IUA MARKET BRIEFING with the Association of Average Adjusters. Cargo Claims, GA and Traps for the Unwary"
|
|
- Candice Barrett
- 6 years ago
- Views:
Transcription
1 IUA MARKET BRIEFING with the Association of Average Adjusters Cargo Claims, GA and Traps for the Unwary"
2 CARGO CLAIMS TRAPS FOR THE UNWARY Keith Sturges Fellow, Association of Average Adjusters
3 1.Rejection of cargo Shock for the assured 2.Loss of warranty Blow to the insurers 3.Restricted clauses The unexpected gaps
4 REJECTION Maize Argentine to Aqaba, Jordan Stowed in 4 holds 2 holds sound 2 holds leaking hatch covers - some surface damage
5 Patches of moisture. Sporadic mould growth on surface
6 17,250 mt sold in Malaysia 110 mt skimmed off (= 0.64%) Balance sound INSTITUTE CARGO CLAUSES (A)...all risks of loss or damage to the subject matter insured... Assured s claim US$ 3,800,000
7 REJECTION RISKS Covers the risk of rejection or condemnation by the government of the country of import. The inclusion of a single grain of foreign seed in a cargo of fertiliser could be sufficient cause to condemn the entire shipment and require it to be re-exported.
8 REJECTION RISKS Berns and Koppstein v Orion (1959) Peanuts in shells Infestation by bugs in the sacks Authorities refused entry unless fumigated Fumigation costs and depreciation in value
9 REJECTION RISKS Berns and Koppstein v Orion (1959) The court held there was no loss by insured perils under the all risks conditions. Without the rejection insurance, the act of the government would not have been the basis of any claim against the underwriters. It would not have been a peril insured against.
10 Security applications e.g. airports and sensitive locations Mobile X-ray equipment
11 Modest damage only
12 Options 1. Repair locally, at modest cost - at manufacturers premises in USA. 2. Sell for best possible proceeds
13 Problems 1. No warranty, even if repaired by manufacturers 2. End users would not accept without warranty
14 INSTITUTE REPLACEMENT CLAUSE In the event of loss of or damage to any part or parts of an insured machine caused by a peril covered by the Policy the sum recoverable shall not exceed the cost of replacement or repair of such part or parts plus charges for forwarding and refitting, if incurred.. Loss of warranty; purely commercial loss?
15 What is the thing insured?
16 Outcome Assured = trader (middle man) The thing insured = x-ray units with warranty Without warranty = unsaleable; no longer a thing of the kind insured No Replacement Clause or similar in the policy
17 Institute Cargo Clauses (B) - fire or explosion - vessel or craft being stranded grounded sunk or capsized - overturning or derailment of land conveyance - collision or contact of vessel craft or conveyance with any external object other than water - discharge of cargo at a port of distress - earthquake volcanic eruption or lightning - general average sacrifice - jettison or washing overboard - entry of sea lake or river water into vessel craft hold conveyance container or place of storage - total loss of any package lost overboard or dropped whilst loading on to, or unloading from, vessel or craft. THEFT
18 Institute Cargo Clauses (B) This insurance covers general average and salvage charges, adjusted or determined according to the contract of carriage and/or the governing law and practice, incurred to avoid or in connection with the avoidance of loss from any cause except those excluded in Clauses 4, 5, 6 and 7 below. AB Clauses capture, seizure, arrest, restraint or detainment (piracy excepted)
19 Institute War Clauses 1.1 war civil war revolution insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power 1.2 capture seizure arrest restraint or detainment, arising from risks covered under 1.1 above, and the consequences thereof or any attempt thereat 2. General Average Clause This insurance covers general average and salvage charges, adjusted or determined according to the contract of affreightment and/or the governing law and practice, incurred to avoid or in connection with the avoidance of loss from a risk covered under these clauses.
20 Thank you Keith Sturges Fellow, Association of Average Adjusters
21
22 CARGO CLAIMS AND GA - TRAPS FOR THE UNWARY 17 March 2016 Keith Sturges of RHL and Mark Meredith of Waltons & Morse LLP
23 HYUNDAI FORTUNE MARCH 2006
24 MSC CHITRA AUGUST 2010
25 HANJIN PENNSYLVANIA NOVEMBER 2002
26 MARINE CASUALTIES WHEN DISASTER STRIKES! Cargo Underwriters and/or their Assureds may face a number of significant claims including General Average Claims LOF/Common Law Salvage Claims PA Claims Constructive Total Loss Claims Claims in relation to Non-delivery of cargo To name but a few
27 A marine casualty has arisen The immediate steps for the wary cargo interest SPEED - Speed is of the essence try to determine extent of financial involvement in the casualty CIRCUMSTANCES- Establish the circumstances surrounding the incident, was it a grounding/a collision/a fire EXPERTS - Depending on the nature and complexity of the casualty, experts could be vital to ensuring that your position as Underwriters is not prejudiced SURVEYORS/LAWYERS - Liaise with other parties involved be they surveyors, lawyers or any other experts who may be involved CARGO CONDITION Is cargo a total or partial loss
28 GA SECURITY SIGN IN HASTE, REPENT IN LEISURE? A casualty occurs and GA is declared If GA is declared by Shipowners, they have a right to GA security (GA Bond and GA Guarantee) prior to releasing their lien over cargo at the port of discharge. GA Security is usually drafted by the GA Adjusters (usually appointed by the Shipowners but can be by cargo) The Receivers/Owners of the cargo ordinarily complete the GA Bond, whereas cargo insurers will complete the GA Guarantee. GA security is then lodged with Adjusters to release the cargo. HOWEVER
29 Extreme caution has to be exercised when issuing GA security! First, careful review of the available cargo documents must be undertaken Has title and risk been established? Who owned the cargo at the time of the casualty? Are the relevant sales contract to hand to ensure that the chain of ownership and risk can be determined? Once risk and title and ownership has been established, then what
30 GA SECURITY Frequently, GA securities will include wording such as To pay the proper proportion of any General Average and/or Special Charges which may hereafter be ascertained to be due from the Cargo Do the monies have to be legally and properly due with such a wording?
