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American P&I and American Bureau of Shipping (ABS) continues close collaboration on Loss Prevention initiatives

NEW E-LEARNING MODULE – CHEMICAL TANK – PROMOTES IMO BEST PRACTICES IN ACCESSIBLE FORMAT WITH ANIMATIONS BY IDESS IT

New York, October 27, 2020:  The close collaboration between the American P&I Club and ABS continues to deliver new loss prevention initiatives for the industry.

Leaders in their respective fields, the Club and ABS have worked together to produce a new e-learning module on chemical tanker operations, brought to life by state-of-the-art animations by IDESS IT, a frequent contributor to the American Club’s loss prevention capabilities.

The new e-learning module, entitled CHEMICAL TANK, has been developed in accordance with the IMO Model Course 1.03 Advance Training for Chemical Tanker Cargo Operations – 2016 Edition in compliance with the competency and knowledge requirements as contained in the 2010 STCW Code, Table A-V/1-1-3, Specification of minimum standard of competence in advanced training for chemical tanker cargo operations. It will form an important new addition to the American Club’s growing library of safety and environmental protection related materials.

This initiative is the latest development in an increasingly dynamic collaboration between the American Club and ABS in the field of loss prevention which has, in the recent past, embraced subjects as diverse as measures to prevent injury caused by slips, trips and falls, and the protection of vessels from cyber attack.

Speaking in New York, Dr. William Moore, SVP and Global Director of Loss Prevention at the American Club’s Managers, SCB Inc., said: “We are very pleased to be launching this important new e-learning tool for the promotion of best practices in the operation of chemical tankers. It is even more pleasing to be doing so in conjunction with our friends at ABS with whom we continue to develop new initiatives to enhance the safety of life and limb at sea, and the protection of the environment.”

“ABS is a leader in the classification of chemical tankers, so is uniquely well placed to work with the American Club to develop this industry leading training with the American P&I Club. Together, we are using our strong technical and sector knowledge to help drive safety performance in the industry,” said John McDonald, ABS Senior Vice President, Global Business Development.

Notes for Editors

About the American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA. The American Club has been successful in recent years in building on its U.S. heritage to create a truly international insurer with a global reach second-to-none in the industry. Day-to-day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York. The Club is able to provide local service for its members across all time zones, communicating in a large number of different languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents. The Club is a member of the International Group of P&I Clubs, a collective of 13 mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping. For more information, please visit www.american-club.com.

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations. Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

American Club Managers announce Senior Appointments in New York

Dorothea Ioannou becomes Deputy Chief Operating Officer and Mary (Molly) McCafferty appointed as Senior Vice President and Director of Claims for the Americas

New roles, and growing responsibilities of other senior managers, signify continuing development of key executive team

NEW YORK, JULY 15, 2020:  Shipowners Claims Bureau, Inc. (SCB), the Managers of the American Club, has announced senior appointments to its management team in New York. 

Dorothea Ioannou

Dorothea Ioannou takes on the role of Deputy Chief Operating Officer (DCOO) with immediate effect, and Mary (Molly) McCafferty becomes Senior Vice President and Director of Claims for the Americas as from the beginning of September.

A New York-lawyer by training, and a well-known figure within the global industry at large, Dorothea Ioannou began her career in marine insurance over twenty-two years ago.  She joined SCB’s Piraeus office in 2005, originally as a claims specialist, but quickly moving on to be its Managing Director.  She subsequently led the American Club’s business development activity, regionally at the outset and then globally over the next several years.  Since 2018 Ms. Ioannou has been the Managers’ Chief Commercial Officer.

Molly McCafferty is also a well-known and highly-regarded figure in the maritime community. Her wealth of experience is derived from a career which has included the practice of law, P&I club correspondency and senior executive positions with international shipping companies, most recently as general counsel to a leading operator in the bulk trades.

Molly McCafferty

A US attorney by training, Ms. McCafferty is admitted to the Bars of Connecticut and Florida. Among her many professional affiliations, she is a Member of the Society of Maritime Arbitrators its on its Board of Governors. She is also a Director of New York Maritime, Inc. (NYMAR). As a key member of the senior management team, Molly’s responsibilities at Shipowners Claims Bureau will include the supervision of all claims and related activities across the Americas, in regard to which she will report to Don Moore, Global Claims Director and Joanna Koukouli as his deputy in that role, as required.

As Deputy Chief Operating Officer, Ms. Ioannou will provide support to Vince Solarino, President and COO and, by extension, to Joe Hughes, Chairman and CEO.  Her duties will entail the day-to-day oversight of the Managers’ operating activities in their offices across the world, as well as involvement in the setting of management policy and global strategy in general. She will be supported by key members of the senior management team, each with increasing responsibility as the Club continues to develop its capabilities in fulfillment of its mission for the future.

Ms. Ioannou will relinquish her previous oversight of business development to Tom Hamilton who will now take on that assignment in conjunction with his existing duties as Chief Underwriting Officer, in which position he will continue to oversee underwriting strategy.  Arpad Kadi continues as Chief Financial Officer and Dan Tadros remains as Chief Legal and Compliance Officer.  Their responsibilities will continue to entail oversight, respectively, of the growing complexities of the financial landscape within which the Club operates and of the burgeoning legal and regulatory imperatives to which its business must increasingly be modeled.

