Spotlight on Marine and Energy Liabilities with Markel
In June, Markel hosted a Marine and Energy Liability session for brokers from Singapore’s insurance community.
The first part of the session on marine liability highlighted the growing importance of a comprehensive marine salvage solution as marine sustainability increasingly becomes a key interest among various stakeholders.
Reference was also made to the 2010 Macondo disaster — or more commonly referred to as the BP oil spill. The case illustrated the complexities involved in energy liability and while the disaster took place close to a decade ago, it had far-reaching consequences for the insurance industry, even till today.
Following the session, guests had the opportunity to connect with fellow professionals within the insurance community, over fusion canapes and drinks served at Wakanui Grill Dining restaurant — located in Marine One The Heart.
Salvors Liability — the Insurance Perspective
Following the expensive cleanup of the Rena disaster and the Costa Concordia incident, technology has been improving and there has been increasing emphasis on marine environment preservation by government bodies.
Markel illustrated the significant potential in the Asian market for a salvors’ liability package policy against the backdrop of these events — in a growing market like Asia.
For businesses looking for a comprehensive solution, Markel is well-positioned to offer a salvors’ liability package policy with the following coverage options:
- Marine professional indemnity (advisory/ loss prevention consultancy)
- Charterers’ liability for any chartered in watercraft or equipment
- Salvors’ liability to third parties
The Energy Industry and Common Coverage
The session continued with an overview of the energy industry, the main types of players which exist within the ecosystem and the common energy liability coverage — stressing that several underwriting considerations should be factored in, in particular the contractual relationship, which is governed by the Master Service Agreement.
Reference was also made to the 2010 Macondo disaster — or more commonly referred to as the BP oil spill. The case illustrated the complexities involved in energy liability and while the disaster took place close to a decade ago, it had far-reaching consequences for the insurance industry, even till today.
Following the session, guests had the opportunity to connect with fellow professionals within the insurance community, over fusion canapes and drinks served at Wakanui Grill Dining restaurant — located in Marine One The Heart.