31 The MAERSK NEUCHATEL 2014
32 The MAERSK NEUCHATEL grounded in 2007 off Tema. The Owners validly declared GA. Time Charterers, Maersk, provided a blanket LOU to Owners which included cargo interests proportion of GA. Thereafter, the Adjusters published a GA Adjustment holding Maersk liable for GA owed by all cargo interests under the construction of the LOU Maersk were of the opinion they had to only pay sums properly and legally due from cargo interests and challenged the quantum of the GA claim What happened??
33 The Shipowners argued before Mr Judge Hamblen that the LOU was a clear undertaking to pay and was, in effect, an ondemand guarantee Maersk s position was that the LOU was only an undertaking to pay what was legally and properly due insofar as GA Adjustments are not binding on the parties to the maritime adventure. The Judge found in favour of the Shipowners. The wording of the LOU was held to mean that the LOU contained a clear undertaking to pay a sum ascertained to be due. There was no requirement this had to be legally due
34 What do we learn from this??? The unwary cargo insurer and the unwary cargo owner will sign a GA Guarantee and Bond without first considering the implications of doing so. Ensure the wording does not prejudice your position as cargo interests, if in doubt, call someone who may be able to assist
35 SECURITY FOR CLAIMS
36 SECURITY FOR CLAIMS As soon as a major casualty occurs, or when a significant PA loss is reported, the wary cargo interest will consider the issue of security as early as possible. Most commonly, security will be provided by the P&I Club with which a Shipowner or Bill of Lading Issuer is entered in the form of a Club Letter of Undertaking It is very important that any LOU is obtained from a reputable P&I Club belonging to the International Group of P&I Clubs. A number of factors have to be taken into account by the wary insurer in discussions relating to security
37 SECURITY WORDINGS THE POTENTIAL TRAPS The International Group presently in discussions over an agreed format for LOU S similar to ASG Cargo Undertaking Version 9 At present time, each Club has its own LOU version is it possible to standardise? When considering LOU wording cargo interests must consider whether to accept all-inclusive or plus interest and plus costs don t be under-secured! Ensure all the parties are addressed correctly on the LOU and that all and any claims are covered and consider inclusion of Non-liability in GA
38 SECURITY WORDINGS THE POTENTIAL TRAPS Make sure that the Club has authority to give security on behalf of the correct party this has to be expressed in writing! Think about a demise charter warranties in the LOU wording this will serve to ensure that security is given on behalf of the correct party. In some Continental Forms, such as Rotterdam and South Africa, the duration of the LOU can be time limited don t be time barred for security!
39 The essence of Speed Let us consider the following
40 MV UNFORTUNATE departs China destined for the UK. During the voyage she suffers a shift of cargo causing considerable cargo damage Cargo interests are aware that the UNFORTUNATE is due to arrive at the port of discharge imminently. The day she is due to arrive, cargo interests contact the P&I Club to request attendance on board to undertake survey prior to discharging operations taking place. Attendance is declined. Cargo interests appoint lawyers who are able to secure access for cargo survey. The P&I Club agrees to joint survey. Survey takes place and cargo damage is indeed considerable, some 750, You contact the P&I Club for security. She is entered with a Club, not belonging to the International Group. However, the Club advise they are willing to issue security. You take this on trust. The UNFORTUNATE then departs the port of discharge. Thereafter, the P&I Club do not respond to s relating to security. The Owners only have the UNFORTUNATE as an asset. You are then forced to try and arrest in a potentially difficult jurisdiction.
41 What do we learn from this? The wary insurer cargo interest must ensure that adequate security must be obtained prior to the vessel departing. Alternatively, cargo interests should consider arresting the vessel with a view to obtaining a bank guarantee. Once the vessel is gone, it is very, very difficult to exert any pressure on the Owners or the Club to provide security in such circumstances. Obtaining adequate security at an early stage can often act as a catalyst for expedient settlement of the claim.
42 TITLE TO SUE Title to Sue is a fundamental aspect of ensuring recovery rights in contract or tort. Too many claims with strong merit, backed by adequate security, fail due to Title to Sue issues. It is crucial for the insurer to be wary when it comes to claiming in the name of the correct party. Therefore, it is crucial that any action is brought in the name of the correct party. The Carriage of Goods by Sea Act (1992) governs the rights of parties to claim in English Law. Under COGSA, in contract law, it is the lawful holder of the Bill of Lading (being the party to possessory title to the cargo) who can claim for damages. In tort, the legal owner of the cargo at the time of the incident has rights to claim. This can be difficult to evidence. It is likely that there may well be a number of sales contracts in place governing the sale on a particular voyage. If it cannot be determined when damage took place, it could be impossible to determine who owned the cargo at the time of loss. The wary cargo interest will, when issuing proceedings, ensure that all possible parties are named in the action as well as the insurers themselves.
