Introduction to Marine DSU Delay in Start Up, Advance Loss of Profits are: The unique Marine Consequential Loss covers that address the marine time el
|
|
- Cuthbert Cunningham
- 6 years ago
- Views:
Transcription
1 Marine Delay in Start Up Touching The Adventures May 16th, 2008 AIMU
2 Introduction to Marine DSU Delay in Start Up, Advance Loss of Profits are: The unique Marine Consequential Loss covers that address the marine time element exposures of major project ventures.
3
4 Why do we need a special cover? Because Standard clauses exclude: A. Loss, damage or expense expense proximately caused by delay, even though the delay be caused by a risk insured against or Warrant : B. Free of of claim for loss of market or for loss, damage or deterioration arising from delay, whether caused by a peril insured against or otherwise.
5 Drivers for this product It is the Financiers ( Banks) that drive this cover. They want their investment protected to the highest possible degree. It is purchased on behalf of the owner/operator. Be it a consortium, joint venture, government authority, corporation or other entity. It is not for the benefit of the contractors. The scarcity of capital in the current credit market will likely increase demand for this product.
6
7
8 The Form One of the most common forms in use today, The ECB form, was developed in London in the 60 s. It is a policy of Indemnity. It is not a Performance Cover. The loss triggers are: 1. Loss caused by loss of or damage to property. 2. Loss caused by Mechanical breakdown of or damage to the Vessel, Aircraft or other Conveyance. 3. Loss caused by a general average, Salvage or lifesaving operation
9 Duration of Coverage The duration of coverage defines the period of protection for the goods covered. a) From the time they leave the premise of the manufacturers in the country of origin, during ordinary course of transit and any specifically agreed storage until delivered to site. b) Breakdown of the conveyance protection begins from the time the vessel or craft comes alongside the berth or mooring position to receive the cargo.
10 Indemnity Period The indemnity period is not measured from the time of the event that triggers a delay. The indemnity period begins at the anticipated start up date of the operation. The period is expressed in a specific unit of time Months/Weeks/Days. The waiting period or deductible is expressed in the same unit of time as the indemnity period.
11 Policy Term In general, the policy term commences at the signing of the contract and remains in force until the final acceptance of the project. Some contracts can take several years to complete. It is not uncommon to have little or no cargo and MCL exposure until well into the contract period. Should the anticipated acceptance date of the project be moved, either forward or back it is a condition of the policy that the underwriter be advised. Once the policy is in force it is non-cancelling.
12
13 Measure of Indemnity The Sum payable is broadly expressed as as:: The reduction in production Increases in the cost of working Standing Charges are expressed as as:: The costs which are not affected by any change in the output of the business but which remain to be paid in full.. full Interest payments Rents Taxes Fuel purchase agreements
14 Common Coverage Elements The policy will only respond for loss to property that is described in the policy or in a schedule attached and then only to the extent that those risks would be covered under the specified forms forms;; at a minimum minimum:: Institute Clauses Cargo (A) Institute War Institute Strikes A loss caused by mechanical breakdown of the conveyance references similar Voyage Hull clauses and Aircraft clauses clauses..
15 The survey warranty This clause at a minimum will apply to all Key and Critical Items Items.... Requires the surveyor to supervise and approve all loadings, discharges and stowage throughout the entire voyage voyage.. Requires the assured to give timely notice of changes to the schedule so that the surveyor can attend attend.. Survey fees are usually for the account of the assured although inspection fees can, in some cases be set aside from the premium.. premium It suspends coverage for breaches breaches..
16
17 Principle Consideration for the Marine DSU Underwriter Ideally, the Marine DSU Underwriter should insure the cargo for the project project.. It s about controlling the decisions to promote the best mutual outcome outcome.. It eliminates disputes between coverage forms forms.. It eliminates disputes between claims units units.. It eliminates confusion regarding Claim reporting reporting..
18 Underwriting Analysis Step 1. Begin with your Strength! Underwrite the cargo! What are the total values to be shipped? Where will the plant and equipment be coming from and where is project site? Is the site a green field project or are there existing facilities to received the cargo? If this is the 2 nd or 3rd expansion of a project what was the past experience? What are the special shipping considerations? Will storage be needed and where? What is the cargo limit? What is the DSU Limit?
19 Fair winds and following Seas..
20 Underwriting Analysis Step 2. Identify the key/critical Items that could give rise to a DSU loss loss.. A typical application will include an Engineering Proposal that will include a project time line or phase diagram that will graphically indicate when major milestones of the project commence and are due to complete as well as what items are critical critical.. The engineering proposal will also include the cost components that make up the DSU limit limit.. It is up to the underwriter to analyze the components to ensure the costs fall within the scope of the cover cover..
21
22 Underwriting Analysis Step 3. Work with your team team.. Surveyors CAR/EAR underwriters -Brokers Nominate your surveyors early early.. Make sure you can share underwriting information with them.. them Make sure other underwriters will support your nomination.. nomination Make sure your client has no objections objections.. Develop an estimated survey plan that lays out the costs based on the proposal provided provided..
23
24 Underwriting Analysis Step 3. Work with your team. Surveyors CAR/EAR underwriters -Brokers Consult with your CAE/EAR colleagues. Do they agree with the replacement estimates? Review the leeways and the testing periods? Is the technology proven or is it prototype?
25 Underwriting Analysis Step 3. Work with your team. Surveyors CAR/EAR underwriters -Brokers Is the broker looking for a marine lead or follow? What are you prepared to offer? Do you know the lead? Will you need to consult with your reinsurer? Will you need to consult with your home office?
26
SPECIFICATION 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 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 informationNew Institute Cargo Clauses (From Technical Point of View)
New Institute Cargo Clauses (From Technical Point of View) 10th May 2011 Daniel Morrison Underwriting Manager Marine Middle East rechter Rand right margin marge droite margine destra Agenda Background
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 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 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 informationA Review of the Revisions to the Institute Cargo Clauses (A) Nick Gooding FCII. XL London Market Ltd. 19 th November 2008
A Review of the Revisions to the Institute Cargo Clauses (A) Nick Gooding FCII XL London Market Ltd 19 th November 2008 Changes Side Headings Packing & Preparation The Delay Exclusion The Insolvency Exclusion
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 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 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 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 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 informationINSTITUTE 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 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 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 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) 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 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 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 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 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 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 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 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 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 informationHAZARDOUS WASTE AGREEMENT
HAZARDOUS WASTE AGREEMENT This Agreement, made and entered into as of this day of, 20, by and between Alaska Marine Lines, Inc., a Washington corporation, ("Carrier") with its principal place of business
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 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 informationSAFE PORTS, JOINT INSURANCE & LIMITATION OF LIABILITY - THE OCEAN VICTORY IN THE UK SUPREME COURT 2017
MFB Solicitors Fishmongers' Chambers 1 Fishmongers' Hall Wharf London EC4R 3AE Tel: +44 (0)20 7330 8000 Fax: +44 (0)20 7256 6778 23 rd October 2017 SAFE PORTS, JOINT INSURANCE & LIMITATION OF LIABILITY
More informationCHUBB INSURANCE COMPANY OF EUROPE SE
CHUBB INSURANCE COMPANY OF EUROPE SE 106 Fenchurch Street, London EC3M 5NB, England Telephone: +44 (0) 20 7956 5000 Facsimile: +44 (0) 20 7956 5900 Website: www.chubb.com/uk MARINE CARGO INSURANCE POLICY
More informationIntegration of Claims and Loss Control: Opportunities, Challenges and Benefits
Integration of Claims and Loss Control: Opportunities, Challenges and Benefits Timothy Kennedy, AVP, Loss Control Manager, Starr Indemnity & Liability Co. Nancy Zachariades, AVP, Marine Technical Director,
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 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 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 informationQBE Pleasure Craft Insurance. Cruising the water with total peace of mind
QBE Pleasure Craft Insurance Cruising the water with total peace of mind Introducing QBE Pleasure Craft Insurance For recreational sailors, the sea promises freedom and adventure but also potential risks
More informationAlwen Hough Johnson Marine Products Directory
Alwen Hough Johnson Marine Products Directory Cargo Insurance All risks of physical loss or damage to goods whilst in transit by land, sea and/or air including War, Strikes Riots and Terrorism and Goods
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 informationMarine THIS INFORMATION IS INTENDED FOR INSURANCE BROKERS AND OTHER INSURANCE PROFESSIONALS ONLY. Global reach, local service.
