Technical Seminar on “Hull and Marine Insurance” & “Fire and Warehouse Insurance”
The Emirates Insurance Association in conjunction with Swiss Re has organized a joint workshop on “Hull and Marine Insurance” & “Fire and Warehouse Insurance”. The seminar was attended by 100 experts from insurance companies, shipping companies, and municipalities. The inauguration speech has been presented by his Excellency Eng. Saleh Bin Rashid Al Dhairy the chairman of Emirates Insurance Association.
Recommendations
Marine Insurance:-
1.Periodical and regular inspection has become a drastic necessity for all ships, that enter regional waters, and no ship should be allowed to sail in such waters, unless it obtains a membership certificate issued by the safety and Authorization club.
2.It’s essential and necessary to ship-owners to maintain a high standard of maintenance and management, and of no classification and registration records, poses a high risk in our Gulf waters and for marine and environment, in addition to maritime traffic in general.
3.Insurance companies should be very restrict and do not offer any insurance cover for old ships which don’t have classification certificates recognized by ISM complaints and classification society.
Fire and Warehouse Insurance:-
First: It is important to set advanced means and arrangements which ensure early detection of fire accidents immediately upon its occurrence and the device of means to deal with such fire risks without any delay. This of course requires early fire detection system which is currently in practice in industrialized countries and the need for installing the same at the required location or for informing the closest fire extinguishing station on the spot.
Second: It is also very essential to have a source of water at site, together with a reserve water source and availability of water under pressure and fire pumps in addition to fixing automatic fire extinguishing sprayers or automatic discharge of inert gases in case of fire eruption and other means needed to deal with fire using manual fire extinguishing devices before arrival of civil defense people into the scene.
Third: It is very important to set appropriate restraints for storage of inflammable materials using advanced techniques of storage in order to deter any fire eruption.
Fourth: It is also very crucial to provide all necessary arrangements and fire escape exits to rescue people in case of fire or for any other reasons beyond control.
Fifth: It is also very necessary to install appropriate industrial designs and taking great care to avoid unsafe operations in addition to maintaining continuous and periodical maintenance works and making sure that daily cleaning work and industrial security monitoring are in place.
Bringing together 100 participants and insurance experts, an ad-hoc insurance symposium was organized by Clyde & Co in coordination with Coordination Commission for Gulf Insurance and Reinsurance Companies on Wednesday March 24, 2010. As part of the 2010 Commission Awareness and Training Program, Al Murooj Rotana-hosted event was inaugurated by Eng. Saleh bin Rashid Al Dhahiry, Chairman of Emirates Insurance Association and CEO of Coordination Commission for Gulf Insurance and Reinsurance Companies. Embezzlement, Piracy and Hazardous Cargo have been discussed. Amid spiraling vessel hijacking, the Symposium aimed to spread and enhance public and professional awareness on insurance issues.
Recommendations
1-Actively market insurance coverage (including considering K & R insurance) for the vessel and equipment by the vessel owners
2-Consider increasing personal weapons aboard Aden Gulf cruising vessels. As far as insurance companies are concerned, utmost priority must be given to crew safety then to vessel and cargo security.Possible two-edged sword, however, as may result in pirates firing first and more fatalities and possible diplomatic incidents.
3-Insurance companies are recommended to resort to gurus working with vessel owners to negotiate with the hijackers.K & R Policies cover this cost for insured.
4-Equipping vessels sailing off perilous coasts with security alert systems and GPRS. Updating AIS (Auto Identification System) to automatically send data about the vessel route to other vessels, ports and coast stops.
5-Developing coastal monitoring systems to facilitate accurate and swift transmission about the vessel route and speedy protection.
6-Consider reduction in premium for vessel owners who can prove that their crew are trained to respond to piracy attempts and that their vessels have vessel protection systems to encourage these steps.
7-In the event of a declaration of General Average, take immediate legal advice as issues regarding liability to contribute in General Advantage are many and complicated.
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