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Objective of Lloyd’s :

One of the objects of Lloyd’s, as defined in the Lloyd’s Act of 1911 is: “collection, publication and diffusion of intelligence and information”. Underwriters are assisted by a number of publications which give latest information on matters of vital importance to their business. Details of some of the more important publications are set out below:

Lloyd’s Maritime Atlas :

The Atlas covers the world with special emphasis on ports and world weather conditions and seasons. Large scale maps of areas of particular interest and a list of ports on a country by country basis are also given.

Lloyd’s Register of Shipping :

It is an organisation independent of the Corporation of Lloyd’s and publishes “Register of Ships “together with other ancillary publications. The “Register of Ships”, published annually, contains particulars of all known ocean-going merchant ships of 100 tons gross and upwards.

The Register is kept up-to-date by means of cumulative monthly supplements containing changes of name, ownership, flag, tonnage, etc., for all ships together with a cumulative list of new ships not recorded in the Register itself. Lloyd’s Confidential Index

This Index is published twice a year in March and September and gives an alphabetical list of world ship owner and details of vessels owned/managed by them.

Listed are names of vessels with former names, year of acquisition by present owner/manager, type, where built, year of build, gross, net and deadweight tonnages, classification society, flag and brief details of trading area.

Importantly, also shown is the record of each owner/manager with regard to total losses dating back up to ten years with prior periods is summary form. Lloyd’s Shipping Index

A daily publication, the Index records the movements and latest reports at Lloyd’s of almost all merchant vessel with the exception of vessels engaged in coastal trade. Following details of vital importance to marine underwriters are listed:

(i) Name of vessel, arranged in alphabetical order with previous name(s), if any.

(ii)Type of vessels (merchant vessel carrying general cargo, bulk carriers, tanker, Ro-Ro, etc.)

(iii)Owner or manager of vessel (this detail enables the underwriter to check the bonfires’ and past records of concerned owners/managers as regards their reputation and financial stability).

(iv) Flag (this detail throws light on whether the vessel is registered in a “flag of convenience” country).

(v) Registration (Class). This detail will inform the underwriter on whether the vessel is entered in one of the recognised Classification Societies and whether she is holding the Class of that Society.

(v) Gross, net and deadweight tonnages (this will throw light on whether or not the vessel is under-tonnage).

(vii) Year of build (this detail will inform whether the vessel is over-age).

(viii) Smiling and destinations ports (this detail will identify the voyage of the vessel at the material time).

(ix) Brief details of any recent casualty involving the vessel. Casualty Report Service

Subscribers to this service are advised daily of casualties or occurrences likely to affect underwriters. These advises are reproduced later in the “Lloyd’s List” and in the “Weekly Casualty Reports”.

Such information enables underwriters to estimate claims on major casualties which are yet to materialise on each year’s account and provide for them as outstanding claims. The Institute of London Under­writers compiles detailed casualty statistic of vessels 500 GRT and over and these are published each month.

Lloyd’s List:

This is a daily publication listing shipping and aviation reports and news, details of marine and non- marine causalities review of freight markets, details of port developments, law reports, conditions of various markets, details of port developments, law reports, conditions of various markets, i.e., money and stock exchange, also currency and exchange rates, technical review of marine and other equip­ment and other information of a similar nature.

Lloyd’s Survey Handbook:

First published in 1952, and revised several times since, this is a very useful publication containing a wealth of information for underwriters, loss adjusters, surveyors, ship-owners, consignees and others engaged in the survey and treatment of damaged goods. The book is in five sections along with an appendix:

(i) Surveys on damaged goods

(ii) Origins of damage

(iii) Containers

(iv) Hazardous cargo

(v) Commodities – Their nature and susceptibility to loss or damage, with guideline on possible treatment and reconditioning of damaged cargo. Appendix: Weights, Measures, Test Tables, etc.

