Tim Woodard, Head of Office Lockton Louisiana, and Leanne O’Loughlin, Regional Director (Americas P&I) for Thomas Miller Americas discussed marine risks, market changes and solutions at the November Marine Money conference in New York.
Economic sanctions are increasingly replacing military interventions as a tool to combat opposing political forces in the world, creating a complex and sometimes contradictory regulatory framework for the maritime world.
It may still sound like science fiction to some, but remote controlled or autonomous ships are quickly becoming a reality in the maritime world, shifting the liability exposure of shipowners.
Tightened environmental rules referred to as Sulphur 2020 will be implemented in a few months and could potentially shift the risk exposure of ships, but shipowners need to make sure insurers don’t take advantage of the somewhat opaque transition period and push up rates.
As marine cargo operators use ever bigger vessels to increase efficiency and economies of scale, the consequent change in risk exposure is proving challenging to insurers.
The oil and gas industry presents a complex contractual “landscape” for all participating businesses, with long supply chains and, crucially from an insurance perspective, huge variations in the allocation of risk in relation to matters such as injury, property damage, pollution and financial loss.