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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, 26 September 17
REDUCING THE RISK OF LIQUEFACTION - IUMI
KNOWLEDGE TO ELEVATE
Liquefaction is a phenomenon that can take place in granular materials, such as soil or fine ore, where the beh ...
Tuesday, 26 September 17
THE CURRENT HIGHS IN THE DRY BULK FREIGHT MARKET WILL SURELY BE SURPASSED AND BY A CONSIDERABLE MARGIN IN THE NEXT YEAR OR SO - GEORGE LAZARIDIS
The Dry Bulk market con!nues to show a strong face amidst the favorable tail winds being seen, which have helped the Bal!c Dry Index inch above the ...
Monday, 25 September 17
CHOICES FOR SHIPPING AS 2020 APPROACHES? - CLARKSONS
Historically, the fuel of choice for the vast majority of large cargo ships has been heavy fuel oil. But in 2020, sulphur oxide emissions will be c ...
Monday, 25 September 17
THE FREIGHT MARKET ROSE IN ALL SEGMENTS EXCEPT PANAMAX WEEK OVER WEEK
COALspot.com: The freight market rose in all segments except Panamax week over week. Mainly Cape has supported to boosted up BDI this past week, BD ...
Monday, 25 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FOURTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.5 million short ton ...
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Showing 1931 to 1935 news of total 6871 |
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- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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