The International Group of P&I Clubs has approved WAVE, a distributed ledger network which uses blockchain technology to enable carriers, shippers, consignees, endorses, banks, freight forwarders and other parties to issue, exchange and sign, a variety of supply chain encrypted documents with no need for a central server or registry.
In 2010 the International Group launched the P&I Qualification programme as a dedicated professional qualification providing high quality, sector-specific training in all aspects of P&I insurance to Club employees. The decision has now been taken to open the registration for the programme to everybody.
The prevention of bribery, corruption, money laundering and financing of terrorism remains a priority for many regulatory authorities around the world. Members should continue to review their compliance programmes in this regard, to ensure that they remain effective.
The Boards of Directors of Gard P. & I. (Bermuda) Ltd. and its subsidiaries have decided that there will be no general increase in the Estimated Total Call for 2020. The financial position of the Association remains strong and mutual P&I has for the first half year ending 20 August 2019 generated a surplus above the target level.
On 5 August 2019, the United States (US) administration increased its sanctions programme against the Government of Venezuela, when President Trump issued Executive Order 13884 which blocks all property in the US of the Government of Venezuela, and prohibits US persons from engaging in any transaction with the Government of Venezuela. Also, on the same day, a number of General Licenses were issued, which appliy directly to US persons. Our Member Circular looks at the impact of Venezeula sanctions on P&I cover.
The United States Treasury Department’s Office of Foreign Assets Control has now published a “Framework for OFAC Compliance Commitments” setting out OFAC’s views of the essential elements of an effective economic sanctions compliance program.
The International Group Clubs recognise that the 2020 Global Sulphur Cap presents important challenges to the shipping industry and are closely monitoring discussions at the IMO. Penalties for non-compliance are likely to include fines, detentions and possibly, in extreme cases, PSC banning orders.
The Annual General Meeting of Assuranceforeningen Gard - gjensidig - will be held at the office of Gard AS in Arendal, Norway on Friday 6 September 2019 at 12:00 noon.
The International Group of P&I Clubs has now approved the Global Share S.A. edoxOnline platform for electronic (paperless) trading. Since 20 February 2010 liabilities arising in respect of the carriage of cargo under such paperless trading systems are covered under the P&I cover, provided that the system had first been approved by the International Group.
The fall-back cover, placed to deal with the potential reinsurance recovery shortfall risk under Gard’s Fixed Premium P&I Excess Loss reinsurance programme, has not been renewed for the 2019 policy year.
The enforcement of sanctions generally, and against the maritime industry specifically, has intensified since 2017. This circular draws attention to some of the measures that Governments are taking to enforce sanctions and warns of the serious consequences of trading with DPRK and DPRK-related interests.
This circular covers the reinsurance arrangements for the 2019 policy year including the special P&I war risk cover and liabilities under the Maritime Labour Convention 2006 as amended.
07 JAN 2019
This Circular outlines the amendments to the Rules for Ships and the Rules for Mobile Offshore Units which will enter into force at noon GMT on 20 February 2019.
This Circular advises that the U.S. has now re-imposed sanctions on Iran that had been lifted or waived under the JCPOA with the second and final wind down period coming to an end on 4th November 2018. The U.S. has made it clear that it expects all non-U.S. persons to comply with the secondary sanctions that have been re-imposed.
01 NOV 2018
ALSO AVAILABLE IN JAPANESE/和訳 (PDF)
The Boards of Directors of Gard P. & I. (Bermuda) Ltd. and its subsidiaries have decided that there will be no general increase in the Estimated Total Call for owner’s mutual P&I entries and mutual FD&D entries for 2019. The circular also contains a report on the result for the first six months to 20 August 2018 and reports on some of the decisions made at the recent meeting of the Board of Directors.
24 OCT 2018
ALSO AVAILABLE IN JAPANESE/和訳 (PDF)
This Circular is to advise the steps being taken by Gard to continue business and provide services to UK based assureds following the UK’s withdrawal from the European Union on 29 March 2019 (BREXIT).
Gard is aware that, from time to time, Members have been offered contractual terms with counterparties that require the shipowner to provide a continuing warranty of seaworthiness for the entire duration of the voyage. Should this situation arise, the Club would urge Members to exercise caution before entering into contract terms since such a warranty could prejudice their P&I cover.
In light of the recent London arbitration which found that the charterparty clause promoting the use of the Inter-Club New York Produce Exchange Agreement (ICA) only incorporated the liability provisions of the ICA and not the requirement to provide security as contained in clause 9 of the 2011 Agreement, the International Group has amended the recommended charterparty clause wording issued in 2016 in order to take account of this recent finding and to encompass the 2011 Agreement requirement for security to be provided.