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Arctic shipping insurance: towards a harmonisation of practices and costs?

Published online by Cambridge University Press:  14 August 2014

Aurélie Sarrabezoles ,
Frédéric Lasserre  and
Zebret Hagouagn’rin
Aurélie Sarrabezoles
Affiliation:
Université du Québec à Rimouski, 300 Allée des Ursulines, Rimouski, Québec QC, G5L 3A1, Canada
Frédéric Lasserre
Affiliation:
Department of Geography, Laval University, 2405 Terrasse St, Abitibi Price Building, Québec QC, G1V 0A6, Canada ([email protected])
Zebret Hagouagn’rin
Affiliation:
Faculté des Sciences de l’Administration Laval University, Pavillon Palasis-Prince, 2325 Terrasse St, Québec QC, G1V 0A6, Canada
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Abstract

Insurance is an important component of shipping costs, albeit minor when compared to capital, crew or fuel. If the literature of Arctic shipping agrees that insurance premiums are likely to be higher for Arctic shipping, no study so far has tried to assess the cost of Arctic shipping insurance premiums, nor what specific demands insurance firms might formulate before agreeing to give coverage to a shipping company, thus presenting obstacles to entry in the Arctic shipping market. We first present insurance policies and costs as they are discussed in the literature on Arctic shipping. We also sketch out how their risk-assessment process was influenced by the IMO (International Maritime Organization) and classification societies. Then we outline the results of a survey conducted between 2012 and 2013 with insurance firms on their Arctic shipping policies.

Type
Research Article
Information
Polar Record , Volume 52 , Issue 4 , July 2016 , pp. 393 - 398
Copyright
Copyright © Cambridge University Press 2014 

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