Joe Hughes, Chairman and CEO of SCB, commented: “We are delighted to be welcoming Molly McCafferty to the management team at the beginning of September.  Molly will have an important role in the supervision of all claims and related activities across the Americas.  We are also delighted to announce the elevation of Dorothea Ioannou to Deputy Chief Operating Officer.  Dorothea has been a key member of the management team for some time now and has contributed greatly to the success of the American Club, and its other business lines, over recent years.  Her new duties will be of vital importance to the future of the Club in its operations across the world over the years ahead.

“As Dorothea transitions to her new role, and Molly assumes her new responsibilities, I am sure that everyone will wish to join me in wishing them both the very best of good fortune as a part of a dedicated, and developing, senior executive team.”

ENDS

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutual which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades.  Since it commenced underwriting in 2011 with its coventurers at Lloyd’s, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for both the Club and its co-insuring partners.

American Hellenic Hull Insurance Company, Ltd. (AHHIC) is a wholly-owned, Solvency-II accredited hull and war risk subsidiary of the Club, based in Cyprus.  Since it began operating in mid-2016, AHHIC has enjoyed an increasing market presence coupled with growing premium volume and rising profitability.

For more information, please visit the Club’s website http://www.american-club.com/

American P&I Club and ABS Consulting Join Forces to Drive Cyber Awareness for Maritime Insurance

Collaboration between risk management and insurance sectors will focus on education, training and guidance to reduce maritime cyber risk

(Houston) – ABSG Consulting Inc. (ABS Consulting), a subsidiary of ABS focused on safety and risk management, and American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) have joined forces to provide education, training and insurance guidance that address maritime cyber security.

As digital transformation in the maritime industry brings both opportunities and new challenges, owners and operators are relying more on smart technologies and operational data to drive decisions and run their businesses. Comprehensive cyber security programs are not only necessary to protect operations, but are also critical to protect the overall safety of crew and the environment. More frequent cyber attacks, increased digitalization and emerging global regulatory focus are adding to immediate demands to address and reduce cyber risk across the industry’s value chain. Cyber security has become a business imperative and new measures will have an impact on how maritime vessels and facilities will be covered by insurers.

“The safety and security of our members is a priority. Having a better understanding of the tools available, the programs that can be implemented and the integration of these in the marine industry will help us provide better services to shipowners and charterers globally,” says William Moore, Director of Loss and Prevention at the American P&I Club. The work we are going to do with ABS Consulting is going to help us identify how to enhance our policies, and the offerings we need to incorporate to improve the coverage and services we offer to our members.”

“Collaborating with the American Club to build education programs for their members and industry will give us a better understanding of the real challenges we are collectively facing,” says Ian Bramson, Global Head of Cyber Security of ABS Group. “This alliance enables us to develop the tools, training and services that support compliance and help ship owners and operators put protections in place to secure their vessels – from the design and construction phases through continuous operation over their service life.”

About the American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA. The American Club has been successful in recent years in building on its U.S. heritage to create a truly international insurer with a global reach second-to-none in the industry. Day-to-day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York. The Club is able to provide local service for its members across all time zones, communicating in a large number of different languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents. The Club is a member of the International Group of P&I Clubs, a collective of 13 mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping. For more information, please visit www.american-club.com.

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations. Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

About ABS Group

ABSG Consulting Inc. is part of ABS Group of Companies, Inc. (www.abs-group.com), a wholly owned subsidiary of ABS, one of the world’s leading marine and offshore classification societies. Through its operating subsidiaries, ABS Group provides data-driven risk and reliability solutions and technical services that help clients confirm the safety, integrity, quality and efficiency of critical assets and operations. Headquartered in Spring, Texas, ABS Group operates with more than 1,000 professionals in over 20 countries serving the marine and offshore, oil, gas and chemical, government and industrial sectors.

Eagle Ocean Marine (EOM) enters its tenth year of successful operations in the Fixed Premium P&I Sector

Reinsurance for new facility period recently concluded on favorable terms with Lloyd’s and other first-class security

Steady growth, continuing profitability and reputation for exceptional service sustain EOM’s leading position as a dependable player in an unsettled market

NEW YORK, JUNE 9, 2020:  Eagle Ocean Marine (EOM), the American Club’s facility providing fixed premium P&I cover chiefly to the operators of smaller vessels in local and regional trades, has announced further progress in the development of its business as it enters a tenth year of service to the global maritime community.

EOM’s primary security is provided by the American Club but, unlike the latter’s mutual business, its facility years commence on July 1, from which date it traditionally arranges its reinsurance program for the following twelve months.  The renewal of this program was recently completed on favorable terms, mainly with underwriters at Lloyd’s, many of whom have long subscribed to EOM’s business in recognition of its enduring and highly respected presence in the fixed premium P&I market.

Blending the unsurpassed service traditions of an International Group mutual with a responsible approach to risk selection and pricing, EOM has been successful in achieving steady growth with sustained profitability.  This has earned it a secure place in a fixed premium P&I market which has experienced considerable turbulence over the recent past.

