We are delighted to announce that Mr. Barrington Buchan Esq. has joined ATLANTIC Insurance & Reinsurance Brokers as Non-Executive Director. Mr. Buchan was one of the founders and owners of Newman, Martin and Buchan (NMB), a highly successful London headquartered insurance brokerage with 180 employees. NMB was sold in 2013 to an CGCS. Mr. Buchan was [...]
The global consumption of oil products has plummeted as a result of the outbreak of the COVID-19 and the consequential slump in the energy demand -particularly speaking of aviation, marine and automotive fuels- has caused an overall reduction of a 30% (i.e., about 30 MMbbl / day) in the demand of crude oil. These circumstances [...]
It is common practice to find a clause in Hull & Machinery policies that states that coverage will remain in full force during routine maintenance and the annual refit. Notwithstanding the foregoing it is a condition precedent that if a vessel is under major repair/alteration - including hot works - where the yard has requested [...]
What impact has the Coronavirus had on the P&I Clubs so far? The obvious impact on the Clubs has been a financial one. Given the recent stock market crash, all Clubs have suffered sizeable investment losses. Whilst many of the Clubs have extremely robust free reserves, they also have a lot to lose! Having now [...]
