Main Headings of Insurance:
Insurance for material damage
Loss of profit insurance indemnifies financial losses due to temporary interruption of gas or crude oil supply, following an accidental material damage to the platform.
Well control insurance covers the cost incurred during the attempt to control the wellbore following an “explosion”. Coverage can include the cost of re-drilling, leaks or pollution resulting in bodily injury or material damage to a third party and the costs of environmental clean up.
General third party liability insurance covers the insured against a claim […]
In the 1680s many London merchants transacted much of their business at the Royal Exchange, a meeting place in the City for businesses and merchants. News of shipping was collected in the social atmosphere of the coffee houses which became centres for specialised interests. Lloyd’s was fast attracting all those concerned with shipping and he was able to achieve this by holding such events as maritime auctions and collating information.
In 1696, Lloyd published a paper entitled Lloyd’s News, three times a week. But the newspaper was not long lived. Lloyd was involved in a libel action due […]
MARPOL includes six technical annexes:
Annex I: Regulations for the prevention of pollution by oil
Annex II: Regulations for the control of pollution by noxious liquid substances in bulk
Annex III: Regulations for the prevention of pollution by harmful substances carried by sea in packaged form
Annex IV: Regulations for the prevention of pollution by sewage from ships
Annex V: Regulations for the prevention of pollution by garbage from ships
Annex VI: Regulations for the prevention of air pollution from ships […]
The first recorded news of Lloyd’s Coffee House in Tower Street, London dates from February 1688 when Edward Lloyd was 41 years of age. It is believed he was a Welshman and that he moved to the area in 1680. At the end of 1691, Lloyd moved to No. 16 Lombard Street, the very centre of the maritime business district.
to be continued