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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, 25 October 17
SHIPPING MARKET REPORT - INTERMODAL
While the majority of perspective Buyers in the dry bulk second-hand market is currently focusing on modern tonnage, there is also increased activi ...
Tuesday, 24 October 17
KOMIPO INVITED BIDS FOR MIN. 4600 NAR BLENDED SUB-BITUMINOUS COAL OF INDONESIAN ORIGIN FOR BORYEONG OR NEW BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 5,000,000 Metric Tons of blended sub-bi ...
Tuesday, 24 October 17
CHINA'S INSATIABLE APPETITE FOR THIS ENERGY COMMODITY CONTINUES STRONG - GEORGE LAZARIDIS
Crude oil prices have been seeing some support emerge this past week as supply disruptions in Iraq and a drop in US drilling has helped bolster oil ...
Friday, 20 October 17
U.S COAL PRODUCTION FELL 1.45 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Tuesday, 17 October 17
SULPHUR 2020: COMING, READY OR NOT - ALIBRA SHIPPING
Some 70% of shipping companies surveyed say they do not believe the industry is ready for IMO’s 2020 deadline, when a global limit of 0.5% su ...
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Showing 1906 to 1910 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
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