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The fundamental factors of underwriting marine cargo insurance lie within a world fraught with international intriguestorms and crime. Marine underwriters stand ready to reimburse your marine insurer for ocean shipments, delayed, lost in transit or stolen. The underwriting process spreads a loss out through several re-insurers or groups of re-insurers called managed syndicates, so that no one entity risks an unacceptable loss. They type of cargo, whether it is finished goods, refrigerated goods, pharmaceuticals or machinery, makes a difference in the underwriting.
An underwriter would not insure refrigerated cargo shipped in an unrefrigerated container. A single piece of machinery may be worth more than a whole shipping container full of clothing bound for a discount store, so it represents a greater potential loss to the underwriter. Customs regulations may bar or delay the entry of some goods. Because late arrivals or government seizure are things underwriters insure against, these regulations become another fundamental factor in the underwriting process.
The packaging of the commodities influences the decision to underwrite, as well. If, for example, a shipment of automobile parts were packed so that the humid atmosphere inside a shipping container would cause water to settle on the parts, causing rust, the underwriter might exclude rust from their protection. Weather is always a potential hazard at sea, so marine cargo underwriters always consider the seasonal weather along the route of the shipment. Because underwriters bitcoin international group limited hospital indemnity insurance against late delivery, as well as loss or damage, the port of origin and the destination port are considered.
Some ports, where inefficiency and theft are prevalent, give underwriters pause. The risks in marine cargo insurance underwriting are not the same as its hazards. A risk is not inevitable, whereas the hazards of the marine Panama Canal, to accommodate ships greater than feet in length, ship sizes are increasing.
The loss of a ship means a greater risk for a larger loss. Loss of cargo to theft also is an increasing concern. Theft from shore facilities, such as warehouses and storage yards at ports, also is a risk insurers consider. When cargo is deliberately jettisoned from a ship for the safety of the ship and crew, the loss to one shipper is shared by all shippers.
Marine cargo underwriters insure against general average by assessing the condition of the ship and the experience of the captain and crew.
Marine cargo underwriters, like all insurance people, look at the worst-case scenario. For many, the worst-case scenario is serving as the underwriter on both ships in a collision between two large ships. If two such ULCCs collided, the loss could include not only the ship, but the cargo, the cost of litigation — which the underwriters also may insure — environmental cleanup costs and government fines.
More than maritime incidents were reported in the six months from January to Juneranging from the grounding of cargo ships, collisions at sea and in port, water ingress, engine failure through to suspected piracy — with the crew, ships and cargo reported missing for months on end. These perils represented significant financial losses to cargo owners without the requisite marine insurance to protect their financial interests in their cargo, and in particular, for general average losses.
Many importers and exporters run the gauntlet of not insuring their cargo in a bid to save on costs, the reality is that goods in transit are highly susceptible to damage by fire or storm, theft, jettison or mishandling. Cargo insurance is an essential means to guard against serious financial loss, and in particular as the application bitcoin international group limited hospital indemnity insurance general average losses grow and become more commonplace.
If the sacrifice is successful, all parties contribute to the loss based on a percentage share that their cargo value bears to the full value of loss suffered, with the maximum contribution not exceeding the full value of their cargo. For any business without adequate marine insurance cover in place, this kind of exposure can be particularly devastating.
Stalking is unwanted or tormenting attention by an individual or group toward another person. Stalking behaviours are related to intimidation and harassment.
It may include following the victim or monitoring them. The word stalking is used, with some differing meanings, in psychology and psychiatry and also in some legal jurisdictions as a term for a criminal offence. It may be advisable for a potential victim to invest in a Stalker Insurance policy. Having been used since at least the 16th century to refer to a prowler or a poacher, the term started to be used by the media in the 20th century.
People noticed that she obsessed over the songstress. She had what would be considered a shrine to the singer in her home, complete with posters, candles and videos. Selena met with Salvidar to retrieve essential tax documents on 31 March This is when the former employee shot and killed Selena.
Saldivar was found guilty of murder and sentenced to life in prison. Stalking is a crime usually associated with A-list celebrities, but its on the rise in the general population.
Social media offers stalkers a new platform through which to identify and fixate on their victims. The Bitcoin international group limited hospital indemnity insurance Government updated stalking legislation for the first time in 15 years after it conducted a large scale investigation into the issue in In the United States, during a 12 month period, an estimated 3.
