Flip book - Skuld

viewpoinTdouglas Jacobsohnpresident & ceo/conTenTSTop performeras we approach the end of another busy year, i am pleased to reportthat Skuld’s board of directors has agreed our strategy to 2020. we willcontinue our focus on p&i mutuality and diversify further with emphasison profitable commercial insurance activities.Performancein 2012, Skuld has been rated ‘a’ by S&p and a ‘top p&i club’ byindependent p&i brokers. by increasing our global presence, includinga new office in Singapore, we increase our capability to provide hands-onservice and save our members time and money.new ProductsSkuld’s new products have received a warm reception from the market.The latest innovations are Skuld 1897’s bespoke ‘subsea & offshoreequipment’ and ‘ports & terminals’ covers, and Skuld’s fixed-premiump&i product, which encompasses Skuld Yacht for the exclusivesuperyacht sector.financialsThis year has been challenging for many of our members and clients,with the global financial climate continuing to impact us all. in spite ofthis, Skuld remains a predictable and stable insurer with a strongbalance sheet. To retain our financial strength and predictability, it isvital to maintain a balanced underwriting result. we cannot rely oninvestments to cover underwriting losses and, with increases in poolclaims, it is necessary to adjust premiums accordingly.beacon december 2012 / iSSue 203news feature: the environment6 a vision of sustainability8 namepa after five years10 revisiting the Hebei Spirit12 Settling over 100,000 claims14 Saving the reef17 The devil and the deep blue sea20 going slow23 world’s first lng-fuelled product tankerleGal issues25 issues of liabilitycurrent27 Skuld offshore28 114 years of partnershipnews29 personnel news31 news17The deviland The deepblue Seaduring the past fifty years, the globalappetite for petrochemical products hasreached almost insatiable levels.on occasions demand has outstrippedsupply and all too often disputes have ledto political conflict, civil unrest and war.the environmentwe have seen a rise in larger international group pool claims whereScopic (Special compensation p&i clause) – which providescompensation for the environment – and wreck removal have made upa third of payments. Skuld had no such claims, but as a member of theinternational group pooling agreement, we share the costs. equally, itis our duty to reduce our members’ environmental impact through lossprevention measures and effective casualty response. This beaconfocuses on several environmental issues that can affect us all. wehope it provides food for thought.my best wishes for the holiday season and the new Year.douglaS JacobSohnSkuldmagazinebeacondecember 2012 / iSSue 203Beacon (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 editorial staff lise larson,marte nordli andersen, inger margrethe holm layout Transmission aS rePro and PrintinG07 group front PaGe coral reef Back PaGe photo: paul Souders/corbis. arctic ice. entire contents©2012, 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.com23world’S firSTlng-fuelledproducT Tankerlng is an increasingly important fuel source for theshipping industry in its quest to meet new environmentalrequirements for 2020. Tarbit Shipping is behind the world’sfirst lng bunker conversion of a non-lng tanker.phoTo: courTeSY of SeabYTe inc.14SavingThe reefmany countries have discovered that a reefis an invaluable asset. due to risingecological awareness, environmentaldamage is punished severely by high finesin almost every part of the world, especiallyif this damage impacts the tourism industry.as reef-damage claims can become veryexpensive, rapid response is necessary tominimise exposure.