43 TIME LIMITS AND TIME EXTENSIONS Time limits and time extensions can be a minefield It is important to carefully look at the documents in order to determine the applicable time limits. A Master Bill of Lading may well provide for a one year time limit whereas a House Bill of Lading may provide for 9 months. Obtain a time extension from the issuer of the House Bill of Lading well in advance of the 9 month time limit as well as obtaining a time extension from the issuer of the Master Bill of Lading. Ordinarily, under the Hague Visby Rules which apply to the majority of ocean going contracts of carriage, the applicable time limit will be one year from the date that delivery of cargo was delivered or, in circumstances where it is a total loss, should have been delivered.
44 TIME LIMITS AND TIME EXTENSIONS If a Carrier or a P&I Club grant an extension, the wary cargo interest will pay close attention to the terms of the extension and further will ensure that the extension covers all Bills of Lading Always check to ensure that the party giving the time extension has authority to do so and names the party in the time extension There have been circumstances where P&I Clubs have used wordings which do not grant a valid extension or some Bills of Lading have been left out of the time extension. In the case of the latter, time will not have been deemed to be extended by a Court. Further, you must consider the jurisdiction in which he finds himself. If a Chinese carrier grants a time extension in relation to claims subject to Chinese law and jurisdiction do not accept it. Time extensions are not valid in China under the Maritime Code and the extension is not worth the paper it is written on. You have to file suit!
45 One final factor the wary cargo interest will consider Is pursuit of the recovery financially viable and what can be achieved by it? Will the costs exceed the benefit? This has to be considered at the earliest stage possible there is little point throwing good money after bad!
46 ANY QUESTIONS?
47 77 Gracechurch Street London EC3V 0DL T:+44 (0) F:+44 (0) DX: CTY
INSTITUTE CARGO CLAUSES (B)
These clauses are purely illustrative. Different policy conditions may be agreed. The specimen clauses are available to any interested person upon request. In particular: (a) in relation to any clause
More informationINSTITUTE NATURAL RUBBER CLAUSES. (excluding Liquid Latex) 1 This insurance covers, except as provided in Clauses 4, 5, 6 and 7 below, Risks Clause
INSTITUTE NATURAL RUBBER CLAUSES (excluding Liquid Latex) RISKS COVERED 1 This insurance covers, except as provided in s 4, 5, 6 and 7 below, Risks 1.1 loss of or damage to the subject-matter insured reasonably
More informationINSTITUTE FROZEN MEAT CLAUSES ( C )
INSTITUTE FROZEN MEAT CLAUSES ( C ) (not suitable for chilled, cooled or fresh meat ) RISKS COVERED Risks Clause 1. This insurance covers, except as provided in Clauses4, 5, 6 and 7 below, 1.1 loss of
More informationINSTITUTE FROZEN MEAT CLAUSES (C) AND 24 HOURS BREAKDOWN. (not suitable for chilled, cooled or fresh meat)
INSTITUTE FROZEN MEAT CLAUSES (C) AND 24 HOURS BREAKDOWN (not suitable for chilled, cooled or fresh meat) RISKS COVERED 1. This insurance covers, except as provided in s 4, 5, 6 and 7 below, Risks 1.1
More informationJoint Cargo Committee e-alert
From: Joint Cargo Committee To: Neil Smith Subject: Release of Commodity & FOSFA Clauses 01/06/2013 Date: 31 May 2013 08:27:16 Online version Opt-out of JCC e-alerts Joint Cargo Committee e-alert JC2013/010
More informationUNITED NATIONS CARGO INSURANCE, CARGO INSURANCE. Restricted Cover
Page 1 sur 8 UNITED NATIONS CARGO INSURANCE, CARGO INSURANCE Restricted Cover A. - COVERAGE 1 This insurance covers physical loss of or damage to the insured cargo caused by 1.1 vessel or craft being stranded,
More informationCARGO CLAUSE WORDINGS
CARGO CLAUSE WORDINGS Kay International Plc 9-13 Fenchurch Buildings London EC3M 5HR www.kayint.co.uk Tel: +44207 553 8100 Fax: +44207 553 8130 TABLE OF CONTENTS A. INSTITUTE CARGO CLAUSES A DATED 1/1/09
More informationInstitute Marine Cargo Clauses, C
Institute Marine Cargo Clauses copy @ lexmercatoria.org Copyright 1982 Institute Marine Cargo Clauses SiSU lexmercatoria.org ii Contents Contents Institute Marine Cargo Clauses 1 C Clauses 1 RISKS COVERED
More informationINSTITUTE FOSFA TRADES CLAUSES (A) Agreed with The Federation of Oils, Seeds and Fats Associations Ltd
INSTITUTE FOSFA TRADES CLAUSES (A) Agreed with The Federation of Oils, Seeds and Fats Associations Ltd RISKS COVERED Risks 1. This insurance covers all risks of loss of damage to the subject-matter insured
More informationRisks Clause. General Average Clause. Both to Blame Collision Clause. General Exclusions Clause. Unseaworthiness and Unfitness Exclusion Clause
INSTITUTE CARGO CLAUSES (A) 1 This insurance covers all risks of loss of damage to the subject matter insured except as excluded by the provisions of s 4, 5, 6 7 below. 2 This insurance covers general
More informationDate: 10 July Contribution less wakalah fee will be credited to the GTF as Tabarru' (a.k.a. cost of insurance in conventional insurance).
