Results 1 to 12 of 12

Thread: Tanker on fire

  1. #1
    Join Date
    Mar 2009
    Location
    Texas
    Posts
    5,527

  2. #2
    Join Date
    Jun 2000
    Location
    Pleasant Valley NS Canada
    Posts
    21,128

    Default Re: Tanker on fire

    From the linked story:

    A statement by the vessel's insurer, West of England, seen by Bloomberg, said: "We can confirm that these two vessels are entered in the West of England. The Club is liaising closely with our members and the relevant authorities, and it would be inappropriate to comment further at this time."

    Readers may recall the second vessel referred to is
    Gulf Livestock 1, a specialized cargo ship measuring 139 meters, currently capsized off the coast of Okinawa, a Japanese island in the East China Sea between Taiwan and Mainland Japan.


    Two major ships lost within days of each other, insured by the same agency. Wouldn't want to be a shareholder in that company. Ouch...
    Hope for the best, but plan for the worst.

  3. #3
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    25,339

    Default Re: Tanker on fire

    The West of England Shipowners Protection and Indemnity Association isn’t a company; it’s a mutual. Since my employers have ships entered with them we are “shareholders”. The major P&I Clubs in the International Group - of which the West of England Club is one - insure against liabilities. They do not insure the hull and machinery. I am very happy with the West of England- their claims service is second to none. As you might expect, large losses are “pooled” between the Clubs and the pool is itself reinsured. It’s actually the biggest reinsurance contract in the world. It paid US$1.3 billion for the removal of the wreck of the Costa Concordia (Standard Club). These two are chicken feed.
    IMAGINES VEL NON FUERINT

  4. #4
    Join Date
    Jul 2007
    Location
    Wongawallan Oz
    Posts
    15,969

    Default Re: Tanker on fire

    Larks

    “It’s impossible”, said pride.
    “It’s risky”, said experience.
    “It’s pointless”, said reason.
    “Give it a try”, whispered the heart.

    LPBC Beneficiary

    "Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great!"

  5. #5
    Join Date
    Jun 2000
    Location
    Pleasant Valley NS Canada
    Posts
    21,128

    Default Re: Tanker on fire

    Thanks for the clarification, Andrew. I had presumed that the insurer was a shareholder-held independent company.
    Hope for the best, but plan for the worst.

  6. #6
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    25,339

    Default Re: Tanker on fire

    Most shipowning companies are in one or another of the International Group P&I Clubs. There are two other mutual clubs - the American and the China P&I Clubs - which are similar but which are not members of the Group or its pooling system.

    The whole mutual club system has been around for about 170 years and in its present form for 100 or so. It operates in a very different way to fixed premium commercial insurance. Famously, when the Titanic sank, the White Star Lind has forgotten to insure her for P&I (third Party liability) risks. Their Club, the Liverpool and London, held a Board meeting (a Club Board consists of shipowners) and agreed that White Star had intended to insure the ship with them, but had forgotten, so they agreed to “enter” the Titanic back dated to her date of completion and paid all the claims anyway.

    The Wakashio, the billet that wandered onto a reef off Mauritius whilst her crew were busy making phone calls - was in the Japan P&I Club.

    Here’s the West of England’s own website:

    https://www.westpandi.com/
    Last edited by Andrew Craig-Bennett; 09-06-2020 at 12:56 PM.
    IMAGINES VEL NON FUERINT

  7. #7
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    25,339

    Default Re: Tanker on fire

    Fire now out.

    Next problem- get her into shelter and discharge two million barrels of crude oil without using the ship’s pumps, which are decidedly unavailable.

    https://splash247.com/new-diamond-vl...-extinguished/
    IMAGINES VEL NON FUERINT

  8. #8
    Join Date
    Jan 2005
    Location
    Deepest Darkest Wales
    Posts
    22,618

    Default Re: Tanker on fire

    What is "P and I"?

    Protection and Indemnity....

    https://en.m.wikipedia.org/wiki/Prot...nity_insurance
    Last edited by P.I. Stazzer-Newt; 09-07-2020 at 12:50 PM.
    I'd much rather lay in my bunk all freakin day lookin at Youtube videos .

  9. #9
    Join Date
    Mar 2009
    Location
    Texas
    Posts
    5,527

    Default Re: Tanker on fire

    Interesting they used dry chemicals. I guess they drop them by air?

  10. #10
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    25,339

    Default Re: Tanker on fire

    Quote Originally Posted by P.I. Stazzer-Newt View Post
    What is "P and I"?
    Protection and Indemnity. In non- nautical parlance, third party insurance. In this case the West of England P&I Club will be paying for:

    - crew Shipwreck Unemployment Indemnity
    - medical care and replacement of lost personal effects
    - contractual benefits for injured crew
    - ditto Death in Service benefits
    - any oil spill clean up costs including the cost of vessels placed on standby
    and probably...
    - the claim made by the Cargo Insurers for their share of the General Average costs including salvage (see below) and for any shortage of cargo, because the Cargo Insurers will argue that the fire started because the ship was unseaworthy at the start of the voyage.

    The Hull and Machinery insurers will be paying for a Constructive Total Loss and the salvage claim on the ship

    The Cargo insurers will be paying for any shortage of cargo beyond 0.5% and for the salvage claim on the cargo.
    Last edited by Andrew Craig-Bennett; 09-07-2020 at 12:55 PM.
    IMAGINES VEL NON FUERINT

  11. #11
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    25,339

    Default Re: Tanker on fire

    Quote Originally Posted by bluedog225 View Post
    Interesting they used dry chemicals. I guess they drop them by air?
    yup.
    IMAGINES VEL NON FUERINT

  12. #12
    Join Date
    Oct 2009
    Location
    Newport, OR
    Posts
    431

    Default Re: Tanker on fire

    Thank you ACB, I learned a lot from your contribution to this thread.
    1973 Grand Banks 42

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •