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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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Monday, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement ...
Monday, 06 November 17
THE THERMAL COAL MARKET CAME UNDER SOME PRESSURE AS THE OUTLOOK FOR DEMAND WEAKENED - DANIEL HYNES
Commodities were mixed as investors grappled with a revised tax plan in the US amid a rising USD said Daniel Hynes in his linked in post.
Acco ...
Monday, 06 November 17
THE FREIGHT MARKET WAS CONTINUED TO SOFTEN THIS PAST WEEK; BCI DOWN 184 POINT WEEK OVER WEEK
COALspot.com: The freight market was continued to soften this past week compared to the previous week, as BDI and all segments except Panamax index ...
Friday, 03 November 17
U.S. COAL PRODUCTION FELL WEEK-OVER-WEEK, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.5 million short ton ...
Wednesday, 01 November 17
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
As it was expected, the strong dry bulk freight market of the past couple of months has inspired similar activity in the second-hand market. Noneth ...
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Showing 1896 to 1900 news of total 6871 |
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- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- The University of Queensland
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
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