Since 2015, EOM has enjoyed a compound premium growth rate of about 17% per annum, with the three most recent years exhibiting an annual average closer to 20%.  The last three years have also seen an increase in tonnage of 34%, and a rise in the number of insured vessels of 52%.  Encouragingly, the average premium per ton has also increased – by about 20% over the period.  As it commences its tenth year of operations, EOM insures a fleet of nearly 1,300 vessels of about 2.5 million gross tons generating a total premium of approximately $15 million.

EOM serves a diverse constituency of insureds.  About 39% of its business comes from Northeast Asia, 32% from South and Southeast Asia, 20% from Europe and 9% from the rest of the world.  All kinds of smaller vessels are represented in its portfolio, the average unit size being a little under 2,000 gross tons.

However, growth and diversity have not come at the expense of profitability:  EOM’s aggregate combined ratio since inception is currently less than 80%.  These results continue to benefit the American Club mutuality, its reinsuring coventurers, as well as EOM’s insureds and other stakeholders who have been sustained by EOM’s reliability in a shifting fixed premium P&I landscape.

Speaking in New York today, Joe Hughes, Chairman and CEO of Eagle Ocean Agencies, Inc., which operates EOM, said: “Eagle Ocean Marine enters its tenth year of service to the global maritime community in excellent shape.  The sterling support recently received from EOM’s reinsurers was a vote of confidence in the sustainability of its business model for the future.  In a world of continuing uncertainty, EOM remains the gold standard in the fixed premium P&I sector.  It looks with optimism at the many exciting opportunities it is poised to develop over the years ahead.”

-ENDS-

NOTE:

Eagle Ocean Agencies, Inc., is a member of the New York-based Eagle Ocean Group of companies – North America’s leading provider of mutual management, underwriting, adjusting, claims handling, surveying and loss consultancy services to the international shipping and insurance communities.  Eagle Ocean Agencies, Inc.’s core business is the provision of coverholder and related services to a variety of insurance carriers.

American Club conducts 2020 Annual Meetings virtually: Reports continuing progress across all business lines

IT and other management capabilities mobilized over recent months to secure unimpaired service in response to COVID-19 pandemic

  • American Club tonnage grows during 2019, premium remains flat
  • Eagle Ocean Marine enjoys steady expansion with continuing profitability
  • American Hellenic Hull reports increasing income and profits, buoyed by higher pricing
  • American Club investments generate a 10.6% in 2019, best in a decade
  • Modest decline in tonnage at 2020 renewal offset by 10% rise in premium per ton
  • Members’ risk profile improves again for 2020, encouraging positive claims outlook
  • Attritional losses stable in 2019, but incidence of larger claims increases
  • 2019 Pool claims develop at elevated levels similar to those of 2018
  • 2017 policy year closed without further call, release call margins for open years maintained
  • 2019 year-end GAAP free reserves grow by 20%, statutory surplus by 18%
  • As COVID-19 pandemic grips the world, IT and other capabilities mobilized to secure unimpaired service to all stakeholders
  • Early impact of COVID-19 muted, but longer-term market consequences uncertain
  • Annual Meeting of Members elects Mr. Weipeng Chen of CCCC International Shipping Corp., Mr. Emmanuel Michelakakis of Global Maritime Group, Inc., Mr. Leon Patitsas of Atlas Maritime, Ltd. and Mr. Joe Hughes of the Club’s Managers as new Directors
  • Annual Meeting of the Directors re-elects Mr. George D. Gourdomichalis and Mr. Robert D. Bondurant as Chairman and Deputy Chairman of the Board respectively
  • Joe Hughes retires as Club Secretary after 20 years’ service.  Ms. Dorothea Ioannou elected by Directors to that position as his successor
Ms. Dorothea Ioannou

NEW YORK, JUNE 19, 2020:  For the first time in its history, Members attending the American Club’s Annual Meeting in New York yesterday did so remotely, in a virtual format made necessary by the COVID-19 pandemic.  Despite the unusual circumstances, Members heard that the Club had made solid progress across all business lines over the previous twelve months, with 2020 having also started on a positive note.

While the shipping and insurance sectors had continued to experience headwinds in 2019, the American Club had nonetheless seen a modest growth in tonnage, although income had remained flat.  However, the Club’s fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades, had continued to expand its market share and revenue while maintaining respectable profitability.  Year-on-year premium growth had been in excess of 10%, while the facility’s cumulative combined ratio remained below 80%.

American Hellenic Hull, the American Club’s fast-growing, Solvency II-accredited hull and war risks underwriting subsidiary domiciled in Cyprus, had enjoyed conspicuous success during 2019, with rising revenue and profits buoyed by higher levels of market pricing.  This had continued with growing momentum into the opening months of the current year.  The company’s results as of end-May, 2020 indicated a year-to-date combined ratio of just over 90%, driven, among other factors, by a 29% increase in rates on renewing business.  Rising profitability was expected over the months ahead.

The American Club’s attritional exposures during 2019 had remained stable by comparison with the previous year, but the incidence of larger claims had increased over the period.  The experience of the International Group’s Pool in 2019 had been broadly the same as that of 2018, while the early development of exposures into 2020 suggested a continuation of the elevated level of losses which had characterized the two earlier years.  It was encouraging to note, however, that the Club’s retained claims had emerged in a relatively benign manner over the opening months of the current policy year.

