Iranian targeting of shipping in the Arabian Gulf ‘changes the game’ by raising risks to new levels

Insurance and shipping leaders said specific targeting of UK and US crew by Iran has left the industry to grapple with escalating tensions between Tehran and the West.

Nick Busvine, a partner at the strategic intelligence firm Herminius, told The National the drive from Tehran to take British and American hostages while targeting commercial shipping in the Arabian Gulf “changes the game” for the insurance industry.

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Piracy: Nigeria, others to assess war risk charges

Anna Okon

Worried about the charges imposed on Nigeria as war risks for piracy attacks, the Nigerian Shippers’ Council is set to convene a meeting with the Global Shippers Forum to discuss the issue.

The Executive Secretary, NSC, Mr Hassan Bello, who made this known, said the charges were too high and most times unwarranted. Nigeria has been in the news in the past few years for the frequency of piracy attacks.

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The MCERT and Lampe & Schwartze launch Maritime Cyber Insurance Partnership

An industry first – Leading marine underwriter Lampe & Schwartze join the advisory board of the Maritime Cyber Emergency Response Team (MCERT) and announce their new Ship Owner’s Marine Cyber Cover (SOMCC) covering exclusion Clause 380.

Leading marine underwriter Lampe & Schwartze has joined the advisory board of the Maritime Cyber Emergency Response Team (MCERT). Today’s announcement took place at a reception for insurance brokers and vessel operators hosted by Lampe & Schwartze at the Hafen Club in Hamburg. Guest speakers included Norton Rose Fulbright, Verein Hanseatischer Transportversicherer (VHT), and from the MCERT, Wärtsilä and Templar Executives.

The MCERT partnership underpins the formal launch of Lampe & Schwartze Marine Unit’s (L&S MU) new Ship Owner’s Marine Cyber Cover (SOMCC) covering exclusion Clause 380, and provides the basis for a joint approach to protect the maritime industry, especially shipowners, from cyber attacks. MCERT is one of the first companies providing a trusted platform for industry wide collaboration on cyber incident reporting and response and sharing of threat intel, especially for the maritime sector.

‘We are delighted to welcome Lampe & Schwartze onto our Advisory Board. This is the culmination of months working together to incorporate MCERT as an integral part of the process for the cyber cover eligibility,’ said Andrew Fitzmaurice, CEO at Templar Executives.

Mark Milford, VP Cyber Security at Wärtsilä added, ‘This exciting partnership with Lampe & Schwartze brings a new dimension and is a great example of how the MCERT is enabling collaboration and adopting solutions by leading industry players for the industry.’

Anu Khurmi who has been leading the MCERT collaboration with Lampe and Schwartze commented, ‘‘At a time when digitisation and automation are shaping the future of the maritime industry, the spectre of cyber attacks is becoming ever more prominent. Marine insurance has a critical role in facilitating and safeguarding international maritime trade especially if it enables best practices in cyber hygiene and resilience throughout the entire ecosystem.  Lampe & Schwartze are leading experts in complex transport and maritime risks, providing highly specialised insurance concepts such as their ground-breaking SOMCC offering’.

‘Our Ship Owner’s Marine Cyber Cover provides certainty in scope of insurance cover and is a standalone insurance policy covering the exclusions of the clause 380 in hull & machinery policies. Our exciting partnership with MCERT will provide international cyber incident reporting and response and ensure due diligence on vessel operators taking out the SOMCC. In addition, the MCERT has a key role in providing daily alerts and global threat intel which will further help in loss prevention and cyber risk mitigations.’  stated Hans-Christoph Enge, Managing Partner of L&S MU.

In case of a claim or incident, a co-operation between the MCERT and Verein Hanseatischer Transportversicherer (VHT), the tried and tested Hull & Machinery Claims Organization of the German Market, will guarantee a combination of technical, nautical and cyber security know-how thus giving a holistic 24/7 response line. The insurance capacity for the cover is provided by renowned German direct insurer and reinsurers.


Middle East tanker attacks send ship insurance soaring

The recent spike in attacks on tankers near the Persian Gulf is inflating insurance premiums for ships transiting through the wider Middle East, increasing the cost of transporting oil from the region.

Insurance rates for crude oil tankers loading in the Middle East are now up to 20 times higher following the latest attacks.

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UAE added to insurers Joint War Committee risk list following tanker attacks

Following the 12 May sabotage attacks on four tankers off Fujairah the LMA Joint War Commission (JWC) has added the United Arab Emirates (UAE) to its listed areas for Hull War, Piracy, Terrorism and Related Perils.

The decision by the JWC was taken on Friday, following a meeting earlier in the week where it had deferred a decision on amending its list of war risk areas.

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Seafarers not involved in piracy attacks — Union

By Godfrey Bivbere & Cynthia Alo T

The  Nigeria Merchant Navy Officers and Water Transport Senior Staff Association, NMNOWTSSA,  has denied reports linking piracy attacks on the nation’s waterways to seafarers.

The Union explained that the report that was recently carried in some sections of the media is a mere move by unscrupulous individuals to tarnish the image of seafarers noting that no qualified seafarer will be involved in such illegal act.

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Navy seeks better pact with maritime stakeholders for effective prosecution

By Odita Sunday, Jesutomi Akomolafe (Lagos), Kanayo Umeh, Sodiq Omolaoye (Abuja) and Ayodele Afolabi (Ado-Ekiti)

The Nigerian Navy (NN) is seeking better collaboration and understanding with maritime stakeholders for effective prosecution of pirates and sea robbers.

It said that lack of collaboration among relevant government agencies had been the reason why suspects are granted bail in court.

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