Insurance, Legal & Finance – Page 8
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NewsEnforcing the regs
The new sulphur emission regulations for ships have been a hotly contended issue from the start but now debate has moved to their implementation, or more accurately, enforcing compliance. The enforcement of these regulations will be the driver of change, not the regulations themselves, according to Europort 2015.
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NewsLimmel Lock PPP reaches close
The €35 million Limmel Lock public-private partnership (PPP) project near Maastricht in the Netherlands has reached financial close. Mott MacDonald was lender’s technical advisor to the Keersluis Limmel Company on the project.
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NewsGCube report on wind turbine gearbox downtime
UK-based specialist renewable energy underwriter GCube Underwriting Limited has published an in-depth report, entitled ‘Grinding Gearboxes, analysing gearbox failure by addressing root cause, financial impact and proactive steps to mitigate the frequency and severity of downtime’.
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UK tax charge could hit offshore sector
International accountant and shipping adviser Moore Stephens says companies in the offshore maritime sector could be among those hit by a 25 percent Diverted Profits Tax (DPT) charge under draft UK legislation scheduled to enter force in April 2015.
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NewsA new normal?
Following its Winter Meeting in London the International Union of Marine Insurance (IUMI) has announced its common theme for 2015 conference in Berlin (13th – 16th September): “Technical, Financial & Human Factors – is there a new normal?”
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NewsA clear stance on fraud
Dishonesty, even if it ‘stretches’ the truth, will mean forfeiting the whole claim as a recent insurance case found.
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Life ashore is becoming tougher
Seafarers are amongst the most heavily regulated working sector in the UK with up to five governmental agencies dedicated to enforcing law and prosecuting criminal acts and while life at sea can be tough, life ashore is becoming tougher.
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NewsTMG expands
US headquartered The Maritime Group (TMG) has expanded with a new expert witness and litigation service as well as a fresh focus on accident investigation and security solutions.
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Dutch test case
Rotterdam law firm AKD says a recent decision of the Dutch courts means that shipyards in The Netherlands may no longer be able to rely on the right to retain a vessel while awaiting payment for work done. As a result of this unexpected decision, shipyards could be forced to ...
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NewsFinancing wind vessels
It has been announced that Active Communications International’s ‘Operating Specialist Wind Vessels Summit 2015’ will include three specific modules covering finance & contract options for offshore wind vessels.
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Confidentiality agreement warning
UK-based marine insurer ITIC has advised shipbrokers, consultants and other advisers not to sign confidentiality agreements which restrict their ability to do business.
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NewsScottish expansion cash
Ayrshire, UK-based marine operator, Maritime Craft Services (Clyde) Ltd has further expanded its fleet of vessels and workforce following new funding from Clydesdale Bank. The package, which includes £10m of new support, has helped MCS expand its existing fleet which now consists of 21 crew transfer vessels, tugs and workboats ...
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NewsInsurers’ shipyard familiarisation
Damage encountered in marine losses came into sharp focus recently when Braemar (Incorporating The Salvage Association), referred to as Braemar SA, welcomed an invited group of marine insurance professionals onto its specialist port and shipyard familiarisation course in Falmouth, UK, designed to introduce participants to the technical aspects of marine ...
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Navigation equipment caught up in legal storm
A maritime law firm is investigating the legal implications of navigation equipment affected by solar storms.
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NewsCornerstone investor for Tidal Lagoon Swansea Bay
Prudential has been named as the cornerstone investor in Tidal Lagoon Swansea Bay, making it the fifth UK insurance company set to invest over the next four years.
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NewsEIA consent deferrals
In the UK a number of coastal development projects require consent from the Marine Management Organisation (MMO) as well as terrestrial planning permission from the local planning authority. However, thanks to a process known as ‘Regulation 10 deferral’ the process can be significantly simplified. We spoke to Andrew Oldland QC, ...
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National Single Window
The European Commission has adopted a directive to ensure that by June 2015, vessels arriving or departing EU ports will have to provide required information electronically via one single entry point – the National Single Window.
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ERP rollout at Gibdock
Gibraltar-based ship repair yard Gibdock has invested in an automated and harmonised estimating, quotation, specification and invoicing system. The state of the art Microsoft Dynamics AX Enterprise Resource Planning (ERP) system overarches the yard’s finance, stock management, project management and HR systems. It is part of a strategic back-office upgrade, ...
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Rights for renewables
The renewable energy team from Burges Salmon have assisted in securing seabed rights for a total of four wave and tidal energy zones for their clients Minesto and Wave Hub in a leasing process managed by The Crown Estate.
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NewsNew marine division for Henderson
Henderson Insurance Brokers has set up a new marine division as the UK maritime and ports sector continues to grow. Building on the company’s existing marine client base, the new division is already proving successful, having won new insurance work for ports, workboats, the movement of goods, and storage of ...
