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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, 09 October 17
INDIA'S COAL IMPORTS UP 10% IN SEPT AS POWER PLANTS FACE FUEL SHORTAGE - PTI
Coal imports rose by 9.5 per cent to 18.33 million tonnes (MT) in September, after having registered year-on-year decline for five months in a row, ...
Friday, 06 October 17
U.S. WEEKLY COAL OUTPUT HAS REBOUNDED AFTER DECLINING 5 WEEKS IN A ROW
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Wednesday, 04 October 17
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
During the past couple of months the dry bulk market has displayed particularly strong momentum and we have been witnessing steady appetite and act ...
Tuesday, 03 October 17
VIETNAM'S COAL-FIRED THERMAL POWER DEPENDENT ON CHINA - VIETNAMNET BRIDGE
A report from the Green Innovation and Development Centre (GreenID) showed that, as of the end of last year, of 27 coal-fired thermopower plants, 1 ...
Tuesday, 03 October 17
RIO TINTO COMPLETES FIRST FULLY AUTONOMOUS RAIL JOURNEY IN WESTERN AUSTRALIA
Rio Tinto has successfully completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia ...
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Showing 1921 to 1925 news of total 6871 |
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- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Australian Coal Association
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
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