The 2019 financial year had seen a 10.6% return on the Club’s investment portfolio, the best result in a decade.  This, together with a 48% increase in net premium and assessments earned by comparison with the previous year, some of which was attributable to supplementary calls for 2016 and 2017 (formally closed without further call at the meeting), and a 6% reduction in management overhead, had contributed to a year-end increase in the Club’s GAAP free reserves of 20%, in tandem with a rise of 18% in statutory surplus.

Having adopted a zero-general increase for the 2020 renewal, the American Club nevertheless experienced an increase in average P&I rates per ton of about 10%, albeit with a modest reduction in overall tonnage against a background of membership consolidation.  It was also encouraging to note that, partly in consequence of that consolidation, the risk profile of the existing membership had improved once again for 2020, implying a favourable claims outlook for the future.

The meeting was told that, in early 2020, the “lockdowns” precipitated in many parts of the world by the COVID-19 pandemic, together with their social, economic and political implications, had created new and unprecedented challenges for the American Club and its related businesses. 

Happily, with the active support of its Board, the Club’s Managers had been able to respond with agility to these new circumstances, adapting traditional modes of operation to take account of remote working in a virtual environment.  The Managers’ IT and other capabilities had been marshalled to considerable effect in responding to these new realities to secure unimpaired service to all the Club’s and EOM’s stakeholders.  The early impact of COVID-19 on the Club, EOM and American Hellenic Hull had been muted, but the longer-term consequences for the marine insurance sector at large remained uncertain.

At the Annual Meeting of the Members, Mr. Weipeng Chen of CCCC International Shipping Corp., Mr. Emmanuel Michelakakis of Global Maritime Group, Inc., Mr. Leon Patitsas of Atlas Maritime, Ltd. and Mr. Joseph Hughes of the Club’s Managers were elected as new Directors.  Messrs. Nicholas Tragakes and Mr. Lianyu Zhu retired from the Board at the meeting, and were thanked most warmly for their contribution to the Club’s affairs over their years of service.

The Board also noted with sadness the death, in April 2020, of Mr. Richard H. Brown, Jr.  Dick Brown was one of the leading maritime lawyers of his generation and had been a servant of the American Club for some forty years as General Counsel and, more recently, as a member of its Board.  He had participated in the affairs of the Club over much of its recent, transformational development in which he played an important role. He would be much missed by all who had been privileged to know him.

At the Annual Meeting of the Directors, which took place immediately after that of the Members, Mr. George D. Gourdomichalis of Phoenix Shipping and Trading S.A. and Mr. Robert D. Bondurant of Martin Resource Mgmt. Corp. were re-elected as, respectively, Chairman and Deputy Chairman of the Board.

At the same time, Mr. Joseph Hughes, Chairman and CEO of the Club’s Managers, Shipowners Claims Bureau, Inc., retired as Club Secretary after twenty years’ service in that role.  Ms. Dorothea Ioannou, Deputy Chief Operating Officer of the Managers, was elected Secretary in his stead.  In addition, Mr. Lawrence J. Bowles was re-elected as General Counsel.

Speaking in connection with the Annual Meeting, Mr. Gourdomichalis, the Club’s Chairman, said: “2019 was not an easy year for P&I underwriters.  In common with its counterparts elsewhere in the International Group, the American Club encountered headwinds in conducting its business and had to make difficult choices in several areas.  However, with the unwavering support of its membership, the Club was able to make solid progress in achieving many of its longer-term goals.  More recently, the challenges of the COVID-19 pandemic have caused the Club to adopt new and agile responses to the needs of its Members. We have weathered the storm with some success, I believe, and are well placed to exploit the post-pandemic insurance landscape of the future.”

Joe Hughes, Chairman & CEO of Shipowners Claims Bureau, Inc., the Club’s Managers, also commented: “2019 brought both challenges and opportunities for the American Club and its related businesses.  Attritional claims remained stable, but larger exposures continued to rise.  Premium pricing strengthened across all insurance lines.  Investment earnings were the best for a decade.  Difficult decisions to levy calls on earlier years were made to ensure continuing balance sheet strength.  Loss prevention initiatives multiplied.  The management team was strengthened through the acquisition of new, and redeployment of existing, professional talent. Both Eagle Ocean Marine and American Hellenic Hull performed conspicuously well.”

He continued: “The COVID-19 pandemic over recent months has generated an unprecedented mobilization of management resources, geared to entirely new ways of working, to secure unimpaired service to our stakeholders.  Despite the exigencies of the present, my colleagues and I look forward with optimism to the many opportunities for future growth and development which will gain further momentum when normal conditions return.”

ENDS

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades.  Since it commenced underwriting in 2011 with its coventurers at Lloyd’s, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for both the Club and its co-insuring partners.

American Hellenic Hull Insurance Company, Ltd. (AHHIC) is a wholly-owned, Solvency-II accredited hull and war risk subsidiary of the Club, based in Cyprus.  Since it began operating in mid-2016, AHHIC has enjoyed an increasing market presence coupled with growing premium volume and rising profitability.

For more information, please visit the Club’s website http://www.american-club.com/

American Club Urges Industry to Step Up Care of Seafarers Mental Health

Protection & Indemnity (P&I) insurers American Club and Eagle Ocean Marine issue advice on key action points that can immediately make a difference in a video log entitled ‘Seafarer Mental Wellness –  Five Things the Industry Can Do Now’.