PRODUCT DISCLOSURE SHEET Please read this Product Disclosure Sheet before you decide to participate in the Marine Cargo Scheme. Please be sure to also read the general terms and conditions. Marine Cargo
More informationINSTITUTE FOSFA TRADES CLAUSES (A) Agreed with The Federation of Oils, Seeds and Fats Associations
INSTITUTE FOSFA TRADES CLAUSES (A) Agreed with The Federation of Oils, Seeds and Fats Associations RISKS COVERED 1 This insurance covers all risks of loss of or damage to the subject-matter insured except
More information01/03/2017 INSTITUTE FROZEN/CHILLED FOOD CLAUSES (A) 24 HOURS BREAKDOWN. (suitable for food in a mechanically temperature-controlled environment)
01/03/2017 INSTITUTE FROZEN/CHILLED FOOD CLAUSES (A) 24 HOURS BREAKDOWN (suitable for food in a mechanically temperature-controlled environment) RISKS COVERED Risks 1. This insurance covers, except as
More informationSIMPLY CARGO. Your Institute Clauses
SIMPLY CARGO Your Institute Clauses 1/1/09 INSTITUTE CARGO CLAUSES (A) RISKS COVERED Risks 1. This insurance covers all risks of loss of or damage to the subject-matter insured except as excluded by the
More informationDELAY IN START UP INSURANCE (MARINE)
DELAY IN START UP INSURANCE (MARINE) (The terms and conditions including the wording provided are the proposed wordings and the final terms and conditions would be identical to those provided by the Reinsurer
More information************************************************* Marine Cargo Insurance *************************************************
************************************************* Marine Cargo Insurance ************************************************* Salient Features AN OVERVIEW OF RISKS TO WHICH THE CARGO IS EXPOSED DURING TRANSPORTATION
More informationINSTITUTE CARGO CLAUSES (A)
1/1/82 INSTITUTE CARGO CLAUSES (A) RISKS COVERED 1. This insurance covers all risks of loss of or damage to the subject-matter insured except as provided in Clauses 4, 5, 6 and 7 below. 2. This insurance
More informationInsurance Terms No. 72
Effective 1 st April 2012 Insurance Terms No. 72 Copyright THE GRAIN AND FEED TRADE ASSOCIATION INSURANCE TERMS Insurance cover shall be provided in the proportions and manner agreed pursuant to the sale
More informationINSTITUTE WAR CLAUSES (CARGO) CL /1/2009 (TAVARANKULJETUSVAKUUTUSTURVAEHTO 385)
1 INSTITUTE WAR CLAUSES (CARGO) CL. 385 1/1/2009 (TAVARANKULJETUSVAKUUTUSTURVAEHTO 385) RISKS COVERED 1. Risks This insurance covers, except as excluded by the provisions of Clauses 3 and 4 below, loss
More informationComparative Essay about War Risks and Strikes
Earlier Developments Comparative Essay about War Risks and Strikes War Risks: By Shen Meilin & Zhao Fangxin In England, the SG Policy did provide for war risks. Then, it could be excluded by the FC and
More information1/1/09 INSTITUTE CARGO CLAUSES (AIR)
1/1/09 INSTITUTE CARGO CLAUSES (AIR) (excluding sendings by Post) RISKS COVERED Risks 1. This insurance covers all risks of loss of or damage to the subject-matter insured except as excluded by the provisions
More informationINSTITUTE STRIKES CLAUSES (FROZEN MEAT) (not suitable for chilled, cooled or fresh meat)
Marine INSTITUTE STRIKES CLAUSES (FROZEN MEAT) (not suitable for chilled, cooled or fresh meat) RISKS COVERED 1. This insurance covers, except as provided in s 3 and 4 below, loss of or damage to the subject-matter
More informationOverseas Household Contents in Transit
Overseas Household Contents in Transit Insurance for use by Cartage and Removals Transport Storage (CARTS) Product Disclosure Statement and Policy Document This insurance policy is provided by Allianz
More informationINSTITUTE WAR CLAUSES (AIR CARGO) (excluding sending by Post)
These clauses are purely illustrative. Different policy conditions may be agreed. The specimen clauses are available to any interested person upon request. In particular: (a) in relation to any clause
More informationMARINE CARGO INSURANCE. MAI MARINE v4
MARINE CARGO INSURANCE MAI MARINE v4 TABLE OF CONTENTS INSTITUTE CARGO CLAUSES (A) CL.382 1/1/2009 4 INSTITUTE STRIKES CLAUSES (CARGO) CL.386 1/1/2009 9 INSTITUTE WAR CLAUSES (CARGO) CL.385 1/1/2009 13
More informationSustainable Human Resource Development in logistics services for ASEAN Member States
The Training Material on Risks Management (including International Conventions) has been produced under Project Sustainable Human Resource Development in Logistic Services with the support from Japan-ASEAN
More informationINSTITUTE STRIKES CLAUSES (COMMODITY TRADES) Agreed with The Federation of Commodity Associations
INSTITUTE STRIKES CLAUSES (COMMODITY TRADES) Agreed with The Federation of Commodity Associations RISKS COVERED 1 This insurance covers, except as provided in s 3 and 4 below, loss of or damage to the
More informationINSTITUTE WAR CLAUSES (FOSFA TRADES) Agreed with The Federation of Oils, Seeds and Fats Associations
INSTITUTE WAR CLAUSES (FOSFA TRADES) Agreed with The Federation of Oils, Seeds Fats Associations RISKS COVERED 1 This insurance covers, except as provided in s 3 4 below, loss of damage to the subject-matter
More informationINSTITUTE WAR CLAUSES (CARGO)
INSTITUTE WAR CLAUSES (CARGO) RISKS COVERED 1. This insurance covers, except as provided in s 3 and 4 below, loss of damage to the subject-matter insured caused by Risks 1.1 war civil war revolution rebellion
More informationINSTITUTE TIME CLAUSES - HULLS TOTAL LOSS, GENERAL AVERAGE AND 3/4THS COLLISION LIABILITY
1/10/83 (For Use Only with the New Marine Policy Form) INSTITUTE TIME CLAUSES - HULLS TOTAL LOSS, GENERAL AVERAGE AND 3/4THS COLLISION LIABILITY (Including Salvage, Salvage Charges and Sue and Labour)
More informationINSTITUTE STRIKES CLAUSES (FROZEN FOOD) (Excluding Frozen Meat)
Marine INSTITUTE STRIKES CLAUSES (FROZEN FOOD) (Excluding Frozen Meat) RISKS COVERED 1. This insurance covers, except as provided in s 3 and 4 below, loss of or damage to the subject-matter insured caused
More informationINSTITUTE CARGO CLAUSES (A) RISKS COVERED. 1. Risks
INSTITUTE CARGO CLAUSES (A) RISKS COVERED 1. Risks This insurance covers all risks of loss of or damage to the subject-matter insured except as excluded by the provisions of Clauses 4, 5, 6 and 7 below.
More informationWest of England SERVICE IS OUR STRENGTH. General Average Seminar
West of England SERVICE IS OUR STRENGTH General Average Seminar GA & Club Cover Due Diligence & Unseaworthiness Technical Management Underwriter Claims Lawyer Loss Prevention Christopher South A form of
More informationNo.9, Vanak Ave Tehran, IRAN Tel: ( ) Fax: ( )
1/11/95 (FOR USE ONLY WITH THE CURRENT MAR POLICY FORM) INSTITUTE TIME CLAUSES HULLS TOTAL LOSS ONLY (289) (Including Salvage, Salvage Charges and Sue and Labor) This insurance is subject to Iranian law
More informationAIG Insurance Company China Limited INSTITUTE CARGO CLAUSES (AIR) (Excluding Sendings by Post)
Note: Befe applying f this Policy, please read carefully the terms and conditions of this Policy, especially the exclusions highlighted in boldface. If you have any query, please contact our salespersons
More informationZurich Insurance. Zurich marine insurance solutions
Zurich Insurance Zurich marine insurance solutions General Average Overview Part 3 Eric Nicholls Director Nicholls Insurance Consulting October 2013 Zurich Insurance General Average - Overview PRESENTATION
More informationRegulatory update: Cargo insurance in Kenya
Regulatory update: Cargo insurance in Kenya Nairobi - May 11 th 2017 Aon Risk Solutions 2 Aon Risk Solutions 2 Marine Cargo Insurance The basis Scope of Marine Cargo Insurance Aon Risk Solutions 4 Marine
More informationHDFC ERGO General Insurance Company Limited
2010 INLAND TRANSIT (RAIL/ROAD/AIR) CLAUSE A (ALL RISKS) RISKS COVERED RISK CLAUSE 1. This insurance covers all risks of loss or damage to the subject-matter insured except as excluded by the provisions
More informationINSTITUTE TIME CLAUSES HULLS This insurance is subject to English law and practice
INSTITUTE TIME CLAUSES HULLS This insurance is subject to English law and practice 1. NAVIGATION 1.1 The vessel is covered subject to the provisions of this insurance at all times and has leave to sail
More informationINSTITUTE TIME CLAUSES - HULLS (Total Loss Only) (Including Salvage, Salvage Charges, Sue & Labour) 1/11/95
INSTITUTE TIME CLAUSES - HULLS (Total Loss Only) (Including Salvage, Salvage Charges, Sue & Labour) 1/11/95 1. NAVIGATION 1.1 The Vessel is covered subject to the provisions of this insurance at all times
More informationWho Is An Insured 2. Coverage 2. Extension Of Coverage 2. Exclusions 3. Duration Of Insurance 4. Limits Of Insurance 5. Loss Payment Basis 5
Contract Table Of Contents Section Page No. Who Is An Insured 2 Coverage 2 Extension Of Coverage 2 Exclusions 3 Duration Of Insurance 4 O C E A N C A R G O C O N T R A C T Limits Of Insurance 5 Loss Payment
More informationINSTITUTE TIME CLAUSES - HULLS TOTAL LOSS, GENERAL AVERAGE AND 3/4THS COLLISION LIABILITY
1/11/95 These clauses are purely illustrative. Different policy conditions may be agreed. The specimen clauses are available to any interested person upon request. In particular: (a) in relation to any
More informationMARINE HULL TAKAFUL CONTRACT
H. Orchid, 1 st Floor, Ameer Ahmed Magu, Male, Rep. of Maldives Phone: (960) 301 8000, Fax (960) 331 0300 Web site: www.ayady.mv, Email: info@ayady.mv MARINE HULL TAKAFUL CONTRACT 1/10/83 (FOR USE ONLY
More informationAMERICAN INSTITUTE CARGO CLAUSES 2004 FREE OF PARTICULAR AVERAGE- AMERICAN CONDITIONS (FPAAC)
American Institute (AIMU) Cargo Clauses (FPAAC) January 1, 2004 AMERICAN INSTITUTE CARGO CLAUSES 2004 FREE OF PARTICULAR AVERAGE- AMERICAN CONDITIONS (FPAAC) 1. FPA AVERAGE TERMS Vessel On Deck Vessel
More informationMARINE POLICY IMPORTANT
MARINE POLICY For Consumer Insurance Contracts (Insurance wholly for purposes unrelated to the Insured s trade, business or profession) This Policy is issued in consideration of the payment of premium
More informationGeneral Average - an introduction
General Average - an introduction This guest post about General Average is written by Alexander Robertson from Robertson's Cargo Consultancy (Pty.) Limited GENERAL AVERAGE In the marine insurance industry
More information(iii) for loss of or damage to the effects of any passengers on board an insured vessel;
