Accedium Insurance Company Ltd. News
January 2015 - resignation of David Boorman
It is with regret that we announce the resignation of David Boorman due to other business commitments and not having the time available to dedicate himself to Accedium Insurance Company Limited. The management wish him well in his future business activities and have accepted his resignation with regret.
January 2015 - Pacific Asia Region/Labuan
Accedium Insurance Company Limited, as part of its international business development strategy are expanding their activities into the Pacific Asia region, with a new joint venture in Labuan. Further details will be announced nearer the time that the office becomes operational. It is further proposed that Accedium Insurance Company Limited establishes a fully licensed insurance company within Labuan to meet client’s needs.
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"Accedium was incorporated to bring together existing portfolios of financial products..."
Construction all risks
Because of the wide variety of risks inherent in power plant construction and operation, risk sharing by contractor provisions or by insurance should be carefully evaluated to protect the equity from a failure or interruption of revenue receipts.
Many of the risks associated with power project construction and plant operation are generally assumed by insurance companies. However, the many insurances that are available and required can be confusing and expensive.
Because privately financed project development companies generally rely on the revenue from the sale of electric power of a project, delayed completion or unscheduled outages can jeopardize the project's coverage of current expenses. - including interest payments and loan repayments.
Financial backers, therefore, require that the corresponding finance agreements reached with a project company contain comprehensive obligations covering those risks. Such agreements contain minimum insurance requirements monitored by the banks or other lenders, and often require the services of special consultants.
Normally, the supplier of a turnkey power plant assumes all risk and liability for property damage during the planning and construction phases until the plant is provisionally handed over to the owner/developer.
Insurance for power projects has to encompass many differing priorities: the owner needs the latest technology to give maximum efficiency; the contractor wants the lowest deductibles to give minimal exposure; banks need the widest protection at any price; and, the insurance industry has to comply with government regulations and the project's Power Purchase Agreement. These conflicting demands serve to further complicate the situation.
Other risks existing on the part of the supplier, such as those related to outstanding work for completion of performance and activities governed by warranties are covered by Maintenance insurance linked to the Construction/Erection All Risks (CEAR) insurance.
And, because subcontractors supply certain portions of the project, an insurance policy in the name of all participants is usually required to cover all subcontractors and consultants, as well as personnel and consultants/engineers supplied by the owner/developer.
Power plants are complex and demanding when it comes to insurance coverage. Therefore, the various risks associated with project construction and plant operation must be carefully assessed, and covered by insurance policies to the greatest extent possible and economically feasible. And, because types of project coverage available vary widely, and change with the political and environmental surroundings of the territorial risk, it is necessary to arrange a package of coverage to meet the needs of all parties with interests in the project.
Selection of the correct insurance program is a matter of negotiation. It needs effective and professional advice to ensure that resources are not wasted and that a long-term philosophy of protection is established for the project involving financially sound and experienced insurers and re-insurers.
Clearly, a well-defined insurance concept covering all major insurance-related risks avoids friction among the participating partners helping to ensure the on-time completion of the plant for the benefit of the customer.
Risks in the pre-construction phase include transport of plant components to the construction site from manufacturing facilities, and damage to property, covered by Marine Transit/Delay in Start-Up (MT/DSU) insurance (supplier's risk); manufacturer/set-up of plant components on suppliers' premises, normally covered by existing insurance programs of the individual suppliers/manufacturers; and loss of profit, covered by Marine Consequential Loss (customer's risk).
Construction/Erection All Risks (CEAR) - Wrap-up or owner-controlled insurance needed to ensure the availability, and most complete, coverage for construction. If the CEAR is a restricted coverage, then the scope of the DSU will be equally limited.
Many DSU policies do not meet the initial operations of the project, and only respond after the anticipated performance acceptance. Thus, the widest form of protection under the CEAR will give a double benefit: enhanced material damage coverage, and wider coverage of the DSU exposure.
Force majeure - This unique form of financial loss protection protects the project parties against a number of factors, including:
Outside causes over which the insured have no direct control that may adversely affect the project development, such as:
(direct or indirect physical damage that prevents the performance of the contract (perils in nature, strikes, etc.) - usually conventionally insured under project construction/erection "all risks" policies; and,
(direct or indirect non-physical damage of a nature that can also prevent the performance of the contract (strikes, labour disputes, unanticipated changes in law/legislation, enforcement by order of court, etc.)