Lloyd’s Law Reports:

This is fortnightly publication giving full reports and usually verbatim judgments of High Court shipping and insurance cases and includes leading maritime decisions in other courts.

Other Institutes :

The other institute working and marine insurance are

1. The Institute of London Underwriter’s

2. The Salvage Association

3. The International Union of Marine insurance

4. The International Maritime Bureau

5. Marine insurance market in India

The Institute of London Underwriter

When the Institute of London underwriter (ILU) was incorporated in 1884 in London there was membership of 20 companies. The Institute now has over 100 insurance companies as members. The Institute holds dominant place among marine underwriting association.

It fosters market agreements and in general provides a forum for discussions of marine insurance problems on natural or international level. The Institute Cargo, Hull and other clauses which are more or less used internationally are creation of ILU.

The objects of the Institute are the advancement of marine insurance and the protection of the interests of companies writing marine business by consultation, and united action.

The Institute is responsible for standardisation of marine insurance clauses a matter which is delegated to the Technical and Clauses committee which works also in association with Lloyd’s Underwriter’s Association and other interested bodies.

The Salvage Association:

Incorporated by Royal Charter in U.K. in 1856, it is governed by a committee drawn from Lloyd’s and Company underwriters. Their main activity consists of:

(i) Providing expert advice and supervision of salvage operations with commercial salvers undertaking the work needed on a “no cure no pay” basis, usually under Lloyd’s Open Form;

(ii)Undertaking damage and condition surveys of hull and cargo;

(iii)Supervision of repairs, towage and voyage approvals;

(iv) Site and lay-up surveys;

(v) Oil industry damage surveys; and

(vi)Preparing the case for insurers when important litigation is in prospect.

The services of the Salvage Association are available to underwriters, ship owners and others on request from the interested parties. It has offices in many important ports and has a world-wide network of correspondents.

The International Union of Marine Insurance :

The Union was constituted in Germany in 1874 with founder members who were Swedish, German, Austrian and Russian marine underwriters. In those early days, absence of unity among marine underwriters had been the principle cause of unjustifiable rating concessions to the insuring public, thus putting the business of insurance on unsound lines.

The prime objective of the Union are to safeguard and develop marine insurance interests by providing a forum for advancement of constructive propositions for improvement of business and also providing opportunities for making contacts between markets and exchange of information.

Britain joined the Union in 1925 and after the difficult years experienced during the World War II, the Union has survived and is now one of the important marine insurance associations in Britain with delegates representing associations from several countries of the world. Tariff Advisory Committee and GIC of India are members of this Union.

International Maritime Bureau :

It was realised that the only possible answer to the problem of international maritime frauds lies in a non-governmental body to get to grips with the problem. This was the idea behind the International Chamber of Commerce’s International Maritime Bureau, which will give the industry an opportunity to show that it can deal with its own particular problems.

I.M.B. started operations in London in 1981 with the overall object to collect and collect information concerning illegal practices and trends and thus seek to do two things:

– By dissemination of information of the intelligence gained to thwart future crimes; and

– By formulation of proposals for improved commercial practices to enable marine cargo transportation to become self protecting. Four services are offered which have a preventive function.

(i) An education service. Members will be able to seek advice on how to supplement their present training programmes with material on the prevention of maritime fraud.

(ii) The provision of general information. This is made available through the publication of a bulletin to allow members to keep abreast of latest developments in various parts of the world.

(iii) Advice on whether potential trading partners are known to have previously been involved in fraudulent or suspect practices. Prior knowledge of this could save much anguish and financial loss on numerous occasions.

(iv) The final preventive service involves authenticating trading documents for banks and others that may need such assistance. As well as preventive services, the I.M.B. also offers following remedial ones:

(a) To advise and suggest avenues of procedures to those who suspect they have been defrauded.

(b) A “deviation search”. A variation of cargo theft occurs when a vessel fails to arrive at its intended port of destination because the cargo has illegally been sold and off-loaded elsewhere.