Class 1 Protection & Indemnity and Other Risks Section 2A. Liability to passengers. Liability to pay damages or compensation:- for personal injury, illness or death of any passenger of an insured vessel
More informationINSTITUTE TIME CLAUSES HULLS PORT RISKS 20/7/87. This insurance is subject to English law and practice
INSTITUTE TIME CLAUSES HULLS PORT RISKS 20/7/87 This insurance is subject to English law and practice 1. NAVIGATION The Vessel has leave to proceed to and from any wet or dry docks harbours ways cradles
More informationINSTITUTE TIME CLAUSES HULLS PORT RISKS
*20/7/87 INSTITUTE TIME CLAUSES HULLS PORT RISKS This insurance is subject to Australian law and practice 1 NAVIGATION The Vessel has leave to proceed to and from any wet or dry docks harbours ways cradles
More informationAn Introduction to the Underwriting of Yachts & Pleasure Craft
An Introduction to the Underwriting of Yachts & Pleasure Craft by Dr Nicholas G. Berketis 1 The Underwriting of Yachts & Pleasure Craft Definitions Insurance Conditions Underwriting Guidelines 2 Definitions
More information1/1/86 INSTITUTE FROZEN MEAT CLAUSES (A) 24 Hours Breakdown (not suitable for chilled, cooled or fresh meat)
1/1/86 INSTITUTE FROZEN MEAT CLAUSES (A) 24 Hours Breakdown (not suitable f chilled, cooled fresh meat) RISKS COVERED 1. This insurance covers, except as provided in s 4, 5, 6 and 7 below. 1.1 all risks
More informationMARINE AND AVIATION DEPARTMENT
MARINE POLICY- CARGO WHEREAS it has been proposed to AYALON INSURANCE COMPANY LTD. As per Schedule attached herewith: As well in their own name as for and in name and names of all and every other person
More informationSPECIFICATION E.C.B MARINE CONSEQUENTIAL LOSS INSURANCE (DELAY IN START-UP)
SPECIFICATION (DELAY IN START-UP) RISKS COVERED 1. This insurance will indemnify the Insured in respect of their Gross Profit as defined herein ascertained in the manner hereinafter provided, during the
More informationSPECIAL MARINE POLICY
ProSight Specialty Insurance 59 Maiden Lane, Suite 2700 New York, NY 10038-4647 Original SPECIAL MARINE POLICY $... No... MM0862840 This is to certify, that on... 08/28/2016 PROSIGHT SPECIALTY INSURANCE
More informationContents. Rules for Charterers' Insurance Articles of Association
Contents Rules for Charterers' Insurance Articles of Association Printed by PR-Offset AB, Gothenburg, Sweden Published February 2018 1802PR500B The Swedish Club 2 Rules for Charterers' Insurance Chapter
More information1. Shipbroker THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD SLOT CHARTER PARTY CODE NAME: SLOTHIRE. Sample Copy
Copyright, published by The Baltic and International Maritime Council (BIMCO) Issued by The Documentary Committee of The Baltic and International Maritime Council (BIMCO), Copenhagen 1. Shipbroker THE
More informationCargo Insurance, International clauses
Cargo Insurance, International clauses Tavarankuljetusvakuutus, kansainväliset ehdot Varuförsäkring, internationella villkor KU 07 Insurance terms and conditions valid as of 1 January 2018 330887e 11.17
More informationIMO PROVISION OF FINANCIAL SECURITY
INTERNATIONAL MARITIME ORGANIZATION E IMO LEGAL COMMITTEE 92nd session Agenda item 5 LEG 92/5/3 15 September 2006 Original: ENGLISH PROVISION OF FINANCIAL SECURITY (ii) Follow-up on resolutions adopted
More information1/1/82 INSTITUTE CARGO CLAUSES (AIR) (excluding sendings by Post)
1/1/82 INSTITUTE CARGO CLAUSES (AIR) (excluding sendings by Post) RISKS COVERED 1. This insurance covers all risks of loss of damage to the subject-matter insured except as provided in s 2, 3 4 below.
More informationCargo Insurance, International clauses
Cargo Insurance, International clauses Tavarankuljetusvakuutus, kansainväliset ehdot Varuförsäkring, internationella villkor KU 07 Insurance terms and conditions valid as of 1 January 2019 332353e 11.18
More informationUnderstanding Claims Handling Process & its Complexities
Understanding Claims Handling Process & its Complexities Tan Hui Tsing M/s Gurbani & Co Maritime Insurance Marine Insurance Act 1906 Hull & Machinery insurance Cargo insurance Protection & Indemnity insurance
More informationRule B General average sacrifices and expenses shall be borne by the different contributing interests on the basis hereinafter provided.