Marine THIS INFORMATION IS INTENDED FOR INSURANCE BROKERS AND OTHER INSURANCE PROFESSIONALS ONLY Global reach, local service Marine Liability 2 AIG offers a wide range of Marine Liability products tailored
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 informationPARTICULAR AVERAGE CLAIMS
PARTICULAR AVERAGE CLAIMS by Dr Nicholas G. Berketis Section 64(1) of the Marine Insurance Act 1906 "Particular Average loss is a partial loss of the subject matter insured caused by a peril insured against,
More informationESKOM MARINE the resultant additional insurance premium (if any) is agreed; and
Employer Policies and Procedures Shipping Policy & Procedure ESKOM MARINE Rev 4_0309 1. Qualifying Sea Vessels and Sea Vessel Age Limitation 1.1 The Employer-procured Marine Insurance Policy (herein the
More informationFREIGHT FORWARDERS LIABILITY INSURANCE FEATURES AND BENEFITS NEW ZEALAND MARKET
FREIGHT FORWARDERS LIABILITY INSURANCE FEATURES AND BENEFITS NEW ZEALAND MARKET AM&T is a leading specialist in marine and transit insurance. The team at AM&T are the trusted experts in New Zealand and
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 informationAddendum Clauses referred to in Charterers Certificates of Entry or Endorsement Slips.
Addendum Clauses referred to in Charterers Certificates of Entry or Endorsement Slips. This Addendum contains full wordings of clauses which may be incorporated, where contractually agreed, in the terms
More informationSubject: Trade that may expose Assureds, Underwriters or Managers to Sanctions against Iran-Circular to Assureds (no )
Subject: Trade that may expose Assureds, Underwriters or Managers to Sanctions against Iran-Circular to Assureds (no 003 2016) Background: Following the easing of sanctions by the UN, US and EU earlier
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 informationAMERICAN INSTITUTE OF MARINE UNDERWRITERS FOLLOWING FORM EXCESS MARINE LIABILITIES CLAUSES. To be attached to and form part of policy No.
AMERICAN INSTITUTE OF MARINE UNDERWRITERS FOLLOWING FORM EXCESS MARINE LIABILITIES CLAUSES 8A (January 1, 2002) To be attached to and form part of policy No. of the 1. Insures (hereinafter called the Assured)
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 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 informationMODEL STANDARD TRADING CONDITIONS OF CONTRACT
MODEL STANDARD TRADING CONDITIONS OF CONTRACT Effective April 2018 Until superseded (111049326) MODEL STANDARD TRADING CONDITIONS OF CONTRACT 1. In these Conditions: "Australian Consumer Law" means the
More information(b) goods or assets situated in Uganda;
Page 2 No person, other than a person licensed as an insurer under this Act, shall issue any insurance policy on (a) persons who at the time of effecting a contract are residents of Uganda; (b) goods or
More informationAnders W. Færden Attorney-at-law / admitted to the Supreme Court 26 and 27 February 2015
Marine insurance law Anders W. Færden Attorney-at-law / admitted to the Supreme Court 26 and 27 February 2015 1 2 Causation Causation The problem General insurance law Nordic Plan: The main rule Combination
More informationGENERAL TERMS AND CONDITIONS FOR THE SALE AND DELIVERY OF MARINE FUEL (BUNKERS)
GENERAL TERMS AND CONDITIONS FOR THE SALE AND DELIVERY OF MARINE FUEL (BUNKERS) 1 2 3 4 5 6 7 PREAMBLE These General Terms and Conditions shall apply to all deliveries of Marine Fuel and is confirmed in
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 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 informationWarranted not to abandon in case of capture, seizure or detention, until after condemnation of the property insured.
