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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, 03 October 17
ALLIED MARKET ANALYSIS
It seems as though the future of the oil trade was once again put into the spotlight, as the Asia Pacific Petroleum Conference took place last week ...
Friday, 29 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FIFTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ...
Thursday, 28 September 17
SUPRAMAX: S.CHINA TRIP TO INDIA HAS BEEN FIXED AT AROUND US$ 11000 - FEARNLEYS
Supramax
The hot market seen the last weeks in the Pacific has softened as the Golden week holiday in China approaches and the October shipments ...
Thursday, 28 September 17
THE 'UNREASONABLE' COST OF CASUALTY REPAIRS: ASSOCIATION OF AVERAGE ADJUSTERS CHAIRMAN DETAILS CLAIMS DILEMMAS
KNOWLEDGE TO ELEVATE
The ‘unreasonable’ cost of casualty repairs: Association of Average Adjusters chairman details claims dilemma ...
Thursday, 28 September 17
CHINESE GOVERNMENT TO CANCEL DOMESTIC IRON ORE MINING RIGHTS - JEFFREY LANDSBERG
It has been reported that China will cancel roughly one third of its iron ore mining licenses, says Commodore Research & Consultancy in its lat ...
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Showing 1926 to 1930 news of total 6871 |
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- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Planning Commission, India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
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