NEW YORK, June 11, 2020

Continuing their commitment to supporting seafarers and ship owners in the challenging times precipitated by the COVID-19 pandemic, American Club and Eagle Ocean Marine (EOM) have made available key advice on maintaining seafarers’ mental health via a video log (Vlog).  It is available on the Club’s Youtube channel: https://youtu.be/GmFig5RjBVI

Joe Hughes, Chairman & CEO Shipowners Claims Bureau, Inc., Managers for the American Club, commented:

“Already of major concern to those involved in the shipping industry, the condition of seafarers’ mental well-being has become more critical during the COVID-19 pandemic.  Since the outbreak of the pandemic we, at the American Club and Eagle Ocean Marine, have attempted to bring the need for action to the attention of owners, managers and authorities alike.”   

“We expressed our, as well as our Members’ and business partners’ support for all mariners through our ‘Weathering the Storm’* video last month, and now want to inject some practical advice into what has become a global, industry-wide campaign.”

Using the most accessible and expressive of channels of communication to deliver its advice the ‘Seafarer Mental Wellness – Five Things the Industry Can Do Now’ Vlog is presented by the Club’s Managing Director in Hong Kong, Chris Hall with clarity and relevance to the current situation.

 “The crucial aspect of ameliorating the plight of many seafarers suffering from depression and anxiety is a clear understanding of the problem and taking straightforward and effective action,” he said. 

 Mr. Hall continues, “Even before the pandemic took hold, an ITF survey, in collaboration with Yale University, identified that 20% to 25% of seafarers were suffering from some form of mental ill-health.  COVID delays in crew changes have been well documented. Unexpected extensions to contracts and voyages have exacerbated the problem. This was the primary reason, the same survey concluded, for higher levels of anxiety and depression.”

The Vlog contains five key actions, which start with simple recognition of the situation, without which nothing effective can be achieved, and go on to proffer advice on prioritizing the provision of assistance to crew members through counselling; encouraging on-board social activity, communication and mutual understanding; widespread adoption of anti-virus best practice to engender a sense of control; and consultation with seafarers in preparing mental wellness policies and programs.

“Practical engagement with our owners and the crew members who work with them in response to critical issues has always been the approach of the American Club and EOM.  We hope the preparation of this Vlog, and others that we plan for the future, given the face-to-face nature of the information delivery that it affords, will help bring more effective care for seafarers in the future,” concluded Hughes.

The Club is providing constantly up-dated advice to its Members and those insured by EOM on issues related to the COVID-19 pandemic.  This addresses a variety of concerns that owners have expressed including the welfare and protection of their workforce.  The dedicated webpage can be accessed here  https://www.american-club.com/page/COVID-19

*https://www.youtube.com/watch?v=MVTBZ0v1w4Q

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades.  Since it commenced underwriting in 2011 with its coventurers at Lloyd’s, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for both the Club and its co-insuring partners.

American Hellenic Hull Insurance Company, Ltd. (AHHIC) is a wholly-owned, Solvency-II accredited hull and war risk subsidiary of the Club, based in Cyprus.  Since it began operating in mid-2016, AHHIC has enjoyed an increasing market presence coupled with growing premium volume and rising profitability.

For more information, please visit the Club’s website http://www.american-club.com/

AMERICAN CLUB AND EAGLE OCEAN MARINE ISSUE VIDEO HONORING SEAFARERS

“Weathering the Storm” salutes heroes of the sea in turbulent times

NEW YORK, MAY 20, 2020:  The American Club and Eagle Ocean Marine (EOM) have produced a video entitled ‘Weathering the Storm’ which salutes the service of seafarers in these turbulent times as they seek to protect themselves in their vital work, at sea and in port, against the ravages of COVID-19.

The video can be accessed here: https://www.youtube.com/watch?v=MVTBZ0v1w4Q

Joseph E.M. Hughes, Chairman & CEO Shipowners Claims Bureau, Inc., Managers for the American Club said:

“As seafarers labor in their essential role of enabling global trade, they must now confront the perils of the present pandemic, such as isolation, with the same composure as that with which they traditionally confront the perils of the sea.

In this presentation we honor these heroes of the sea as they weather the storm during the COVID-19 crisis and continue with the vital role they play on the frontlines of the global economy.”

The Club is providing constantly up-dated advice to its Members and those insured by EOM on issues related to the COVID-19 pandemic.  This addresses a variety of concerns that owners have expressed including the welfare and protection of their workforce.  The dedicated webpage can be accessed here  https://www.american-club.com/page/COVID-19

The video has been compiled with the generous cooperation of crews currently serving on vessels owned by Members of the Club, those insured by EOM and other business partners.  A roll call of these organisations can be found below

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades.  Since it commenced underwriting in 2011 with its coventurers at Lloyd’s, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for both the Club and its co-insuring partners.

American Hellenic Hull Insurance Company, Ltd. (AHHIC) is a wholly-owned, Solvency-II accredited hull and war risk subsidiary of the Club, based in Cyprus.  Since it began operating in mid-2016, AHHIC has enjoyed an increasing market presence coupled with growing premium volume and rising profitability.