AMERICAN INSTITUTE HULL WAR RISKS AND STRIKES CLAUSES (INCLUDING AUTOMATIC TERMINATION AND CANCELLATION PROVISIONS) FOR ATTACHMENT TO AMERICAN INSTITUTE HULL CLAUSES December 1, 1977-14.1005/US/0409 This
More informationARAB WAR RISKS INSURANCE SYNDICATE (AWRIS)
WAR OPEN COVER Between ARAB WAR RISKS INSURANCE SYNDICATE (AWRIS) Herein after called (The Syndicate) And xxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxx Herein after called (The Reinsured) ARTICLE 1 - INTEREST
More informationLEGAL ISSUES IN AIRCRAFT LEASING
LEGAL ISSUES IN AIRCRAFT LEASING February 20, 2017 Geoffrey R. Kass PART I Legal Due Diligence Lease Due Diligence Why Do We Do Due Diligence? Portfolio analysis Purchase price confirmation Portfolio integration
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 informationMarine Cargo Open Policy
Please read this Open Policy carefully upon receipt and promptly request for any necessary amendments Marine Cargo Open Policy Policy Number : Insured : Period : 10-14-GO00XXXX ABC Trading Co., Ltd. From
More informationCHARTERERS COMPREHENSIVE COVER
CHARTERERS COMPREHENSIVE COVER Charterers operate in an ever-increasing litigious environment where the liability exposure has become more burdensome. The scope and structure of our Charterers Comprehensive
More informationINSURANCE QUALIFICATIONS & COURSE OUTLINES (2017)
INSURANCE QUALIFICATIONS & COURSE OUTLINES (2017) INSURANCE QUALIFICATIONS A.I.I. Award in General Insurance (AGI) Introduction to Insurance (Legal and Regulatory) A.I.I. Certificate in General Insurance
More informationAdvance Loss of Profits Insurance A knowledge share initiative of Salasar Services (Insurance Brokers) Pvt. Ltd.
Advance Loss of Profits Insurance A knowledge share initiative of Salasar Services (Insurance Brokers) Pvt. Ltd. INTRODUCTION Principals and contractors alike are confronted with escalating financial risk
More informationList of Areas of Perceived Enhanced Risk as of 15 March 2019
as of War Risk Insurance 2019 Listed Areas as of The insurance is valid world-wide, however with a General Cancellation Clause of 7 days as regards trading warranties, with the following areas currently
More informationInsurance Operations 2013 Chapter 3: Property and Casualty Insurance on Land, Sea, and Air
Chapter 3: Property and Casualty Insurance on Land, Sea, and Air Tools: Printer 8.5 x 11 paper Scissors Directions: 1. Print 2. Fold paper in half vertically 3. Cut along dashed lines Copyright Goodheart-Willcox
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 information************************************************* Marine Cargo Insurance *************************************************
************************************************* Marine Cargo Insurance ************************************************* Salient Features AN OVERVIEW OF RISKS TO WHICH THE CARGO IS EXPOSED DURING TRANSPORTATION
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 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 informationWESTPORT PETROLEUM, INC. TERMS AND CONDITIONS FOR BUNKER SALES
WESTPORT PETROLEUM, INC. TERMS AND CONDITIONS FOR BUNKER SALES This is a statement of the terms and conditions applicable to and incorporated into all contracts to sell Marine Fuels entered into by (hereinafter
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 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 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 informationGENERAL CONDITIONS COVERING THE SERVICES UNDERTAKEN BY GROVEPORT LOGISTICS LIMITED
GENERAL CONDITIONS COVERING THE SERVICES UNDERTAKEN BY GROVEPORT LOGISTICS LIMITED 1. EFFECTIVE DATE AND NOTICE i) These Conditions were adopted on 1 st May and thereafter the Company only contracts or
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 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 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 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 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 informationThe Underwriting of Yachts & Pleasure Crafts. Munich Re / Zaris Seminar, Beirut 18 th October 2005 Laurent Biehly with Capt.
