RE; 2015/'16 -P&I Renewals Insurance – 10% premium discount.

RE; P&I Renewals Insurance – 10% minimum premium discount.

 

- How could you improve your operating expenses?

- Is P&I premium contributions a major operating expense which could be   

  significantly decreased and how?

Well, yes, for certain cases/shipowners/ship operators which fall under the here below described ship managers/shipowners category;

The smaller size vessels ship operators/ship owners (typically below 10,000 GT, operating inland, offshore, coastal or limited range trades.)

Many International insurance specialists, like MM (Marasco Marine Ltd), think alike and agree that the bigger size vessels which trade world wide represent an entirely different risk profile when compared with the smaller size tonnage which is operated within limited trading areas and that there are key differences which necessitate different approach and solutions.

The fixed P&I market is viewed as a dynamic marketplace, with aggressive competition, without IGA (International Group Agreement) constraints which unfairly restrict shipowners from looking opportunities for a better P&I deal.

Thus, the Shipowners' interest for fixed premium P&I has broadened in the last five years as there is more A- rated insurers’ capacity and more competition than ever before.

MM (Marasco Marine Ltd) has access to over twenty- five fixed premium P&I insurers for smaller size and vintage tonnage, which operates within limited trading areas.

The total fixed P&I market sector generates an annual premium of USD 350 million approximately.

 

The fixed P&I rates have continued to fall annually for the last five consecutive years.

 

MM indicates that diversification will affect P&I Managers profitability but will significantly benefit shipowners premium expenses and will improve their OPEX overall! 

 

So far MM experience is showing that small medium size shipowners running fleets of 2-4 vessels are the big losers who cannot afford to compete with the larger competitors who operate 30-50 vessels of various sizes and in various trading areas taking advantage the economies of scale due to their volume.

 

Nowadays eleven of the thirteen IG P&I Clubs (or Club Managers) offer a fixed premium alternative! North Group, is another re-branded player to fixed premium market.

MM anticipates that average market rate per GT will continue to fall in 2015/16 and believes that will be able to secure a 10% discount ratio to its clientele and new acquired business.

P&I is a service which can be structured on a tailor made basis on affordable premium costs especially in difficult times like the one we experience nowadays.

 

Sincerely yours.

Anastasios Maraslis

President
+30 6945 590 744
info@marasco-marine.com
www.marasco-marine.com

 

'MAKING THE MOVE TO US'

It is a truth universally acknowledged (well-in the business world at least!) that insurance is a necessary instrument for covering physical and financial risks exposure. Providing security for one’s or a company's assets and peace of mind.

Insurance contracts or as broadly known insurance policies are full of technicalities and clauses which only well versed and experienced insurance specialists could understand and construct.

Yacht-Hull & Machinery - private pleasure, bare boat charter or skipper charter- is one of the most highly sophisticated types of insurance sectors ( MARINE RISKS) in terms & conditions, but more importantly in clauses interpretation by different parties and sides, arising often in disputes, in a case of accident/damage and eventually a claim.

In such a case no one wouldn’t be more disturbed than the asset owner who, when was applying for insurance, had an ideal scene-situation in his or her mind.

Usually the asset owners (private or company) are frivolous in choosing their placing broker by checking who’s the cheapest!

We all know that this is the toughest part of an insurance process, that is when one has to make a decision about ‘spending’ money in premium!

This is an ‘out point’ and inclination from a reasonable decision process. Why? PREMIUM paid for an insurance policy IS NOT AN EXPENSE!

What is it then? PREMIUM IS AN INVESTMENT.

By investing so little (sometimes in arrears even) you are benefited with Millions of euros or usd in cover from the day one which are securitised in the form of policy ( a legal document) where funds are activated and paid to the nominated beneficiary in case of loss.

How careful one should be when investing in millions of euros/usd? Very.

How careful one should be in choosing a skilful and experienced professional to analyse the risks, to customise terms and built word by word, clause by clause an enforceable and undisputable policy in case of damage or loss?

This is of a great importance reason why you should MAKE YOUR MOVE TO US, to Marasco Marine which is an international insurance consultant-risk management company providing tailor made and specialised isnurance service to prudent yacht (motor/sailing), cruise ship, commercial vessel, owners.

