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VIEWPOINTDouglas JacobsohnPresident & CEOSKULD.COMLONG-TERMSTRATEGYAs we go to press, the financial market crisis clearly emphasises thenecessity for Skuld’s long-term strategy of not relying on investmentincome to cover running expenses and underwriting losses.Long-term impacts are hard to predict. However, we can expectthe financial sectors to be trimmed down with a greater focus beingplaced on business regulation as the world moves forward. We arecommitted to stand by our long-term investment policy while keepinga close watch on the risk-bearing capacity of the club.BEACON DECEMBER 2008 / ISSUE 192NEW SKULD PROFILEThis is the first issue of Beacon in the new Skuld style. We are nowbringing the magazine in line with Skuld’s new corporate identity– as seen already on our website. In addition to the new look, weintend to focus on topics that affect shipping and our industry inthe hope of initiating an industry dialog.FIGHTING SPIRITOne of these topics is the approach to emergency response andmanaging risk. This issue’s cover story features the Hebei Spirit oilspill on the coast of South Korea last December, as well as Skuld’shandling of the case throughout 2008. Our swift and professionalhandling of the incident has won positive responses from bothauthorities and the shipping community.Other topics in this Beacon include the Bunkers Convention,and the general issue of compulsory insurance – and a behind thescenes look at this summer’s landmark decision by the House ofLords in the Achilleas Charterers Appeal.We wish you good reading.13DOUGLAS JACOBSOHNSERVICE AFTERSIGNINGFor three days in early October, over 100shipping people came together with a commonpurpose – to expand their knowledge of P&IInsurance. The Skuld School team was there.SKULDMAGAZINEBEACONDECEMBER 2008 / ISSUE 192BEACON (SKULD MAGAZINE) is the official publication of Assuranceforeningen Skuld (Gjensidig)ADDRESS P.O. Box 1376 Vika, NO-0114 Oslo, Norway, Tel +47 22 00 22 00, Fax +47 22 42 42 22E-MAIL ingeborg.berge@skuld.com EDITOR IN CHIEF Ingeborg Berge CONTRIBUTING EDITOR BradLarson EDITORIAL STAFF Lise Larson LAYOUT Creuna AS REPRO AND PRINTING 07 Group FRONT PAGEHebei Spirit, Photo: ©ITOPF BACK PAGE Photo: ©Hiroshi Watanabe/The Image Bank. Entire contents©2008, all rights reserved. Reproduction in whole or in part, without written permission fromSkuld, is prohibited. Opinions expressed by writers in Beacon are not necessarily those held bySkuld. Skuld assumes no responsibility for unsolicited material WWW.SKULD.COM
CONTENTSA DAY IN THE LIFE OF SKULD4 Fighting Spirit – Handling the Hebei Spirit incidentCURRENT10 Organising for major incidents – Adding Value forour members12 The New Generation P&I Club13 Skuld School – Service after SigningLEGAL ISSUES14 ACHILLEAS Appeal – Landmark House of Lords decision16 Compulsory Insurance – a look at the IMO Conventions17 Bunkers Convention – Meeting the November deadline4FIGHTINGSPIRITIn heavy seas off the South Koreancoast, a massive crane barge rammedthe fully laden VLCC oil tanker HebeiSpirit in what was to become one of thelargest spills of recent times.NEWS18 Personnel news19 News14LANDMARKHOUSE OFLORDS DECISIONThe decision by the House of Lordsfollowed an original arbitration andsubsequent appeals – during whichSkuld stood by our member. Witha difference in damages of overUSD 1 million.
Page 1: SKULD.COMSKULDMAGAZINEDECEMBER 2008
Page 5 and 6: A DAY IN THE LIFEHEBEI SPIRIT INCID
Page 8 and 9: A DAY IN THE LIFEHEBEI SPIRIT INCID
Page 10 and 11: CURRENTORGANISING FOR MAJOR INCIDEN
Page 12 and 13: CURRENTBy Eric JacobsEVP Marketing
Page 14 and 15: LEGALISSUESBy Nicola MasonVice Pres
Page 16 and 17: LEGALISSUESBy Jonathan HareSenior V
Page 18 and 19: PERSONNELNEWSNEW EMPLOYEES & PROMOT
Page 20: SKULDMAGAZINENEXT ISSUEOUT MARCH 20

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