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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, 31 October 17
BALTIC DRY INDEX TAKES A BREAK FROM ITS UPWARD RALLY COURSE - GEORGE LAZARIDIS
It has been a week of corrections for the dry bulk freight market as it seems as the general Baltic Dry Index takes a break from its upward rally c ...
Friday, 27 October 17
U.S WEEKLY COAL PRODUCTION FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.9 million short tons ...
Thursday, 26 October 17
INDO TO CHINA ROUNDS SUPRAS ACHIEVING AROUND HIGH $14000 - FEARNLEYS
Supramax
By mid-week the market has been relatively quiet in the Pacific basin as well, but still some healthy rates being achieved on the differ ...
Thursday, 26 October 17
STRONG SIGNAL FOR AUSTRALIAN COAL DEMAND - GREG EVANS
The International Energy Agency’s Southeast Asia Energy Outlook report, released today, presents a positive outlook for Australian coal produ ...
Wednesday, 25 October 17
COAL MARKETS REMAINED SUBDUED - DANIEL HYNES
Coal markets remained subdued.
Daniel Hynes, Senior Commodity Strategist at ANZ, Coking coal prices were unchanged amid an absence of fresh of ...
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Showing 1901 to 1905 news of total 6871 |
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- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- The University of Queensland
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
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