Marasco Marine has a rich track record of satisfied policy owners and millions of usd and euros in claims paid since MM (Marasco Marine) was established in 1991.

If you are not looking for the cheapest but the most valuable and economical make your move to us, today!

We will welcome you with a surprise present!

Kind regards
Anastasios A. Maraslis
President

MARASCO MARINE LTD
S.T.I.C BUILDING
3, Voudouri str.,
Marina Zea, 185 37
Piraeus, Greece
+30 210 4529500 tel. (ext.101)
+30 210 4529505 fax.
info@marasco-marine.com
www.marasco-marine.com
http://marascomarine.blogspot.gr/

'80% of accidents are caused by human error.' - Admiral Sir N. Hunt.

                                     

Since the 1970s, maritime casualties have occurred to oil tankers, bulk carriers, general cargo vessels and passenger ships.
These casualties have been met by the International shipping community with great astonishment and they have shown solitude for the establishment and implementation of the International Conventions and regulations.

Since then the International community and the maritime industry have studied the issue and recognised that the great majority of maritime casualties and accidents were due to human error.

However casualties continue to happen very often and raise great concern and doubts in public opinion.

There is a growing realization in the world shipping community that the qualifications of the seafarers manning the world fleet is the single most important issue in achieving higher safety standards on board ships.

Considering a significant number of casualties at sea occurred lately and researches by P & I Clubs, Classification Societies and Hull Underwriters, into the causes of accidents have established that approximately
as much as 80 per cent of all accidents are the result of human error.

Statistics reports from 1999-2009 show that human error was responsible for 50% of pollution, 65% of personal injuries, 80% of property damages, 90% of collisions and 50% of cargo claims (all figures about).
The causes found were: lack of knowledge and experience, overconfidence, recklessness in responding to commercial pressures, fatigue (related mainly to collisions), discomfort, boredom, anger, unhappiness,
illness, confusion and lack of adequate communication.

Therefore a reduction in the human error ratio would result in considerable improvement in the safety of ships, lives at sea and to the economy of the Shipping Industry and specifically to the ship operator.
The need and the importance of loss prevention is undisputed and can be achieved through crew training and careful selection of seamen.

Despite the fact that accidents % can be decreased, but not eliminated, and illnesses will continune to impose to seafarers a threat the financial losses resulted from can be recoverable from the vessel Ship Managers or Crew Managers (depending who hires the crew members).

 

Marasco Marine Ltd.

Anastasios A. Maraslis

President/Director

Marine Insurance Broker Since 1983.

 

S.T.I.C BUILDING

3, Voudouri str.,

Marina Zea, 185 37

Piraeus, Greece

+30 210 4529500 tel.

+30 210 4529505 fax.

+30 6945 590744 Mob.

info@marasco-marine.com

www.marasco-marine.com

 

1991/2014 - 'CONFRONTING A NEW CHALLENGE

The cyclicality of shipping business is forcing, during its low periods, many unprepared companies to step out of the business game and left others wounded. It’s a challenge!

In every challenge those who are fittest and better armoured have a better chance to survive or win.

In 1991 the BDI and the freight market condition was about at the same levels as it is today.

Shipowners were again challenged by low freight rates, cutting throat competition, oversupply of tonnage and lack of ship finance.

Since 1991, Marasco Marine provides light to carry (reduced cost) but strong (efficient), armours which enable our clients to cope and last longer challenging - battle - periods, at logical, tailor made costs.

Twenty three years is the time we sharpen our skills confronting new challenges, every day, tirelessly, offering well designed Hull & Machinery Policies, Piracy and War risk, P&I, Crew Medical and Health P&I buyback plans, Yacht, Open Cargo Policies, Dangerous cargoes and of course Charterers liabilities, just to mention few of our numerous Marine related risk insurance policies.

Claims for Particular Average, Total loss, General Average etc have been paid diligently with our co coordinated actions and professional advices.

Not all vessels are the same and not all companies have the same needs and risk taking capacity. However sometimes they are treated as such. You see, in our times the tendency is to homogeneous products and homogeneous services.

Consider this. What would better cover your assets from financial losses in case of accident? A usual homogeneous insurance product (policy) or a tailor made Marasco Marine solution? Is your Insurance premium buying the most cover it can buy or buys cover under terms which could be manageable in exchange of a rebate?

The challenge is yours but you don’t have to confront it alone.

Kind regards.

Marasco Marine Ltd.
Anastasios Maraslis
Managing Director.

Tel; +30 210 4180000 (ext.101)
Fax;+30 210 4529505


info@marasco-marine.comwww.marasco-marine.com



 

'RISK TAKERS'-A HIGH-LEVEL VIEW OF SHIPPING INDUSTRY OPPORTUNITIES’.

                         Business Article written by Mr. Anastasios Maraslis

                                         S.T.I.C's CEO/President.
                               MARASCO MARINE's/Managing Director.

 

Risk Takers. Let’s face it. This is in fact what all investors are.

There is no investment which can bring returns without taking some risk, except one, and that is Knowledge.

This is why Fund Managers, Financial Advisors, Wall Street Gurus are highly remunerated and their annual hefty success bonuses exceed the wildest dreams of most ambitious and well paid executives.

Bonuses flying at the range of few hundred millions us dollars to one or two billion! Investors’ usual critical questions are; Where to invest and When?

Two questions which demand knowledge, expert analysis and wise answers.

Fund Managers and Financial Advisors usually have the knowledge and expertise to know the right answers to these troubleshooting questions.

The last two years they have focused in one of the most profitable but also risky (due to its cyclicality) investment options, which is the Shipping industry!

Shipping has been the talk of the day since 2012 as it is obviously a good investment opportunity, now the freight market and vessels values remain at historical low levels.

This is why Private-equity and hedge funds are accumulating shipping debt at the fastest pace since they began buying the risky loans from banks in 2012.

It can’t be unnoticed that about us$ 5 billion in shipping loans has changed hands in the past year, according to estimates by AMA Capital Partners LLC, a fund manager and adviser in New York.

Investor demand is driving prices as high as 90 cents on the dollar, from 70 to 80 cents a year ago. Funds are betting ship prices that collapsed as much as 80 percent in five years will rebound from historic lows.

Shipping is a tangible and global business.

Investing in Shipping - buying shares in Ship-Owning companies (SVP’s) - is a tax free investment (at fund’s level) and despite the risks involved and asset values depreciation in a bad freight market environment, where the demand for tonnage is low, the vessels always retain part of their value, the scrap value, in case of a distress sale in a catastrophic market or vessel’s age being too old.

Investors in shipping anticipate combining income returns on their investment. One is the income deriving from the trading and vessels management and the other is from the sale and purchase gains, when the assets are liquidated at appreciated prices, in a good freight market, where the demand for tonnage is brisk.

To get a fairly good idea about Shipping investment opportunities we should look at the price of a Capesize - the largest type of dry bulk carrier -which rose 50 percent in the past year to $44.5 million, that is 29 percent of the 2008 peak of $153.8 million.

In view of high profit opportunities new specialized Private-equity firms have been established, like Starfleet Navigation Limited - teamed by highly experienced shipping and investment professionals- which are willing to take ownership of the assets and put it to work while they wait for prices to appreciate.

Having said that it would be an omission not to mention that in view of the optimism prevailing amongst the funds that are buying shipping loans there few that are less familiar with shipping, if not at all, they are newbies and the risks they take might be proven an expensive lesson.

//

 

'SUPERNUMERARIES' A RISK TO CONSIDER OUTSIDE P&I COVER?

What is Supernumeraries? Is it a standard P&I covered risk?

Supernumeraries are simply individuals who join a vessel but have no onboard responsibilities, i.e crew members wives, children, individuals performing repair works on a vessel and of course ARMED or ESCORTING GURDS!

A quick search among various P&I clubs will show you that it is not  a standard P&I covered risk to the contrary of what you believed until today.
 Some P&I club to cover supernumeraries require prior declaration and some require additional premium. Others consider Supernumeraries not a P&I risk and there must be legally proven Shipowners Liability before a P&I assumes responsibility.

Supernumeraries are not passengers either as they are not on board holding a ticket but are not travelling under a cew contract either.

