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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
 KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and cover in respect of biological and bio-chemical weapons for the 2020 policy year.
War and terrorism risks
For 2020, cover for war and terrorism risks will remain available from the Club in accordance with the relevant proviso to Rule 3.1.1 of the Rules of Class I.
This cover will apply in excess of an insured vessel’s proper hull value, or $500 million, whichever is the lower amount, and will be for a limit of $500 million for 2020, the same figure as that which obtains for the current policy year.
Addendum I to this Circular sets out the terms of this excess cover. It will apply to all vessels insured on fully mutual conditions in accordance with the Rules of Class I, into the cover of which these terms will be deemed to be incorporated.
Cover in respect of biological and bio-chemical weapons
The International Group of P&I Clubs’ pooling facility to provide cover for certain war and terrorism risks, which are otherwise excluded because most War Risk Hull and P&I policies contain a bio-chemical exclusion, will continue for the forthcoming policy year.
The risks covered by virtue of the pooling facility are in respect of a Member’s liability:
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to pay damages, compensation or expenses in consequence of the personal injury to, or illness or death of, any seaman (including diversion expenses, repatriation and substitute expenses and shipwreck unemployment indemnity); and
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for the legal costs and expenses incurred solely for the purpose of avoiding or minimizing any other P&I liability arising from a bio-chemical event (other than under Class 1, Rule 2, Section 20, being the “Omnibus Clause”).
The limit of cover will be $30 million (the same as for 2019) any one event for each vessel.
Addendum II to this Circular sets out the terms of this cover. It will apply to all vessels insured on fully mutual conditions in accordance with the Rules of Class I, into the cover of which these terms will be deemed to be incorporated.
United States Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA)
The US Terrorism Risk Insurance Act of 2002 (TRIA), has been further extended by TRIPRA up to December 31, 2020.
For eligible vessels, cover for such risks will be deemed to attract a premium of $0.0025 per GT per annum, and will be included in the vessel’s overall premium.
It should be noted that, under the terms of the extension of the original TRIA provisions to year-end 2020, an industry-wide cap of $100 billion will continue to apply to all claims recoverable on the basis of TRIA/TRIPRA provisions.
Should any Member have any questions as to the intention or extent of either special cover described above, the Managers will, as always, be pleased to respond.
Source: The American Club
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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- The University of Queensland
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
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