Excusable causes granted to project participants for which an extension of time, relief, or excuse under contract might be granted - normally excluded from conventional CEAR policies.
Any other cause beyond the control of all of the parties to the contract (including such things as archaeological finds, adverse soil conditions, losses under subsidiary or side agreements (such as prime tenancy, pre-determined purchase or sales agreements) - normally excluded from conventional CEAR policies.
Force majeure insurance can also be extended to include an element of advance loss of profit or delay in start-up coverage above that covered under a conventional construction "all risks" policy.
Political force majeure - On international power projects, many Western companies and banks seek to mitigate political force majeure risks through insurance. The insurance market, both in the form of commercial insurers and
export credit and investment agencies, creates coverages that can protect investors against risks, such as:
Confiscation, nationalization and expropriation
Physical damage due to war and terrorism
Inability to remit hard currency earnings out of the host country
Forced divestiture (where the investor's own government insists that an asset is divested) and forced abandonment (where the situation in a country deteriorates to such an extent that the asset has to be abandoned)
Abrogation of allied agreements such as power purchase and fuel supply agreements.
Such coverages are applicable both to equity investments and to loan capital, and are widely used by sponsors, investors, and advising banks.
Loss-of-Profit - Based on the corresponding property insurance coverages, policies can be drawn up providing insurance for loss of profit caused by equipment damage during transport - Marine Consequential Loss (MCL) insurance; and during construction and erection - ALOP insurance, or alternatively - DSU insurance.
Construction - Loss of profit coverage during project construction includes insurance for losses due to delayed completion of the plant, resulting from events related to deliveries to the site or to construction activities.
Loss of profit coverage during plant operation is of particular importance to the operator, because the warranty extended by the power plant supplier, covering the construction, commissioning, and warranty periods, is limited to property damage, whereas the risk of loss of profit rests with the customer alone, (except for liquidated damages).
In the event that no revenue can be realized from the sale of the electrical power, such monetary risks can also be covered by insurance. However, it normally requires that corresponding property insurance also cover the property damage resulting in monetary loss. During plant operation, loss of profit is normally covered by Business Interruption (BI) insurance following Property All-Risk (PAR) insurance, including Machine Breakdown (MB) coverage.
The better the property insurance coverage, the better the loss-of-profit insurance
While the market for coverage of material damage is normally large, the need to include DSU, following machine loss coverage, limits the market dramatically. Insurers often apply comparatively large deductibles to the material damage risk when DSU coverage is purchased, as compared with those deductibles available for material damage coverage alone.
Construction/Erection Lenders are closely focused on ensuring the right level of project revenue, the risk exposure to that revenue, and the ability of the sponsor or contractor to adequately perform their obligations and complete the project.
Thus, during the construction/erection phase of a power project, significant risks must be covered, including: storage of plant equipment on the project site and damage to property, with Construction/Erection All Risks (CEAR) insurance (contractor's risk); and loss of property, with Advanced Loss of Profit (ALOP) following CEAR insurance (customer's risk).
Marine Cargo, International Freight and International Trading
With the growth of international Global trading, marine cargo and ocean freight has taken the center stage. The goods are transported from one continent to another by ships in large containers. The nature and types of cargo is infinitely variable, and may consist of products such as edible items, fresh fruits, vegetables, animals, pharmaceuticals products like syringes, tablets, lotions, industrial raw materials and finished products like the cars, electronic equipments and many other commodities.
Transporting the cargo in containers is not only efficient but also cheaper compared to other ways of cargo transportation. However, marine cargo transportation has its own draw backs, during transportation the large containers might shift and fall overboard especially when the ship has to negotiate large waves. Sometimes due to unexpected weather changes the ship along with its cargo might be lost in the sea. There are always chances of the cargo being damaged while using large cranes in the port. In order to be secure and safe one should always consider buying Marine cargo insurance.
Marine cargo insurance provides a financial security to the cargo which is being transported on high seas. If the cargo were to be damaged or completely lost the insurance company will reimburses the owners of the cargo according to the agreement of the policy. There are many types of marine cargo insurance available and depending on the need one can always buy the suitable cargo insurance policy.
Annual marine cargo insurance policy
As the name indicates this policy covers all the cargo which has been imported or exported throughout the year. This is best suited for Companies involved in import and export business.