The same p&I approach stands for maintenance or repairs workmen personnel, armed or unarmed guards who are not enlisted but are onboard as supernumeraries!
 Statutory Liabilities and Responsibilities for Supernumeraries:
If a Supernumerary becomes sick or injured whilst on board the vessel, then it is the Shipowners duty to ensure that he provides the right care, treatment, and possible repatriation for the individual’s treatment. If a Supernumerary becomes sick or injured and there is no negligence liability (under the law)  on the part of the ship owner, then costs would not be covered by a P&I Club (in which case if there is not a private isnurance policy covering supernumeraries the expenses would on shipowners a/c).

In such a case these costs should be covered by the P&I Member themselves (SELF INSURANCE)  or through separate insurance policy.

The liabilities in respect of Supernumeraries are similar to those relating to a Seaman. Therefore, whilst on board the vessel, Supernumeraries are treated as though they are crew members and the Member’s liabilities in respect of the Supernumeraries,
are as though they are members of the crew and the P&I  should be notified and coverage approval should be received.

The American Club noted that in respect of individuals actually performing repair works on a vessel, they would suggest a notification be provided in advance of their attendance.
Listing the guards as Supernumeraries on board the vessel is required by the Shipowners P&I Club in order to avoid disputes in certain ports as to the status of non-crew members on board the vessel. If the guards are not listed as Supernumeraries, then they could
be considered as passengers, which may create difficulties in terms of their employment on board the vessel and carriage of their security equipment.

Since there are different strokes for different folks any prudent shipowner and shipmanager should first check what his P&I provisions are for supernumeraries and act accordingly to avoid surprises which will engage him in unforseeable expenditures.

Marasco Marine the last 20 years provides open cover insurance policies for supernumeraries on declaration basis at low annual premium.

Anastasios Maraslis
President/Managing Director.
MARASCO MARINE LTD
S.T.I.C BUILDING
3A, Voudouri str.,
Marina Zea, 185 37
Piraeus, Greece
+30 210 4180000 tel. (ext.101)
+30 210 4529505 fax.info@marasco-marine.com
www.marasco-marine.com

MARITIME LIEN INSURANCE FOR CHARTERERS DEBTS/INSOLVENCY.

SHIP OWNERS-DISPONENTS-INSURANCE FOR CHARTERERS DEBTS.

The purpose of this circular is to draw Ship Managers, Ship Owners, Disponent Owners attention to a new insurance policy, which Marasco Marine Ltd is promoting to its International Clientele, for risks of claims being made against a vessel or vessel’s management which resulted of a charterer’s insolvency.

Nowadays we see more charterers default on their responsibilities leaving their debts carried forward to the Shipowners and Disponent Owners account, who remains liable.

-The policy.

The policy is a Lloyd’s Insurance Open -Yearly -Policy to which declarations can be made. Please note that despite legal costs might be covered by the owners P&I, FD&D Class cover the actual claims being made against the vessel are not covered by the P&I! THIS POLICY HAS BEEN DESIGNED TO PROVIDE COVER FOR SUCH CLAIMS AS WELL AS THE LIABILITIES WHICH THE ASSURED (SHIPOWNER/DISPONENT) MAY HAVE TO INCUR IN ORDER TO CONTINUE AND COMPLETE A VOYAGE ALREADY COMMENCED PRIOR TO THE INSOLVENCY OF A CHARTERER.

-The scope of cover.

The scope of this cover is to indemnify the assured for financial losses incurred by him by way of ‘third party claims’ arising directly from the insolvency of a charterer of the vessel, i.e. cost of bunkers, port charges, stevedoring costs, and any other costs necessary for the completion of the voyage which would properly be the responsibility of the vessel’s charterer. Same stands for Time Charterparties.

-TIME CHARTERERS/DISPONENT OWNERS

This cover is also available to time , period charterers (disponent owners) to protect themselves from liabilities arising as a result of the INSOLVENCY OF A SUB-CHARTERER.

Marasco Marine hope that this maritime lien insurance for charterer’s debts will provide its clientele with useful additional cover to protect them against UNFORSEEN FINANCIAL LOSSES.

Any enquiries in relation to this policy should be directed to our e mail address info@marasco-marine.com

ANASTASIOS A. MARASLIS
President/Managing Director.
MARASCO MARINE LTD
S.T.I.C BUILDING
3, Voudouri str.,
Marina Zea, 185 37
Piraeus, Greece
+30 210 4180000 tel. (ext.101)
+30 210 4529505 fax.
info@marasco-marine.comwww.marasco-marine.com