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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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Wednesday, 15 November 17
MARKET INSIGHT - LINOS KOGEVINAS
For another week, oil seems to be the most volatile and interesting commodity to watch. In this segment we’ll look at some of the major facto ...
Tuesday, 14 November 17
COAL STOCKS RUN SHORT, CENTRE TO GET DAILY UPDATE ON STOCKS - DECCAN CHRONICLE
Facing a shortage of coal for thermal power generation in the country, the Central Electricity Authority (CEA) has issued guidelines for maintainin ...
Tuesday, 14 November 17
IN 2018, WORLD OIL DEMAND IS FORESEEN REACHING 1.51 MB/D - OPEC
Oil Market Highlights - OPEC
The OPEC Reference Basket averaged $55.50/b in October, gaining $2.06 over the previous month and reaching the hi ...
Monday, 13 November 17
THERMAL COAL PRICES WERE RELATIVELY UNCHANGED - DANIEL HYNES
Coal prices were broadly higher, driven by strong gains in the metallurgical coal market said Daniel Hynes, Senior Commodity Strategist at ANZ in h ...
Monday, 13 November 17
THIESS AWARDED $300M SANGATTA EXPANSION CONTRACT
Thiess has been awarded a $300 million contract by Kaltim Prima Coal (KPC) to expand operations at Sangatta coal mine in East Kalimantan, Indonesia ...
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Showing 1881 to 1885 news of total 6871 |
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- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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