P&I insurance rates are on the upswing, expert says

04/7/2013 | CFO.com

Protection-and-indemnity rates are on the rise because ships have significantly grown in size and the costs of removing shipwrecks have "gone up geometrically," Marsh's Martin McCluney says. Hull and machinery rates, however, are softening because of "an abundant supply of highly rated security for hull and machinery risks -- multiples of what most vessels are worth," McCluney said.

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