Choice Of Law In Marine Insurance -- What’s SCOTUS Going To Do?
Choice of law clauses are a valuable tool for parties to preemptively decide which jurisdiction’s laws should apply to the enforcement and interpretation of insurance policies.
April 19, 2023
Litigation
Marine
Seattle Marina Fire Destroys 30 Boats, Arson Suspect Arrested
Flames engulfed a marina in Seattle’s University District, burning dozens of boats early Wednesday. According to the Seattle Fire Department, as many as 30 boats at a dry rack storage facility were burning when firefighters arrived and the fire had spread to an adjacent warehouse.
March 22, 2023
Marine
Washington
Key Trends Driving Marine Claims Activity
Fire and explosion incidents are behind the most expensive insurance claims in the marine industry, while cargo damage is the most frequent cause of loss, according to a report by Allianz Global Corporate & Specialty (AGCS).
November 23, 2022
Marine
Removing Damaged Boats: Florida’s Marine Towing and Salvage Companies Swamped
Heather O’Brien’s phone hasn’t stopped ringing in the two weeks since Hurricane Ian hit. O’Brien, who along husband Capt. Pat O’Brien has owned the Fort Myers Sea Tow franchise since 1996, already has responded to ‘hundreds’ of situations where boats were sunk or displaced or need to be recovered because of the storm.
October 18, 2022
Marine
Salvage
Florida
Breakdown of America’s Largest P/C Carriers
Property and casualty insurance providers across the country wrote more than $797 billion in premiums in 2021, generating about $767 billion in earned premiums, the latest industry report from the National Association of Insurance Commissioners’ (NAIC) has revealed.
October 10, 2022
Auto
Insurance Industry
Liability
Life & Health
Marine
Marina Boat Storage Subrogation: Navigating Storage Agreement Exculpatory Clauses
On Friday, August 19, a huge fire ripped through the historic and family-owned Mattapoisett Boatyard in southern Massachusetts, a short distance south of MWL’s Boston office. The fire destroyed five buildings, three dozen cars, and countless expensive boats.
September 1, 2022
Auto
Marine
Subrogation
Massachusetts
Massachusetts Boatyard Fire Torches Buildings, Cars, Boats
A huge fire at a marina in Mattapoisett, Massachusetts, on Friday left several boats and vehicles as burned-out shells and produced a plume of black smoke so thick it was picked up by weather radar.
August 22, 2022
Auto
Marine
Property
Massachusetts
Navigating The Perils Of General Average
Ocean transportation procurement teams and vessel owners alike would do well to pay close attention to the effects of recent notable maritime perils that have triggered claims for general average.
June 16, 2022
Marine
Ukraine Conflict Industry Loss Could Exceed $20B
The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS.
April 18, 2022
Catastrophe
Excess & Surplus Lines
Insurance Industry
Marine
Property
Lloyd’s Aims to Cancel Insurance Policies of Sanctioned Russian Businesses
Lloyd’s of London has announced that it is working with the government of the United Kingdom for the implementation of sanctions against Russian firms due to the war in Ukraine, including cancelling their insurance policies.
April 1, 2022
Excess & Surplus Lines
Insurance Industry
Marine
Sunken Auto Carrier Claim Losses Could Reach $155M
A burnt-out cargo ship carrying thousands of luxury cars, including Porsches and Bentleys, sank on Tuesday off the Portuguese Azores archipelago nearly two weeks after it caught fire, a port official said.
March 3, 2022
Marine
Burning Cargo Ship Full of Porsches Adrift in Atlantic Ocean
A cargo ship carrying vehicles from Germany to the U.S caught fire in the Atlantic Ocean on Wednesday and remains adrift near the Azores Islands. The Portuguese navy rescued all the 22 crew members from the ship, named the Felicity Ace, which was scheduled to arrive in the Port of Davisville, Rhode Island, on Feb. 23.
February 18, 2022
Marine
Vehicle Battery Caused Weeklong Freighter Fire At Port Of Jacksonville
An electrical fault from an improperly disconnected battery in a used vehicle led to the fire aboard a cargo ship docked in Florida that resulted in $40 million worth of damage, officials said Thursday.
December 17, 2021
Marine
Salvage
Florida
Port Logjams Exacerbate Supply Chain Risks
The chocked-up marine supply chain, as illustrated by news photos of ships sitting at ports for long periods waiting to be unloaded, is becoming an issue of increasing concern to the insurance industry.
November 1, 2021
Marine
Salvage Operation Of Cargo Ship Golden Ray Largest In U.S. History
An official providing an update on the Golden Ray wreck removal off the coast of Georgia said it is the largest in United States history and required more than 3 million collective man-hours.
October 27, 2021
Marine
Salvage
Georgia
