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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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Tuesday, 07 November 17
MECHEL SIGNED LONG-TERM COAL SUPPLY CONTRACT WITH ITOCHU CORPORATION
Mechel PAO a leading Russian mining and metals company, reports signing a framework agreement with a major Japanese universal trading company Itoch ...
Tuesday, 07 November 17
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Tuesday, 07 November 17
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Coal markets were relatively buoyant. Metallurgical coal prices were supported by the stronger steel and iron ore prices, says Daniel Hynes, Senior ...
Tuesday, 07 November 17
PROSPERITY AND WINTER WARMTH REMAIN PARAMOUNT IN CHINA - JEFFREY LANDSBERG
Chinese officials announced recently that 580 gigawatts of coal-derived electricity generation capacity has completed ultra-low emissions reform as ...
Monday, 06 November 17
COAL SHORTAGE HURTS INDIA'S HINDALCO AND VEDANTA SAYS BUSINESS STANDARD
Aluminium smelter operations of Vedanta and Hindalco are at risk of turning unviable due to a coal crunch.
According to Business Standard an I ...
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Showing 1891 to 1895 news of total 6871 |
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- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Australian Coal Association
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- White Energy Company Limited
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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