The Underwriting of Yachts & Pleasure Crafts Munich Re / Zaris Seminar, Beirut 18 th October 2005 Laurent Biehly with Capt. Richard Chalhoub The Underwriting of Yachts & Pleasure Crafts Definitions Insurance
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 informationPrinted by The BIMCO Charter Party Editor
1. Date of Agreement THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD CREW MANAGEMENT AGREEMENT (LUMP SUM) CODE NAME:"CREWMAN B - LUMP SUM" 2. Owners (state name, place of registered office
More informationVero Marine Carriers' Legal Liability Wording
Vero Marine Carriers' Legal Liability Wording CCLB 0917 Note: individual policies may not include all the coverage sections shown in this sample wording Limited Carrier s Risk section We cover your liability
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 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 informationBritish Marine PROTECTION & INDEMNITY
Plantation Place, 30 Fenchurch Street, London EC3M 3BD United Kingdom Telephone +44 (0)20 7105 5555 Email: managers@britishmarine.com www.britishmarine.com British Marine PROTECTION & INDEMNITY POLICY
More informationCircular BIMCO Hull Fouling Clause for Time Charterparties - September 2013
Background As charterers will be aware, in circumstances where a vessel trades in warm or tropical waters there can be a build-up of marine growth and other fouling organisms on the vessel s hull and underwater
More informationAXA Africa Specialty Risks
AXA AFRICA SPECIALTY RISKS Political Risk and Trade Credit Growing a business in an emerging market can come with a wide range of issues. That s why offers tailor-made coverage that s designed to help
More informationMarine liability insurance.
Marine liability insurance. provides liability insurance for marine professionals and logistics providers. We pride ourselves on our personal yet professional approach and offer a specialist service suited
More informationRisk & Insurance. Alex Rimmer Chief Operating Officer. A Member of the Global Alliance Group of Companies
Risk & Insurance Alex Rimmer Chief Operating Officer A Member of the Global Alliance Group of Companies Company Background Global Alliance Group was founded in 2001 Represented in 6 Countries Worldwide
More informationFoundation in Insurance Certificate. 20 CII credits
MALTA INTERNATIONAL TRAINING CENTRE Foundation in Insurance Certificate 20 CII credits 3 rd July 30 th August 2012 TG Complex, Suite 3 Level 1, Brewery Street, Mriehel BKR 3000 Tel: (00356)21230831, 21233931
More informationNew Standard Offshore P&I rules
New Standard Offshore P&I rules BARBARA JENNINGS DIRECTOR, OFFSHORE +44 20 7522 7429 barbara.jennings@ctcplc.com At renewal this year we introduced modernised and simplified P&I and defence rules; these
More informationBUMBERSHOOT APPLICATION. 1. Name of Applicant and all Affiliated Companies, Domestic or Foreign: 3. Corporation Partnership Individual
BUMBERSHOOT APPLICATION 1. Name of Applicant and all Affiliated Companies, Domestic or Foreign: 2. PO Address: 3. Corporation Partnership Individual 4. COMPANY INFORMATION Years in Name Of Entity Description
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 informationWC1H 0JL. Char te r e r s G ui de. The Charterer s Guide to Protection and Indemnity Insurance
WC1H 0JL Char te r e r s G ui de The Charterer s Guide to Protection and Indemnity Insurance INTRODUCTION THE UK CLUB OFFERS A DEDICATED TEAM AND SPECIALIST INSURANCE COVER FOR CHARTERERS AND TRADERS.
More informationAllianz Asia Brochure 1a:Layout 1 06/07/ :36 Page 1. Allianz Global Corporate & Specialty - Asia.
Allianz Asia Brochure 1a:Layout 1 06/07/2009 14:36 Page 1 Allianz Global Corporate & Specialty - Asia www.agcs.allianz.com Allianz Asia Brochure 1a:Layout 1 06/07/2009 14:36 Page 2 Content Allianz Global
More informationCARRIERS INSURANCE PACKAGE FEATURES AND BENEFITS AUSTRALIAN MARKET
CARRIERS INSURANCE PACKAGE FEATURES AND BENEFITS AUSTRALIAN MARKET AM&T is a leading specialist in marine and transit insurance. The team at AM&T are the trusted experts in Australia and New Zealand when
More informationWorldwide Financed Projects Middle East, SE Asia and Latin America Key Developing Insurance Markets
Project Cargo Worldwide Financed Projects Middle East, SE Asia and Latin America Key Developing Insurance Markets North America USD28.4bn 67 deals W Europe USD44.8bn 160 deals E Europe USD4.1bn 7 deals
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 information