Rule of interpretation In the adjustment of general average the following lettered and numbered Rules shall apply to the exclusion of any Law and Practice inconsistent therewith. Except as provided by
More information1/1/86 INSTITUTE FROZEN FOOD CLAUSES (A) (Excluding Frozen Meat)
1/1/86 INSTITUTE FROZEN FOOD CLAUSES (A) (Excluding Frozen Meat) RISKS COVERED 1. This insurance covers, except as provided in s 4, 5, 6 and 7 below. 1.1 all risks of loss of damage to the subject-matter
More informationWar Risk Legal aspects
Slide 1 1758 Slide 2 WAR & PEACE Slide 3. I established that the occurrence of war or peace does not affect insurance and does not lead to any premium increase or decrease. PRINTED (STANDARD) FORMS Marseilles
More informationRules of Practice of the Association of Average Adjusters of Canada. Revised June 1993 Revised June 2002 RULES OF PRACTICE FOR THE GREAT LAKES
Adopted February 16th, 1971 Confirmed March 17th, 1971 Rules of Practice of the Association of Average Adjusters of Canada Revised June 1993 Revised June 2002 RULES OF PRACTICE FOR THE GREAT LAKES (These
More informationSingle Transit Import/Export Cargo Policy
Single Transit Import/Export Cargo Policy Single Transit Import/Export Cargo Policy Section 1 Meanings of special words in this policy In this policy certain words have special meanings. They have the
More informationMarine Cargo Insurance Guide
Marine Cargo Insurance Guide What Is Marine Cargo Insurance? Marine cargo insurance covers losses, arising from physical damage to goods, while being transported around the world, whether by road, rail,
More information(FOR USE ONLY WITH THE NEW MARINE POLICY FORM) INSTITUTE CLAUSES FOR BUILDERS RISKS SPECIMEN. This insurance is subject to English law and practice
1/6/88 These clauses are purely illustrative. Different policy conditions may be agreed. The specimen clauses are available to any interested person upon request. In particular: (FOR USE ONLY WITH THE
More informationTOTAL LOSSES. by Dr Nicholas G. Berketis. ATHENS UNIVERSITY OF ECONOMICS AND BUSINESS, MSc in International Shipping, Finance and Management
TOTAL LOSSES by Dr Nicholas G. Berketis Two (2) classes of losses on a marine insurance policy: Ø Total Losses Ø Partial Losses l Any loss, which is not a total loss is a partial loss Actual Total Loss
More informationSingle Marine Cargo. Policy Wording
Single Marine Cargo Policy Wording Contents ZU10606 - V5 06/13 - CGEL-007553-2013 Welcome to Zurich About Zurich... 2 Duty of Disclosure... 2 Non-disclosure or Misrepresentation... 2 Our contract with
More informationnegligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
20/7/87 South China Insurance Institute Time Clauses-Hulls-Port Risks Including Limited Navigation (20/7/87) CL.312 with Clause 6 deleted This insurance is subject to English law and practice 105.12.14(105)華產企字第
More informationSingle Marine Cargo Insurance. Policy Wording
Single Marine Cargo Insurance Policy Wording Page 2 of 8 Schedule Contents About our Single Marine Cargo Insurance About Zurich... 2 How to apply for this insurance... 2 Our contract with you... 2 Your
More informationDTV Cargo Insurance Conditions 2000 (DTV Cargo 2000)
DTV Cargo Insurance Conditions 2000 (DTV Cargo 2000) November 2000 Version Limited Cover 1. Interest / subject matter of the insurance 1.1 Insurable interest 1.1.1 The subject matter of the cargo insurance
More informationContents Important Notices... 3 Policy Wording... 4 Section 1: Standard Cover 4 Section 2: Special Conditions 5 Section 3: General Conditions & Claims
CargoAdvantage Single Transit Insurance Policy Insured Organisation: As per Marine policy from Chubb Cargo Plus Period: As per Marine policy Contents Important Notices... 3 Policy Wording... 4 Section
More informationProduct description Valid as of 1 January 2015.
Product description Valid as of 1 January 2015. Cargo insurance Financially significant damage may be caused to goods during transport. It is recommended to insure transport risks to avoid interruptions
More informationSpecialist UK Cargo Insurance Policy Key facts
Specialist UK Cargo Insurance Policy Key facts DEMANDS AND NEEDS You require insurance to cover loss and damage to your Goods for the Voyages/Transit and on the Conveyances and this Policy fulfils your
More informationGeneral Average & Salvage Frequently Asked Questions
1. What Procedures need to be followed? The procedures are set out in the notice to cargo, which should have been sent immediately to all consignees. Full details including regular updates and copies of
More informationInstitute exclusion clause Radioactive contamination, Chemical, Biological, Biochemical and Electromagnetic weapons exclusion clause (10/11/03).
LIVESTOCK CLAUSE N 1 This policy covers risk of death mtality from any cause arising (except resulting from being in a parturient condition), including destruction in the interest of humanity when suffering
More informationCargoAdvantage Single Transit Insurance
CargoAdvantage Single Transit Insurance Policy Wording Insured Organisation: As per Marine policy Period: As per Marine policy Content Important Notices... 3 Rights of Third Parties... 3 Duty of Disclosure...
More informationLONDON MARINE CONSTRUCTION ALL RISKS WORDING (01/09/07) SCHEDULE
LONDON MARINE CONSTRUCTION ALL RISKS WORDING (01/09/07) SCHEDULE Note: For items marked * the default provision in the relevant clause shall apply in the absence of any other figure agreed in this Schedule.
