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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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Friday, 10 November 17
U.S. COAL OUTPUT FOR THE FIRST 10 MONTHS OF 2017 IS ESTIMATED AT AROUND 656 MMST; UP10% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15 million short tons ...
Wednesday, 08 November 17
COAL MARKETS WERE MIXED; COKING COAL EKING OUT SOME GAINS; THERMAL COAL STRUGGLING - DANIEL HYNES
Coal markets were mixed, with coking coal eking out some gains, while thermal coal struggled amid the falling oil prices, ANZ Strategist said in a ...
Wednesday, 08 November 17
WEEKLY SHIPPING MARKET INSIGHT
If you are a dry bulk owner today you are definitely feeling the pressure of the past couple of years off and given the admittedly unexpected growt ...
Wednesday, 08 November 17
NEW QUAY OPENED AT THE INDUSTRIAL PORT IN BREMEN,GERMAN
Press Release: After a building period lasting three-and-a-half years, the port logistics firm Weserport, the “bremenports” comp ...
Tuesday, 07 November 17
ING JOINS FORCES ON BLOCKCHAIN-BASED PLATFORM FOR ENERGY COMMODITIES SECTOR
Blockchain technology. It’s often been described as the most important invention in computing in a generation.
So it should come as no s ...
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Showing 1886 to 1890 news of total 6871 |
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- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- ASAPP Information Group - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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