Marine insurance seminar…

Making a point at the seminar yesterday at the Cara Lodge is Mr Paul Rankin . Seated from left are: MARAD’s Captain John Flores, and Messrs Raj Singh and Alan Thomas (Photo by Samuel Maughn)

MARAD to implement regulations to manage waterways

THE Maritime Administration Department (MARAD) will soon be implementing regulations to more efficiently manage traffic in Guyana’s waterways.
According to MARAD Director, Captain John Flores, the move is necessary as the International Organisation for Migration (IOM) will be visiting Guyana next February for an audit.

The director was at the time speaking at a marine insurance seminar hosted by Raj Singh Insurance Brokers & Risk Management Consultants Inc (RSI) at Cara Lodge on Wednesday.

“We are preparing for an audit next year February, and at the same time we are preparing for oil and gas,” Flores said.
“We are putting a lot of the regulations in place; a lot of the structures, best practices under IMO and some of the other countries are also putting them in place,” he added.

With Guyana being a party to the Caribbean Maritime Understanding (MCU/MOU), Captain Flores said, our standards have been prepared in keeping with other Caribbean countries and the IMO.

“With systems in place, Guyana can have a better chance of attracting ships of a certain standard,” he said, adding:
“In this globalised world it is impossible to do business unless you have standards.”

President of the Insurance Institute, Mr Raj Singh said stakeholders were drawn from vessel owners, cargo interests, staff from RSI and another broking house.
The seminar served to empower their customers, staff and others in the local insurance industry with the requisite knowledge of how marine insurance works, underwriting information needed, risk management basics, claim do’s and don’ts, etc.

He explained that the knowledge gained from this session is expected to translate into faster underwriting process and a better understanding of the claims settlements since the customer would have a better idea of requirements of marine insurance and what to do at the time of a claim.

In attendance were Alan Thomas, renowned marine insurance expert out of London with over 20 years’ experience as a senior Underwriter for Steamship Mutual, North of England P & I (formerly Newcastle) and Ocean Marine Mutual and Paul Rankin, Director at Maritime Mutual Insurance Association (NZ) Limited.