For more information, please visit the Club’s website http://www.american-club.com/

With thanks to the following for their cooperation: Andrew Moore & Associates ; Beacon Marine ; China Communication Construction Co. Ltd ; Concord Marine ; Constellation Marine Services ; Denmarex ; Eurotankers Inc. ; Evdemon & Partners ; Henderson International Group ; Highend Maritime Consultant ; IMCS Med; K’s Associates ; Kozen Marine Survey ; Meratus Advance Maritim ; National Survey Joint-Stock Company ; New Legend International Marine Co., Ltd ; New Legend International Marine Co., Ltd ; Orient Marine Services ; Patriot Contract Services, LLC ; Patriot Contract Services, LLC ; Protis Surveys ; Quest Marine Services ; Sealift Inc; Seamen’s Church Institute ; Waruna Nusa Sentana ; Wei Xu Investment Holdings Ltd ; Winson Group

AMERICAN CLUB ENJOYS A SOLID 2020 P&I RENEWAL

BOTH MUTUAL AND FIXED PREMIUM SECTORS RECORD CREDITABLE PERFORMANCES

AMERICAN HELLENIC HULL SEES SHARP INCREASES IN PREMIUM AND PROFITABILITY

RECENT RESULTS AUGUR WELL FOR FORTHCOMING YEAR AND BEYOND

  • Year-on-year premium revenue across Club’s mutual business remains flat at February 20.
  • Average rate per gross ton for Club’s mutual P&I business increases by 10% for 2020.
  • Year-on-year tonnage across Club’s mutual business declines by about 9% overall.
  • Loss ratio on continuing business improves yet again, implying favorable claims outlook.
  • Funds under investment generate a 10.6% return for 2019, best in a decade.
  • 2019 financial year surplus forecast to grow by over 20% over previous year-end.
  • Free reserves per ton expected to show considerable increase into first quarter of 2020.
  • Retained claims for 2019 track higher than 2018, while Pool exposures remain above trend.
  • Eagle Ocean Marine continues to make excellent progress in fixed premium sector.
  • American Hellenic Hull’s impressive 2019 results gain further momentum as 2020 begins.
  • Club sees bright future of expanding opportunities across all lines of business over the years ahead.

NEW YORK, FEBRUARY 24, 2020:  Despite challenging conditions in both the shipping and insurance sectors, the American Club enjoyed a solid performance over the 2020 P&I renewal season.  Both its mutual and fixed premium P&I portfolios acquitted themselves well, while American Hellenic Hull has continued to grow its premium and profitability, gaining yet further momentum since the beginning of the year.

Year-on-year premium for the Club’s mutual P&I class remained flat, while a small decline in revenue for its Freight, Demurrage and Defense (FD&D) business was matched by a commensurate increase in premium for charterers’ entries, so that total income on renewal will be virtually identical for 2020 to that of the previous year.

Premium attributable to renewing P&I entries for 2020 saw an increase, in cash terms, of approximately 1.5%.  However, taking into account increases in deductibles, in some cases significant, the modification of terms applying to the application of deductibles generally, and changes to other insurance conditions, the overall premium increase, as if expiring terms had prevailed, was closer to 5%.

Tonnage in the Club’s mutual P&I class declined by about 9% to approximately 17 million gt overall.  Its Freight, Demurrage and Defense (FD&D) entries also moved lower somewhat in tonnage terms, again by about 9%, to 10.7 million gt but, as mentioned above, almost all of this was offset by an increase in daily tonnage on risk in regard to the Club’s charterers business.

However, in consequence of the countervailing trends described above, and notwithstanding the Club’s decision not to apply a standardized, or general, increase for 2020, average P&I rates per ton on mutual business increased by about 10% year-on-year, an encouraging sign for the future.

The Club’s P&I business renewing into the 2020 policy year enjoys a trailing five-year loss ratio of only 41% compared with 48% twelve months earlier.  This suggests a positive trend for future losses, as an improving profile for continuing Members can be expected to moderate prospective exposures over the years ahead.

As to the performance of its funds under investment, the Club enjoyed a 10.6% return over the year to December 31, 2019, the best result in a decade.

Retained claims for 2019 are not emerging as favorably as they did in 2018, although they remain largely within the original budget set for the year.  Pool claims for 2019 are developing in an above-trend direction, similar to that for 2018, notwithstanding that the American Club, once again, had no claim on the Pool for its own account during the year.

Although the American Club’s year-end 2019 financials remain to be formally concluded, preliminary indications point to the positive development of certain important metrics.  Surplus is expected to grow by more than 20% by comparison with the previous year.  Free reserves per ton for 2020 are also forecast to rise, being likely to settle in the area of $4.15 on a statutory basis within the first quarter of 2020.

The American Club’s fixed premium brand, Eagle Ocean Marine (EOM), has continued to make progress into the beginning of 2020.  Premium for the 2019/20 policy period to date has grown by 23% over the figure for the previous year at the same point and is forecast to exceed $14.5 million in total for the current facility year, a record.

Aimed at the operators of smaller vessels in local and regional trades, with a substantial footprint in Asia, EOM continues to be a steady contributor to the American Club’s mutual membership, enjoying a cumulative combined ratio of about 77% since inception.  As the fixed premium P&I space continues to undergo transition and realignment, the attraction of EOM as a haven of stability, and the gold standard for service provision, will continue to energize its development.

