynamics of the South #Asia and Middle East & North Africa (#MENA) regions. These areas, encompassing vital maritime passages like the Strait of Hormuz and the Suez Canal, are frequently susceptible to geopolitical tensions and #security risks, posing significant challenges to maritime and aviation operations. The Act empowers the Minister of Transport to provide government-backed insurance for ships, aircraft, and specified goods against war risks. This statutory support is crucial in regions where private insurers may hesitate to offer coverage due to heightened risks. By ensuring continuity in trade routes during periods of instability, such insurance provisions play a pivotal role in maintaining economic resilience and stability. Moreover, the Act's provision for compensating losses incurred due to #war-related incidents ensures that businesses and operators are not unduly burdened by financial liabilities stemming from disruptions in transit. This compensation mechanism is particularly valuable in safeguarding against the economic impacts of regional conflicts, thereby bolstering confidence among global shipping companies and investors. Furthermore, the Act's flexibility to extend coverage beyond traditional war risks to include other significant threats such as #terrorism and #piracy is essential for adapting to the evolving security landscape of South Asia and MENA. Such adaptability allows for a comprehensive approach to risk management, ensuring that insurance provisions remain relevant and effective in safeguarding maritime and aviation operations. Strategically integrating a similar framework in these regions would necessitate collaboration among regional governments to develop standardized protocols and data-sharing agreements. This cooperative approach would harmonize insurance and compensation mechanisms across borders, enhancing overall #security and operational efficiency. For maritime and aviation law practitioners, advocating for a robust legal framework based on the principles of the Marine and Aviation #Insurance (War Risks) Act 1952 is crucial. It provides a reliable basis for clients to navigate the complexities of insurance coverage and compensation during times of heightened geopolitical risk. Moreover, such a framework supports economic stability by securing essential transportation routes and facilitating uninterrupted trade flows. Adopting principles from the #Marine and Aviation Insurance (War Risks) Act 1952 in South Asia and MENA would significantly enhance the security and resilience of maritime and aviation operations. As a maritime #lawyer, advocating for this approach is essential in safeguarding economic interests and ensuring the continued viability of international #trade routes amidst #geopolitical uncertainties.

TRADE ALERT- The risks of maritime have increased at an exponential rate. My latest American Shipper column examines the risks with an interview with Captain Rahul Khanna of maritime insurer Allianz Commercial. #containers #trade #maritimenews #businessnews #insurance #redsea

#India?will now accept Russian marine insurance coverage for shipments of Russian oil, Bloomberg News reported on April 25. Previously, Moscow had to rely on #Western firms providing coverage for its oil exports. The change will substantially weaken the effectiveness of G7-imposed price caps on Russian oil sales across the globe. The Indian Directorate General of Shipping now lists Russian insurers AlfaStrakhovanie, Sogaz, and VSK as authorized for maritime insurance until Feb. 20, 2025. Additionally, Ingosstrakh's insurance coverage will be accepted through March 2029. Three anonymous sources told Bloomberg that the Russian National Reinsurance Company (RNRC) backs the coverage for all four providers. According to the report, Russia is the leading crude oil supplier to India. In April, India's imports from Russia reached 1.72 million barrels per day, the highest since July 2023. In February, Bloomberg reported that intensifying U.S. sanctions had hampered oil trade between Russia and India, causing India to seek alternative suppliers for its refineries. https://lnkd.in/dZUSCB7T

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