Wreck Definition

GLOSSARY

What does Wreck mean?

Goods or other items that are washed ashore following a shipwreck or other maritime incident.

Wreck as defined by the Merchant Shipping Act 1995, s 255 includes jetsam, flotsam, lagan and derelict. Wreck may be reclaimed by the owner. If unclaimed, it will be claimed by the Crown or the owner of a franchise of wreck.

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Protection and indemnity insurance

Protection and indemnity insurance Protection and indemnity (P&I) insurance is a specialist form of liability insurance cover bought by shipowners, some charterers, and other entities concerned with the commercial operation of ocean-going marine vessels. Its primary purpose is to indemnify shipowners against claims made against them by third parties and to ‘fill in the gaps’ in respect of liabilities not covered by other forms of marine insurance, such as hull and machinery cover or war risks cover. Most ports in the world require vessels calling at them to have P&I insurance. It is therefore a vital adjunct to global trade. P&I insurance has its origin in the 18th and 19th centuries when shipowners banded together in associations to mutually assure liabilities not covered by customary marine insurance. Although today some cover is provided on a fixed premium basis mutuality remains a key feature of contemporary P&I cover provision. Some 90% of the world’s global fleet is covered by P&I insurance provided by the thirteen mutual P&I Clubs who are members...

Hull and machinery insurance

Hull and machinery insurance What is hull and machinery insurance? Hull and machinery insurance (‘H&M insurance’) is a form of insurance which covers the insured against the risk of physical damage to the vessel, her machinery and equipment caused by a peril of the seas or other specified perils while she is in the water. It interacts with protection and indemnity insurance (‘P&I insurance’) in the areas of collision liability and liability for contact damage to third party property. In addition to basic H&M insurance, there is a number of sub-categories of insurance which can be taken out in order to protect the insureds' interest in the vessel as an asset, such as war risks, increased value (IV) and loss of hire (‘LOH’). For more information concerning war risks insurance, see Practice Note: Marine war risks. The insured There may be more than one insured under an H&M policy. The insureds may be co-owners of the same vessel or the owner of the vessel and a mortgagee bank (in...

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Energy weekly highlights—3 October 2024

This week's edition of Energy weekly highlights includes: the official launch and operation of the National Energy System Operator (NESO), as well as Ofgem’s publication of an open letter responding to concerns and uncertainty over long-term Transmission Network Use of System (TNUoS) charges. In addition, this week, the Department for Energy Security and Net Zero (DESNZ) announced a consultation on extending the current Free Allocation period, published the 2025–26 Renewables Obligation level calculations, along with the response to its consultation on core fuel sector resilience measures, and the European Commission launched a consultation on the draft delegated act on the methodology to determine the greenhouse gas (GHG) emissions for low-carbon and hydrogen fuels and published the final Terms and Conditions for its second renewable hydrogen auction.

MCA launches consultation on towing requirements for offshore floating structures

The Maritime and Coastguard Agency (MCA) has launched a consultation on a draft Marine Guidance Note (MGN) regarding towing requirements for offshore floating structures (excluding oil and gas infrastructure). The draft MGN provides guidance on obtaining the MCA approvals for towing floating and partially submerged structures used in the offshore renewable energy and aquaculture industries. It outlines that evidence for obtaining or complying with load line certification, the International Convention for the Prevention of Pollution from Ships (MARPOL), ballast water, wreck removal, inventory of hazardous materials, and emergency towing requirements must be submitted to the MCA prior to towing floating or partially submerged structures. The consultation closes on 8 November 2024.

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