American Hellenic Hull, the Club’s hull and war risks underwriting subsidiary, has performed conspicuously well over the past twelve months.  Preliminary results for the financial year to December 31, 2019 disclose sharp increases in both revenue and profitability, buoyed by higher levels of market pricing.

Earned premium grew by about 90% over the previous year to approximately $16.7 million in 2019, while pure underwriting profit rose by about 400% to $3.6 million.  The bottom-line result for 2019 was marginally below break-even, a notable improvement on the comparatively small, but inevitable, losses sustained during the company’s start-up period.

Indeed, the strong earnings generated by American Hellenic Hull in the second half of 2019 have gained yet further momentum into the early part of the current year, with tonnage insured, underwriting income, operating profitability and balance sheet strength all maintaining an impressive upward trajectory.

Commenting upon the confluence of these positive trends across the American Club’s diversified portfolio of interests, Joe Hughes, Chairman and CEO of SCB, Inc., the Club’s managers, said:  “Although difficult business conditions prevail in both the shipping and insurance sectors, the American Club’s recent experience has been highly encouraging.  The 2020 renewal of the Club’s mutual P&I and FD&D entries proceeded in a very respectable direction, while both EOM and American Hellenic Hull have performed with real distinction over recent months.

“My colleagues and I see exciting prospects ahead of us.  We live in challenging times, but we are certain that the difficulties of the present will generate opportunities for the future.  These opportunities will be found across the increasingly broad marine insurance landscape which the American Club, by virtue of its diversified capabilities, is now richly equipped to develop over the years to come.”

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

The American Club also operates a fixed premium facility, Eagle Ocean Marine (EOM), aimed at the operators of smaller vessels in local and regional trades.  Since it commenced underwriting in 2011 with its coventurers at Lloyd’s, EOM has enjoyed considerable success in building a growing footprint in this specialist market and generating strong profitability for both the Club and its co-insuring partners.

American Hellenic Hull Insurance Company, Ltd. (AHHIC) is a wholly-owned, Solvency-II accredited hull and war risk subsidiary of the Club, based in Cyprus.  Since it began operating in mid-2016, AHHIC has enjoyed an increasing market presence coupled with growing premium volume and rising profitability.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

Industry-Leading Study of $246m of Injury Claims Offers New Shipping Safety Insight

ABS, The American Club, and Lamar University Call for Better Maritime Injury Reporting 

(HOUSTON) ABS, the American Club, and Lamar University (Lamar) are calling on industry to advance the cause of safety at sea with more comprehensive reporting requirements for injury and near miss reporting.

The call follows an industry-wide project analyzing more than 12,000 injury records with a financial cost of $246m and a further 100,000 near miss reports from the ABS and Lamar Mariner Safety Research Initiative (MSRI) and nearly a decade of data from the American Club. 

The research offers unprecedented insight into the nature of accidents at sea but inconsistent data along with a lack of consistency and comprehensiveness have led the American Club, ABS, and Lamar to urge industry to adopt a comprehensive new standard for maritime injury reporting.

“Nothing is more important to ABS than the safety of the men and women working at sea. This project offers a deeper insight into how and where seafarers are being injured and also highlights what industry can do to take our understanding of safety to the next level,” said Christopher J. Wiernicki, ABS Chairman, President and CEO.

The research reveals how injuries sustained while lifting or in slips, trips/falls are the most frequent incidents at sea, with more than 1,300 incidents in this study’s dataset. According to the American Club data, these incidents cost in excess of $85m for the six-year period studied. The average cost per incident exceeds $65,000: lifting incidents averaged $48,000; falls and trips averaged $88,000; slips averaged $56,000. Looking at costs and anatomical locations, the two most costly body locations were the head and neck, averaging just over $100,000 per incident followed by the back and torso at $66,000.

Joseph Hughes, the Shipowners Claims Bureau’s Chairman and Chief Executive Officer, “Shipping is currently navigating through a digital era in which asset owners are increasingly able to use the power of operational data to predict potential failures. As those capabilities grow, the industry would be well counselled to also get ‘smarter’ about how it compiles and uses its safety data.”

“This industry, academic, and class partnership provided valuable insight into the financial impact of injuries across the maritime industry. This is another tool to help provide better solutions to help prevent the occurrence and reoccurrence of maritime injuries. We all believe that this partnership will help improve the welfare of the maritime industry’s most valuable asset: its seafarers,” said Dr. Brian Craig, Lamar University, Dean of Engineering and Co-Director of the Mariner Safety Research Initiative.

A PDF of the report accompanies this press release.

ENDS

About ABS

ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design and construction. Focused on safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance and operational efficiency for marine and offshore assets.

About the American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual protection and indemnity club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Houston, Piraeus, Hong Kong and Shanghai, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.


About Lamar University

Home to more than 15,000 students, Lamar University (LU), near Houston in Beaumont, Texas, is among the state’s fastest growing colleges and universities, and is a member of The Texas State University System. LU offers more than 100 programs of study leading to bachelors, masters and doctoral degrees.

The university has been nationally recognized for the quality of its core curriculum and the diversity of its student body. LU stresses academic achievement by emphasizing hands-on learning at all levels, providing ample opportunities for undergraduate research and supporting an excellent Honors Program. The university is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools. Several LU colleges and programs hold additional specialized accreditations, including the five undergraduate engineering programs in the College of Engineering. LU also is home to the many unique programs including the Center for Advancements in Port Management, the Center for Innovation, Commercialization and Entrepreneurship, and the Mariner Safety Research Initiative.

