Current Affaires and Association Profile - Ireland
Foras Muir - Urraidte Eireann - the Irish Institute of Marine Underwriters.
The Irish Institute of Marine Underwriters was formed in 1947 with at it's formation sixteen member companies ( 3 Irish and 13 British ) few of which remain household names today at least in their own right. The original membership included:
Insurance Corporation Of Ireland
Hibernian
Irish National
Century
Commercial Union
Guardian
General Accident
Liverpool and London
Globe
London & Lancashire
Atlas
Northern
Norwich Union
Royal
State
The founding chairman of the Institute was Senator Joseph Brennan, a founder chairman of the Insurance Corporation of Ireland and a member of a prominent Insurance family in Dublin to this day.
A look back at the inaugural Chairman's address at the AGM of 1948 shows an enthusiasm for marine insurance issues in the immediate post war period which might be the envy of many a modern Institute I venture. In year one a technical subcommittee met on an almost fortnightly basis and set up as one of it's first reporting committees, a " Docks " subcommittee which recommended the appointment of a qualified marine surveyor in a risk management capacity. Referring to the success of this appointment in his first annual address the Chairman reported "I am glad to say that the bad congestion at the docks is now largely cleared".( one suspects that the end of the war might have had some role to play as well).
The fledgling Irish Institute recorded its particular thanks in it's first year of operation to the Liverpool Underwriters Association and the Institute of London Underwriters and as then members of the Council of IUMI the institute attended it's first IUMI conference in Noordwijk ( Holland ) in September 1948.The minutes of the inaugural AGM make reference to the setting of the annual subscription at 50 guineas which seems a significant enough sum at the time.
In an introduction to the history of marine insurance in the country, the founding chairman's report references an incident towards the end of the 17th century involving a vessel called the "Ouzel Galley " which is worth repeating here. It is a story still told today in Dublin from time to time especially in the chamber of commerce.
The "Ouzel Galley " sailed from Dublin Port for the Levant in the last years of the 17th Century. Over five years passed and there was no further word of the vessel or her crew. The records then show that following some form of arbitration involving a Mr Thompson in some capacity, possibly a broker, underwriters concerned paid a total loss to ship and cargo interests.
Several years later off Ringsend in Dublin, a rather bedraggled sailing ship was spotted limping into harbour. It was the "Ouzel Galley ". She had been captured by pirates allegedly and her crew imprisoned. When an opportunity arose allegedly the crew led by captain Eoghan Massey recaptured the ship and brought her home to Dublin heavily laden with booty vastly in excess of the value of her original cargo. ( There is no record of what happened the pirates ).In any event a dispute arose presumably born of what would loosely constitute subrogation rights today. Proceedings were instituted which proved costly and seemingly interminable until finally it was agreed to settle the issue through again a form of arbitration. These arbitrations led to the formation of the "Ouzel Galley Society "which had as it's objective the settling of disputes amongst merchants and which led to the establishment of the Dublin Chamber of Commerce which today is the oldest such organisation in the world.
So it didn't all happen at a coffee shop in London !
The Irish Institute of Marine Underwriters today has regrettably many fewer members. The indigenous Irish Insurance Companies trade under the Global Brands.
Current members of the Institute are :
Allianz,
Hibernian ( Aviva )
Royal & SunAlliance
Eagle Star
FBD Insurance.
The Institute meets approximately quarterly under the current chairmanship of
Eamonn Magee ( Allianz ) - eamonn.magee@allianz.ie
tel :003531 6133223
Secretary - Joseph Deegan - joe.deegan@allianz.ie
tel:003531 6133455
Incoming Chairman 2007
Brendan Timbs ( Eagle Star ) - brendan.timbs@eaglestar.ie
tel :003531 6670666
Irish Market Marine Events 2007
- Marine Survey Office / Industry Seminar - National Maritime College Cork
March 07.
- Irish Maritime Law Association Seminar ( National Association of CMI ) March 07.
Useful websites
Insurance Institute of Ireland http://mediasuite.svv.ch/cms/www.insurance-institute.ie
Dept of Transport / Marine http://mediasuite.svv.ch/cms/www.transport.ie
Irish Maritime Law Association http://mediasuite.svv.ch/cms/www.irishmaritimelaw.com
National Maritime College of Ireland http://mediasuite.svv.ch/cms/www.nmci.ie
National College of Ireland http://mediasuite.svv.ch/cms/www.ncirl.ie
