North P&I Club shares COVID-19 tracker

North P&I Club | April 15, 2020

North P&I Club shares COVID-19 tracker
Global marine insurer North P&I Club has developed a new COVID-19 tracking tool. North has made the tool available as a shared resource to the International Group of P&I Clubs. The tool was first released by North in February. It details the extent of the COVID-19 outbreak and the response measures that have been introduced in a single digital dashboard, including country- and port-specific advice for shipowners, charterers, operators and others, North said. The tool utilizes information provided by IG club correspondents across the globe, as well as the International Maritime Organization and the World Health Organization. The tool also uses data from Wilhelmsen Ship Management and ship agency company GAC. The dashboard includes a continuously updated map of the outbreak’s spread from Johns Hopkins University.

Spotlight

A self-insured lender assumes all risk and absorbs any losses that occur. The greatest disadvantage of self-insurance is that risk is not transferred. To minimize uninsured losses, some self-insured lenders add follow up procedures such as: Requiring evidence of physical damage insurance at the time of loan closing.

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Spotlight

A self-insured lender assumes all risk and absorbs any losses that occur. The greatest disadvantage of self-insurance is that risk is not transferred. To minimize uninsured losses, some self-insured lenders add follow up procedures such as: Requiring evidence of physical damage insurance at the time of loan closing.