Stalking is defined as a course of conduct directed at a specific person that would cause a reasonable person to feel fear. To date, a stalker insurance policy has been offered by insurers against stalking has largely been reactive — crisis- response measures triggered by a stalking incident taking place. However, a new product has come to market which aims to reduce the risk of individuals falling prey to stalkers in the first place.
The cover is extended to include a benefit for assault, and forms part of a bigger policy that also covers kidnap, extortion, hijack and detention risks. There has been work done on something similar in the past, but the product design — which concentrated on the provision of armed guards after a loss, often for long periods of time, made it expensive and it never really got off the ground, said Imogen Lyndon-Skeggs, Underwriter and Director at Griffin.
Nobody ever wants to think it is going to happen to them, so the product was wrongly positioned. A policy designed to help make sure it does not happen in the first place is much more attractive than one that only covers you once it has happened. Demand for the product is highest amongst film, music and sports stars — heroes who attract fixated followers.
A stalker insurance policy can be used by any at-risk individual or employers wishing to protect their executives or employers. One of the biggest challenges of underwriting the risk is identifying whether or not the insurer is already a victim.
The insurance company has to be careful that people are not buying the coverage because they are worried that they are already being stalked. Preventative training can help potential victims reduce the risk of falling victim to a stalker. It all boils down to being sensible about how you behave. Not having predictable lifestyles, not always using the same car and travel routes.
Homeless Robert Dewey Hoskins was jailed for 10 years in after repeated violent threats and three attempts to get close to singer Madonna — the last of which saw him shot and wounded by bodyguards.
Psychologists often group individuals who stalk into two categories: Rejected stalkers pursue their victims in order to reverse, correct or avenge a rejection e. Intimacy seekers seek to establish an intimate, loving relationship with their victim.
Such stalkers often believe bitcoin international group limited hospital indemnity insurance the victim is a long-sought-after soul mate, and they were meant to be together. Incompetent suitors, despite poor social or courting skills, have a fixation or in some cases, a sense of entitlement to an intimate bitcoin international group limited hospital indemnity insurance with those who have attracted their amorous interest.
Their victims are most bitcoin international group limited hospital indemnity insurance already in a dating relationship with someone else. Predatory stalkers spy on the victim in order to prepare and plan an attack- often sexual — on the victim. At the beginning of Augustfive college women came forward to explain how gun free zones at colleges prevented them from protecting themselves from stalkers.
Taylor Woolrich, a junior at Dartmouth College said that she had been stalked for four years. Her stalker, Richard Bennett is now in jail for the third time because he broke restraining orders. He was a convicted felon and it is illegal for him to own a gun. Yet, background checks did not stop him from illegally acquiring a gun after his second stint in prison.
Shipping has always been in the business of taking risks. Furthermore, there are four types of risks that require marine insurance. Hull and machinery of the vessel itself. The container bitcoin international group limited hospital indemnity insurance on bitcoin international group limited hospital indemnity insurance ship. The cargo that is inside the container. In addition all the liabilities that you can incur as shipowner. These include pollution, damage to cargo as bitcoin international group limited hospital indemnity insurance as injuries to the crew.
Insurwave is a blockchain platform which supports marine hull insurance. Businesses across the world are able to use the platform to manage risk across their organisation. Insurwave is a joint venture between EY and developer Guardtime.
They are using distributed ledger technologies developed by Microsoft Azure infrastructure. The risk for more than commercial vessels has been managed in the first year.
This is a digital insurance value chain. Participants are connected in a private network to a shared database in real time. Transactions that usually take days can be processed in minutes using computer algorithms.
There is no need for third party verification. The head of risk and insurance for AP Moller-Maersk said that moving to the platform has reduced inefficiencies for the company. They own container vessels worldwide. This technology will bitcoin international group limited hospital indemnity insurance more thantransactions in the first year. Ultimately through the use of IoT and smart contracts, policies will bitcoin international group limited hospital indemnity insurance updated automatically to reflect the risks covered.
This combination of technologies will thus help improve efficiency in claims assessment and payment. This major retailer is considering offering home insurance as well. Rivals in the industry are worried. Another point bitcoin international group limited hospital indemnity insurance was that it is time consuming to set up the legal entities needed to underwrite risk. Amazon has made moves into other big regulated industries.
Pharmacy companies were nervous when Amazon acquired licences in more than a dozen states to sell healthcare products as a wholesaler. The retailer has an edge over competitors in that its vast store of data on consumers could be a tool for pricing insurance. The new company is still unnamed.
