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An Underwriter’s Perspective Eamonn Magee LLB. BL. Marine Insurance Act 1906. Section 2. Mixed Sea and Land Risks. A contract of Marine Insurance may, by it’s express terms, or by usage of trade, be extended so as to protect the assured against losses on inland waters or on any land risk which may be incidental to any sea voyage. Introduction The role of IUMI and other international organisations. Some marine Global statistics. The role of International Conventions in Liability Regimes. Typical marine policy Covers. Major casualty issues ( “ Napoli / Rena / APL Panama ”/ Costa Concordia ). General Average Salvage. International Union of Marine Insurance Professional body run by it’s marine membership. Communications platform. Affiliate membership – ICS,IGP,IACS,BIMCO,CMI,UN Technical Committees – Cargo ,Ocean Hull, IFY, Energy / Offshore, Facts Figures, Legal Liability, Loss prevention Facts Figures IUMI San Diego 2012 Global Marine Premium - 31.9 USD bn. (reported) – Cargo - 54.0% (17.22 bn. ) Hull - 26.2% ( 8.35 bn. ) Energy / Offshore - 14.2% ( 4.52 bn. ) Marine Liabilities - 5.7% ( 1.81 bn. ) Total Estimated Global premium ? Accumulations. 15,000 teu - ( 50k ) US$ 750,000,000 High Value 50,000,000 Hull Value 175,000,000 LOF 15%/ 20% 150,000,000 Total ( one vessel ) 1,125,000,000 Before GA, Wreck Removal, Collision Considerations, Legal Costs . Cargo / Loss Prevention Vessel vetting Crisis management plans. Communications issues. Piracy. Risks posed by overweight containers. New generation container vessels. Modern salvage challenges. Ocean Hull Development of technology on ships. Accumulation factors. The growth in LNG. Nuclear powered vessels of the future. Legal Liability Committee Wreck removal issues / costs in the Energy sector. Solid bulk cargo