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Thursday, 26 October 17
CYBER COVER FOR E-BILLS - PHILIP STEPHENSON
 KNOWLEDGE TO ELEVATE
Increasingly popular electronic bills of lading are, by their nature, susceptible to the risk of cyber attack. Here, Standard Club considers the P&I cover position should a claim arise
If a P&I claim arises as a result of a cyber attack on an electronic bill of lading, a member would be covered as long as the cyber attack does not constitute ‘terrorism’ (or another war risk) under the club’s war risks exclusion. The member’s normal P&I cover would respond to covered losses arising, provided the electronic trading system being used had been approved by the club’s managers.
Liabilities arising out of the use of an electronic trading system approved by the managers are expressly excepted from the electronic trading exclusion in the club’s rules (that is that the rules do not exclude liabilities arising under an approved electronic trading system – they only exclude liabilities arising under a non-approved electronic trading system to the extent that such liabilities would not have arisen under a paper trading system). As such, P&I liabilities arising out of the use of such approved electronic systems are covered, although cover would still be subject to the normal exclusions applicable under the club’s rules.
There are currently three electronic trading systems that have been approved by Standard Club’s managers (along with the other International Group clubs), being essDOCS, Bolero and E-Title.
As a general principle, there is no specific cyber exclusion in Standard Club’s rules or in the International Group Pooling Agreement. This being the case, if such an approved electronic trading system were hacked into, resulting in a claim, the member’s P&I cover would continue to respond unless the hacking event were deemed to be ‘terrorism’ (or another war risk) under the war risks exclusion in the club’s rules.
Whether or not an act constitutes terrorism will largely depend on the motivation behind the act. In the context of war risks, terrorism has broadly been understood by English courts to generally mean an act or acts aimed to kill, maim or destroy indiscriminately for a political, religious or ideological cause. It is difficult to envisage that someone would hack into an electronic trading system for the purposes of killing, maiming or destroying indiscriminately for such a cause. The most that could result would appear to be, say, a mis-delivery claim. As such, it is unlikely that the act of hacking into an approved electronic trading system would constitute ‘terrorism’ for the purposes of the war risks exclusion. The member’s normal P&I cover should, therefore, continue to respond to a resulting mis-delivery claim.
However, the question of whether or not an act constitutes terrorism for the purposes of a P&I Club’s rules and, therefore, whether a member’s normal P&I cover responds would ultimately be decided by the club’s board and their decision is final.
By Philip Stephenson, Standard Club
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Thursday, 16 November 17
KOMIPO INVITED BIDS FOR 3.9 MILLION TONS OF 5700 NAR AND 5400 NAR COAL FOR 2018 - 2020 DELIVERY
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 3,900,000 Metric Tons of min. 570 ...
Thursday, 16 November 17
THE PORT OF NEWCASTLE HAS SHIPPED 14.94 PERCENT LESS COAL IN OCTOBER 2017, DATA SHOWS
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,466.8 ...
Thursday, 16 November 17
GOVERNMENT, 13 COAL MINERS AGREE TO CHANGE CONTRACTS - JP
The government and 13 coal mining companies have agreed to change the old Contract of Work (CoW), as part of the implementation of Law No. 4/20199 ...
Wednesday, 15 November 17
IEA RECOGNISES COAL'S CONTINUOUS IMPORTANCE TO GLOBAL ENERGY NEEDS - WCA
The World Coal Association (WCA) has welcomed the International Energy Agency’s (IEA) recognition that coal will continue to play a vital rol ...
Wednesday, 15 November 17
THERMAL COAL WAS DRAGGED DOWN BY THE WEAKNESS ACROSS THE WIDER ENERGY SECTOR - DANIEL HYNES
The coal market was mixed.
Thermal coal was dragged down by the weakness across the wider energy sector, said Daniel Hynes Senior Commodi ...
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Showing 1876 to 1880 news of total 6871 |
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- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Australian Coal Association
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Wilmar Investment Holdings
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