The name of the vessel is frequently changed, at least once during this operation. The purpose of the “deviation search” is to locate the vessel regardless of name change-very often not an easy task. Once located, appropriate action can be taken.

(c) In-depth surveys into particular losses. Such surveys enable the I.M.B. To discover the particulars of frauds with a view to arrive at an accurate picture of the overall extent of the problem. If the system currently used in international maritime trade is at fault and requires amendments, surveys for this type will provide the International Chamber of Commerce, through the I.M.B., with the necessary insight.

Amongst a number of good publications, may be mentioned the following:

(i) “Indian Shipping & Transport News”. This is a daily publication on shipping, ports, Railways, Roadways and Aviation. Apart from shipping news, it publishes also

(a) Schedule of movement of ships due in Bombay and Nhava Sheva for export loading;

(b) Movement of ships due for import discharge;

(c) Ships at berth at docks in Bombay and at Jawaharlal Nehru Port (Nhava Sheva); and

(d) Container schedules.

(ii)”Indian Shipping”. Published monthly, this is a journal of the India National Ship owners’ Association, Bombay. It contains articles of interest to ship owner and essential statistics relating to ships and shipping.

(iii)”The Marine Times”. This is a Journal published every alternate Saturday containing articles of interest devoted to maritime trade, ports shipping and allied matters.

Marine Insurance Market in India :

Marine insurance business was transacted by the four subsidiaries viz; New India, Oriental, National and United India of the G.I.C. of India. Marine cargo and hull insurance accounts for roughly 20% of the total gross premium income of the Indian Market.

Insurance operations, including marine insur­ance, are subject to the Insurance Act, 1938, (as amended) and the General Insurance Business (Nationalisation) Act, 1972. Now some private insurers have entered in this field. The other laws, which directly or indirectly concern marine insurance, are:

(a) Marine Insurance Act, 1963, which is, more or less, a copy of the Marine Insurance Act, 1906 of the U.K.

(b) Carriage of Goods by Sea Act, 1924 (COGS A) which defines the rights responsibilities etc. of sea carriers, cargo owners and other parties.

The Act gives effect to the protocol signed by maritime nations at Brussels in 1924, called the “Haugue Rules”. These Rules were improved upon in 1968 by the “Haugue Visby Rules”.

(c) Carriers Act, 1865 defines a ‘Common Carrier’ and its responsibilities in respect of cargo carried in trucks etc.

(d) Railways Act, 1989 is a comprehensive legislation relating to railway operations, but also includes provisions on rights, responsibilities, etc. of railways in respect of goods carried.

(e) Carriage by Air Act.

(f) Multi Modal Transport of Goods Act, 1993 provides for rights and liabilities of relative carriers in respect of carriage of goods by more than one mode of transport i.e., land, inland, waterways, sea, etc.

(g) Merchant Shipping Act, 1958. This is the base legislation governing all the shipping operations such as registration of ships, maintenance of ships, etc. There are also other laws such as Bill of Lading Act, Foreign Exchange Regulation Act, etc.

The Tariff Advisory Committee (TAC), formed under the provisions of the Insurance Act, 1938 is empowered to lay down rules, regulations, rates, terms and conditions for transaction of marine business in India, both Cargo and Hull.

There are tariffs for cargo insurance e.g. Tea, coffee, etc, and for hull insurance e.g. fishing sailing, inland vessels, etc. The All India Marine Cargo Tariff has been discontinued from 1.4.1994 but the provisions of the Tariff are applied as guidelines by the companies.

A special feature of the Indian market is the screening and approval of vessels carrying cargo. This is an underwriting safeguard. Active measures are taken in the sphere of loss prevention by the Loss Prevention Association of India (LPA) sponsored by GIC and its four subsidiaries.

Facilities are extended for supervision of loading and unloading of sensitive and valuable cargo at India ports and for tracing missing or misplaced packages.