Assuranceforeningen Skuld
Encyclopedia
Assuranceforeningen Skuld is an international mutual marine insurance
company based in Oslo
, Norway
that specializes in protection and indemnity insurance. Total premiums for own account for the 2008 insurance year were USD
190 million. In addition to Oslo, Skuld has offices in Bergen
, Copenhagen
, Hamburg
, Hong Kong
, London
, Moscow
, New York
and Piraeus
.
according to which Skuld
is one of the powerful goddesses known as norns
who weave the threads of destiny. The purpose of the Association is "mutual insurance against liabilities and losses incurred by members in direct connection with the operation of the entered vessels".
s and is owned and controlled directly by its insured shipowners who are known as members of the club and are entitled to vote at the general meeting according to the gross tonnage
of the ships entered in the Association. The members elect a Committee of between 10 and 28 members which meets twice a year, and a Board of Directors consisting of between five and nine members. The conditions of membership and terms of insurance are contained in the Statutes and Rules.
Skuld underwent a major restructuring in the period 2000 to 2003 which led to a substantial improvement in its financial strength and Standard & Poor's
rating of A- with a stable outlook. The Annual Report for the insurance year ending 20 February 2009 records total assets of USD 441.5 million and contingency reserves of USD 144 million. At the commencement of the 2009/2010 insurance year, owners' tonnage reached more than 50 million gross tonnes. Some 40% of the tonnage entered continues to be Scandinavian-controlled. Skuld is also a leading provider of charterers' liablity insurance.
Skuld is one of thirteen members of the International Group of P&I Associations that work closely together in reinsurance and industry matters of common interest. The P&I Clubs in the International Group provide insurance for the liabilities of approximately 90% of the world's merchant fleet.
In December 2010, Skuld announced that it had also entered the Lloyd's
market.
arising out of the operation of their ships. The common types of claim which are covered are for death or injury to passengers and crew, oil pollution, cargo
loss or damage, collision
, wreck removal and stowaway
s. Shipowners' exposure to these claims has grown in line with increasing regulation of the shipping industry through International Conventions adopted by the International Maritime Organisation as well as by domestic or regional legislation
.
Skuld has been involved in a number of high profile cases including the Estonia, Hebei Spirit
, Braer, Sea Empress and Scandinavian Star.
Skuld also provides shipowners and charterers with additional types of cover. This includes cover for legal assistance and legal costs ("defence" cover) as well as insurance for operators of units in the offshore and energy sector.
Marine insurance
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination....
company based in Oslo
Oslo
Oslo is a municipality, as well as the capital and most populous city in Norway. As a municipality , it was established on 1 January 1838. Founded around 1048 by King Harald III of Norway, the city was largely destroyed by fire in 1624. The city was moved under the reign of Denmark–Norway's King...
, Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
that specializes in protection and indemnity insurance. Total premiums for own account for the 2008 insurance year were USD
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
190 million. In addition to Oslo, Skuld has offices in Bergen
Bergen
Bergen is the second largest city in Norway with a population of as of , . Bergen is the administrative centre of Hordaland county. Greater Bergen or Bergen Metropolitan Area as defined by Statistics Norway, has a population of as of , ....
, Copenhagen
Copenhagen
Copenhagen is the capital and largest city of Denmark, with an urban population of 1,199,224 and a metropolitan population of 1,930,260 . With the completion of the transnational Øresund Bridge in 2000, Copenhagen has become the centre of the increasingly integrating Øresund Region...
, Hamburg
Hamburg
-History:The first historic name for the city was, according to Claudius Ptolemy's reports, Treva.But the city takes its modern name, Hamburg, from the first permanent building on the site, a castle whose construction was ordered by the Emperor Charlemagne in AD 808...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
, New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
and Piraeus
Piraeus
Piraeus is a city in the region of Attica, Greece. Piraeus is located within the Athens Urban Area, 12 km southwest from its city center , and lies along the east coast of the Saronic Gulf....
.
History
Skuld was established in 1897 in Oslo. The name has its origins in Norse mythologyNorse mythology
Norse mythology, a subset of Germanic mythology, is the overall term for the myths, legends and beliefs about supernatural beings of Norse pagans. It flourished prior to the Christianization of Scandinavia, during the Early Middle Ages, and passed into Nordic folklore, with some aspects surviving...
according to which Skuld
Skuld
Skuld may refer to:* Skuld, one of a group of three norns in Norse mythology* Skuld , a princess in Norse mythology* 1130 Skuld, an asteroid discovered on 2 September 1929 and named after the Norn...
is one of the powerful goddesses known as norns
Norns
The Norns in Norse mythology are female beings who rule the destiny of gods and men, a kind of dísir comparable to the Fates in classical mythology....
who weave the threads of destiny. The purpose of the Association is "mutual insurance against liabilities and losses incurred by members in direct connection with the operation of the entered vessels".
Present status
As a mutual association, the club has no shareholderShareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
s and is owned and controlled directly by its insured shipowners who are known as members of the club and are entitled to vote at the general meeting according to the gross tonnage
Gross tonnage
Gross tonnage is a unitless index related to a ship's overall internal volume. Gross tonnage is different from gross register tonnage...
of the ships entered in the Association. The members elect a Committee of between 10 and 28 members which meets twice a year, and a Board of Directors consisting of between five and nine members. The conditions of membership and terms of insurance are contained in the Statutes and Rules.
Skuld underwent a major restructuring in the period 2000 to 2003 which led to a substantial improvement in its financial strength and Standard & Poor's
Standard & Poor's
Standard & Poor's is a United States-based financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. It is well known for its stock-market indices, the US-based S&P 500, the Australian S&P/ASX 200, the Canadian...
rating of A- with a stable outlook. The Annual Report for the insurance year ending 20 February 2009 records total assets of USD 441.5 million and contingency reserves of USD 144 million. At the commencement of the 2009/2010 insurance year, owners' tonnage reached more than 50 million gross tonnes. Some 40% of the tonnage entered continues to be Scandinavian-controlled. Skuld is also a leading provider of charterers' liablity insurance.
Skuld is one of thirteen members of the International Group of P&I Associations that work closely together in reinsurance and industry matters of common interest. The P&I Clubs in the International Group provide insurance for the liabilities of approximately 90% of the world's merchant fleet.
In December 2010, Skuld announced that it had also entered the Lloyd's
Lloyd's of London
Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals or corporations, come together to pool and spread risk...
market.
Scope of insurance
The P&I ("Protection and Indemnity") insurance provided by Skuld to its members is primarily to cover the liabilities which they incur to third partiesLiability insurance
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy...
arising out of the operation of their ships. The common types of claim which are covered are for death or injury to passengers and crew, oil pollution, cargo
Cargo
Cargo is goods or produce transported, generally for commercial gain, by ship, aircraft, train, van or truck. In modern times, containers are used in most intermodal long-haul cargo transport.-Marine:...
loss or damage, collision
Ship collision
Ship collision is the structural impact between two ships or one ship and a floating or still object such as an iceberg. Ship collisions are of particular importance in marine accidents...
, wreck removal and stowaway
Stowaway
A stowaway is a person who secretly boards a vehicle, such as an aircraft, bus, ship, cargo truck or train, to travel without paying and without being detected....
s. Shipowners' exposure to these claims has grown in line with increasing regulation of the shipping industry through International Conventions adopted by the International Maritime Organisation as well as by domestic or regional legislation
Legislation
Legislation is law which has been promulgated by a legislature or other governing body, or the process of making it...
.
Skuld has been involved in a number of high profile cases including the Estonia, Hebei Spirit
2007 Korea oil spill
The MT Hebei Spirit oil spill was a major oil spill in South Korea that began on the morning of 7 December 2007 local time, with ongoing environmental and economic effects. Government officials called it South Korea's worst oil spill ever, surpassing a spill that took place in 1995...
, Braer, Sea Empress and Scandinavian Star.
Skuld also provides shipowners and charterers with additional types of cover. This includes cover for legal assistance and legal costs ("defence" cover) as well as insurance for operators of units in the offshore and energy sector.