More informationTHE CHARTERED INSURANCE INSTITUTE. Unit P90 Cargo and goods in transit insurances
THE CHARTERED INSURANCE INSTITUTE P90 Diploma in Insurance Unit P90 Cargo and goods in transit insurances October 2014 examination Instructions Three hours are allowed for this paper. Do not begin writing
More informationLP News. The key to safe ECDIS operation Part 3: Legal implications UK P&I CLUB
UK P&I CLUB LP News JUNE 2011 The key to safe ECDIS operation Part 3: Legal implications The legal effect of failure to meet the statutory ECDIS requirements and the effect on claims where levels of operation
More informationINSTITUTE YACHT CLAUSES. This insurance is subject to English law and practice
INSTITUTE YACHT CLAUSES This insurance is subject to English law and practice 1. VESSEL Vessel means the hull, machinery, boat(s), gear and equipment, such as would normally be sold with her if she changed
More informationNon-binding Recommendations of the German Insurance Association (GDV) for Facultative Use. Other conditions may be agreed.
Non-binding Recommendations of the German Insurance Association (GDV) for Facultative Use. Other conditions may be agreed. DTV Cargo Insurance Conditions 2000/2008 (DTV Cargo 2000/2008) Limited Cover Sample
More informationmarine single transit cargo imports and exports insurance policy
marine single transit cargo imports and exports insurance policy Marine Single Transit Cargo Imports and Exports insurance policy Your duty of disclosure Before You enter into a contract of general insurance
More informationCe document a été fabriqué par PDFmail (Copyright RTE Multimedia)
AMERICAN INSTITUTE HULL CLAUSES (June 2, 1977) To be attached to and form a part of Policy No. of the. The terms and conditions of the following clauses are to be regarded as substituted for those of the
More informationCargoAdvantage Single Transit Insurance Policy. Insured Organisation: As per Marine policy Period: As per Marine policy
CargoAdvantage Single Transit Insurance Policy Insured Organisation: As per Marine policy Period: As per Marine policy Contents Important Notices... 3 Duty of Disclosure... 3 Rights of Third Parties...
More informationYour Policy Terms and Conditions August 2013 Edition
Goods In Transit Domestic and Worldwide Sendings Your Policy Terms and Conditions August 2013 Edition WELCOME TO AXA Introducing AXA One of the world s largest insurers With more than 50 million customers
More informationCMA CGM CARGO INSURANCE KEEP YOUR BUSINESS SAFE
CMA CGM CARGO INSURANCE KEEP YOUR BUSINESS SAFE ABOUT CMA CGM CMA CGM, headed by Rodolphe Saadé, is a worldwide leading shipping group. Employing over 30,000 collaborators worldwide, the Group is present
More informationAnnual Marine Cargo Insurance. Policy Wording
Annual Marine Cargo Insurance Policy Wording Page 2 of 40 Policy Schedule Contents Annual Marine Cargo Insurance About Zurich... 2 How to apply for this insurance... 2 Our contract with you... 2 Your policy
More informationChina Cargo Delivery Without Production of Original Bill of Lading
To the Members No.797-16/1/26 Dear Sirs, China Cargo Delivery Without Production of Original Bill of Lading Please let us refer you to our circular No.10-016 dated 12 October 2010, INTERNATIONAL GROUP
More informationNautical Institute P&I Claims
Nautical Institute P&I Claims P&I Claims Philosophy of Lodestar/RSA is to provide fixed premium P&I and mutual service levels this means an Assured should expect the same level of coverage and support
More informationAmerican Institute Hull Clauses 7
American Institute Hull Clauses 7 (June 2, 1977) To be attached to and form a part of Policy No.... of the... The terms and conditions of the following clauses are to be regarded as substituted for those
More informationTerms and Conditions for Bulk Shipments by Barge or Vessel
Shell Chemicals Terms and Conditions for Bulk Shipments by Barge or Vessel Where necessary, Seller will furnish Buyer with Safety Data Sheets ( SDS ), which include health, safety, security and environment
More informationClass 1- Protection & Indemnity
Class 1- Protection & Indemnity RULES & LIST OF CORRESPONDENTS 2015/16 RULES & LIST OF CORRESPONDENTS 2015/16 RULES AND LIST OF CORRESPONDENTS Policy year 2015/16 CONTENTS SECTION 1 INTRODUCTION..... 3
More informationRules for Charterers Insurance Articles of Association 2017/18
Rules for Charterers Insurance Articles of Association 2017/18 Contents Printed by PR-Offset AB, Gothenburg, Sweden Published February 2017 1702PR500B The Swedish Club 2 Rules for Charterers' Insurance
More informationCharterers Liability. Risk Review, Risk Transfer and Insurance. Gavin Ritchie Underwriter
Charterers Liability Risk Review, Risk Transfer and Insurance Gavin Ritchie Underwriter A Practical Demonstration Who needs liability insurance? Simplistic view of the principal If you operate ships commercially
More informationJanuary Notice to Members No /2009. Notice to All Class 1 Members
January 2009 Notice to Members No. 13 2008/2009 Notice to All Class 1 Members NOTICE is hereby given that an Extraordinary General Meeting of the Members of Class 1 of the Association will be held at 0930
More informationCLAIMS AND RECOVERIES
CLAIMS AND RECOVERIES 3 CLAIMS AND RECOVERIES Module 3 It is recommended that candidates studying this material take time to ready and fully understand the Introduction below. Introduction Welcome to the
More information