Single transit Marine cargo insurance
This is form of policies is also known as “Voyage” Cover. This covers the face value of the cargo and is insured until the cargo arrives in the hands of the person who has insured the cargo.
It is normal to commence the cover prior to the actual shipment, and for it to extend beyond unstuffing (unboarding) at the point of destination. This is called “Warehouse to Warehouse”
Marine liability cargo insurance policy
This covers the liability of the carriers transporting the cargo for loss or damage to the cargo and also to the resulting consequences such as loss of market value, liability for delay etc
A dedicated marine team
•Strong relationships with many specialist marine insurance providers, with a network of offices and agents the team delivers prompt solutions to inter-continental marine cargo logistics.
•Freight liability cover
•Marine cargo insurance
•Freight Forwarders Liability
•Marine cargo Insurance
•Marine cargo importers and exporters
•Cargo owners (including high-value cargo)
•Cargo handlers & stevedores
•Cargo storage and warehousing
We’re very experienced at handling marine cargo insurance for cargo owners, freight forwarders, hauliers and more—we’ve been doing it for over 20 years. When you ask us to quote for your business you will be dealing with people who understand Marine Insurance.
Freight Brokers, Freight Forwarders and Logistics Providers like Accedium Insurance Company Ltd Shipping Insurance because of our uniquely designed freight forwarding insurance services that are specifically tailored to the needs of freight forwarding brokers. We understand the needs of freight brokers and are able to offer freight forwarding insurance that specifically meets their needs.
Freight Forwarding Shipping Insurance Options to Meet Your Needs
Accedium Insurance Company Ltd Provides Cargo Insurance and Cargo Shipping Insurance specifically tailored to the needs of Freight Brokers, Freight Forwarders and Logistics Providers. Whether you are arranging cargo shipping for a client making one large cargo shipment for a move or relocation or for a company that constantly ships cargo by the thousands on a daily basis we have a freight forwarding shipping insurance solution to meet your needs.
Freight Forwarding Insurance beyond the Norm.
Normally, Cargo carriers only provide legal liability insurance, not all-risk shipping insurance coverage for your entire cargo shipment. Accedium Insurance Company Ltd allows you to provide extra coverage for your shipment with cargo insurance and freight forwarding insurance specifically for the needs of freight brokers.
Because large cargo shipments are much more susceptible to damage than smaller shipments (especially when shipped via freight), providing all-risk cargo shipping insurance is crucial, and Accedium Insurance Company Ltd allows you to provide that additional cargo
insurance coverage at rates drastically below what you’ll pay from cargocarriers. This allows you peace of mind with cargo shipping insurance coverage that goes far beyond carrier liability and legal liability.
This additional cargo insurance option helps to increase your bottom line, as you can offer extended coverage to your clients that goes far beyond the minimum.
Freight Forwarding Insurance Benefits with Accedium Insurance Company Ltd
All-Risk, Primary Cargo Insurance coverage available for international shipments worldwide.
Easy online claims management with the Accedium Insurance Company Ltd Cargo Shipping Insurance Claim Center.
The ability to offer additional cargo shipping insurance to your freight forwarding clients to increase your bottom line.
Flexible Cargo Insurance rates based on specific commodities, conveyance type, and value.
Freight Forwarding Shipping Insurance Coverage available for both Domestic and International Shipments.
We provide full cargo shipping insurance coverage on all your shipments and have many different programs available that allow for a zero deductible.
Marine: Yacht & Leisure
Born of decades of practical experience,few people understand the hazards of the oceans and seas better than Tony Bullimore. He is equally familiar with problems that can arise in harbour if a vessel`s insurance documents are not in accordance with a country`s maritime regulations.
Under his guidance and tutelage the Accedium Insurance Company Ltd Yacht and Leisure craft insurance packages are custom built for the more discerning yacht owner. Super yachts, racing yachts are the focus of the Accedium Insurance Company Ltd portfolio. With an extensive network of agents around the world, Accedium Insurance Company Ltd marine provides a services and assistance system. From Antibes to Antigua, Gibraltar to Grenada, Sydney to Southampton, the expertise, helpful, friendly and professional service is only Email away.
Underwritten by insurers who understand the needs of the ocean cruising owner . Accedium Insurance Company Ltd people know at first hand the perils of the sea, for which we have created a top quality insurance product to provide protection against these exposures.