American Club presents buoyant Annual Market Review

  • Recent trends and future outlook extensively reviewed.
  • Recent balance sheet strengthening normalizes key financial indicators.
  • No standardized, or general, increase for 2020, but properly calibrated risk pricing mandated for renewal.
  • Eagle Ocean Marine fixed premium facility maintains steady growth and profitability.
  • American Hellenic Hull see excellent outlook as market provides strong impetus on pricing.
  • Recent augmentation of Managers’ professional resources enhances service capabilities.
  • Marine insurance sector at large suggested to be at secular inflection point.
  • Club sees outstanding prospects across all lines as industry evolves favorably for quality insurance providers.

NEW YORK, LONDON AND ATHENS, THURSDAY DECEMBER 5, 2019:  The American Club recently made market presentations to its considerable constituencies of Members, brokers and other friends and supporters in both London and Athens.  Its gathering in London on December 3 was hosted at Trinity House, while its reception in Athens on December 5 took place at the Yacht Club of Greece in Piraeus.

The presentations provided a full spectrum of up-to-date information concerning the Club’s mutual and fixed premium business.  They also included a report on recent developments at American Hellenic Hull Insurance Company, Ltd., a Cyprus-based subsidiary of the Club and a leading hull and war risks underwriter with a growing portfolio of high-quality international clients.

Those present at both events heard how the Club’s recent decisions in regard to supplementary calls were aimed at balance sheet strengthening and the normalization of key financial indicators.  For the 2020 renewal, although no standardized, or general, increase was being sought by the Club, its Board expected to see a year-on-year increase in the pricing of risk for 2020 of a magnitude reflecting future exposure.  This policy was intended to embrace not only the need for cash rises but also, as individual cases might dictate, changes in deductibles and/or other terms of entry.

Eagle Ocean Marine, the American Club’s fixed premium product aimed at the operators of smaller vessels in local and regional trades, continued to exhibit both solid growth and respectable profitability.  Against a background of upheaval in recent times among other insurers in this space, Eagle Ocean Marine was now widely regarded as a haven of acknowledged quality to those seeking a gold standard of coverage and service.

In explaining the background to recent developments at American Hull Insurance Company, Ltd., its CEO, Mr. Ilias Tsakiris, pointed to the steady development of its business plan which continued to see an expanding client base and rising premium rates.  The hardening of the market over the past twelve months had given further impetus to American Hellenic Hull’s financial development and, most importantly, growing profitability during the second half of the year.  This was an encouraging sign both for the hull underwriter itself and for the contribution it made to the American Club’s business.  There was every reason to expect continuing success into 2020 and beyond.

In addition to Mr. Tsakiris, Mr. Vince Solarino, President and Chief Operating Officer of SCB, Inc., the Managers of the American Club, and Ms. Dorothea Ioannou, SCB’s Chief Commercial Officer, also described recent operational changes which had been made within the Managers’ offices across the world.  Specifically, they referred to the augmentation of the Managers’ capabilities through the reorganization of their existing resources, the recruitment of new professional talent, both at headquarters and overseas, and other initiatives aimed at securing further success over the years ahead.

Mr. Joe Hughes, Chairman and CEO of SCB, Inc., noted that 2020 would mark the twenty-fifth anniversary of the implementation, in 1995, of the American Club’s strategy of growth and diversification, then entitled Vision 2000Over the intervening years, and through several business cycles, the Club had been successful in building a market presence and range of proficiencies exponentially greater than those it possessed when that strategy began.  This augured very well for the future.

In reviewing trends affecting not only P&I but the market at large, Mr. Hughes said that the “great claims moderation of recent years” had ended.  Premium erosion continued to challenge operating results while the solid investment returns for 2019 – at least as experienced by the American Club – would be challenged by a cloudy outlook for 2020.

Mr. Hughes continued: “An urgent need has arisen for the proper calibration of risk pricing to exposure.  With the landscape at Lloyd’s and elsewhere undergoing transformational change, it appears that the marine insurance sector has reached a secular inflection point.  Indeed, the market upheavals of the last twelve months have left much of the industry in a state of flux.  But, however this might be characterized, there can be no doubt that recent turmoil foreshadows extraordinary potential for the future.

“The American Club, across all its business lines, has achieved much in recent years and great opportunity lies ahead.  The Club, Eagle Ocean Marine and American Hellenic Hull are poised to exploit a newly emerging business landscape, Eagle Ocean Marine as a haven of acknowledged quality within its sector and American Hellenic Hull fortified by its increasing profitability and excellent outlook.  Above all, service to Members, insureds, brokers and the many other stakeholders in our business will be of paramount importance.  Staying ahead of this curve of expectation will remain a critical imperative.

“Despite recent challenges, and those which the future will inevitably bring, the Club, Eagle Ocean Marine and American Hellenic Hull can justifiably look forward to excellent prospects of unsurpassed potential across all business lines as the industry evolves over the years ahead.”

ENDS

Notes to Editors – The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong, Shanghai and Houston, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping. For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations.

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.