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Ask the Expert Q&A: Recreational Marine Insurance

Ask the Expert Q&A: Recreational Marine Insurance

The boating industry has boomed during the pandemic, creating opportunities — and also increasing risks — for those who own, operate, sell or repair watercrafts. To learn more about Recreational Marine Insurance, we spoke with Matt Bryant, Broker, Marine, Burns & Wilcox, Orlando, Florida. What are the greatest risks related to Recreational Marine today? M.B.: The term “Recreational Marine” applies to…

Cargo Ship Blocks Suez Canal for Nearly a Week, Spotlighting Trade Vulnerabilities

Cargo Ship Blocks Suez Canal for Nearly a Week, Spotlighting Trade Vulnerabilities

The MV Ever Given, a massive cargo ship that gained notoriety for running aground amid high winds on March 23 and completely blocking the Suez Canal, was finally freed on March 29. Salvage and dredging crews labored for days before successfully re-floating the vessel, aided by a full moon and high tide. The nearly quarter-mile-long ship was reportedly carrying 20,000…

Ocean Cargo Insurance

Ocean Cargo Insurance

Presented by: Patrick Barco, Manager, Ocean Marine, Burns & Wilcox Canada Special Guests: Mark Engel, Managing Director, RB Jones, and John Gambino, Underwriting Manager, Cargo, RB Jones Hosted by: Jodie Kaufman Davis, Corporate Senior Vice President, Managing Director, Burns & Wilcox Canada In this webinar, we: Provide an overview on the Ocean Cargo segment of the Marine Insurance market Discuss supplier…

Capsized Vessel Imperils Crew, Damages Millions in Cargo

Capsized Vessel Imperils Crew, Damages Millions in Cargo

At 2 a.m. on September 8, the U.S. Coast Guard stationed near St. Simons, Georgia, was alerted that the Golden Ray, a South Korean cargo vessel carrying over 4,000 new automobiles, had begun dangerously inclining to one side, shortly after departing the Port of Brunswick. By late morning response teams had rescued 20 of the ship’s 24 crew members; however,…

Autonomous Ships Shaping New Coverage Considerations

Autonomous Ships Shaping New Coverage Considerations

As the global economy expands and oceans become more crowded, the shipping industry is looking to autonomous ships to reduce accidents, increase efficiencies and cut costs. Last month a Dutch consortium engaged a vessel equipped with collision avoidance technology in 11 test scenarios in the North Sea, and earlier this month the Maritime and Port Authority of Singapore announced its…

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

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 Michigan and Lake Huron. The…

Commercial Marine Insurance: Comparing Cruise Ships to Local Ferries

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 lawsuits and more expensive claims.…

Risk Below the Surface

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 and great distances by land,…

Seaworthy

Seaworthy

The nautical know-how you need to make marine a lucrative part of your business With spring upon us, the thoughts of many who live in America’s colder climes turn to the water, and in particular, to boating. In 2013, some 88.5 million of the 242 million adults living in the United States — about 37 percent — engaged in fishing,…

Policies Must Keep Pace with Investments

Policies Must Keep Pace with Investments

Alternative investment categories continue to be popular among high-net-worth investors who are already well-diversified in their traditional financial portfolios and are now seeking long term appreciation for tangible assets. As a result, interest in jewelry and fine art collection has grown steadily in recent years and savvy collectors have been able to realize greater returns on their initial investments while…

Recreational Boating Coverage: The Insurance Lifesaver Your Clients Need to stay afloat

Recreational Boating Coverage: The Insurance Lifesaver Your Clients Need to stay afloat

As winter transitions into spring, your boating clients will be itching to get back on the water for days full of fishing, swimming and water sports. Help them make the most of the season by ensuring they have the right coverages in place. Whether your insureds own a small, personal watercraft, or a yacht or charter boat, recreational marine vehicles…

The One Thing Missing in Your Portfolio

The One Thing Missing in Your Portfolio

She starred in the Hollywood blockbuster Mutiny on the Bounty as well as two Pirates of the Caribbean movies. And she was worth millions. “She” was a historic replica of the HMS Bounty: an iconic tall ship that fell victim to Hurricane Sandy. To boaters, the sinking of the HMS Bounty goes deeper than any ocean. As watercraft enthusiasts, they can empathize with its…

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