With you at all times. FD&D Insurance

Transcription

1 With you at all times FD&D Insurance

2 A market leader in providing comprehensive insurance solutions The Swedish Club is a pioneer in providing comprehensive all-in-one insurance solutions. As global trade increases in complexity, our mission of offering expert assistance to our members and clients in managing current and future risks remains at the forefront of everything we do. The Swedish Club

3 The Swedish Club is with you at all times, providing a full range of insurance solutions for every area of your business. We provide cover to some of the largest shipowning companies in the world. Through the Club s comprehensive approach and diversified offering we have developed a level of expertise in risk management, claims handling, underwriting, technical services, and loss prevention that few can match. This expertise is reflected not only in the effective handling and resolution of existing claims, but also in how the Club monitors industry developments in order to prevent future claims and to provide insurance solutions for new risks. As part of our commitment to our members we are able to assist them to review contract terms such as charter party riders and bill of lading terms. We are committed to loss prevention and communicate regularly with our members and the market as a whole. Our goal is to reduce marine liability issues through the sharing of experience and offering recommendations through online and printed communication. The information contained in this brochure is a general description. For full conditions, premiums, subjects and warranties, please contact your team Underwriter. The Swedish Club

4 Freight Demurrage & Defence Freight Demurrage and Defence (FD&D) is a legal costs insurance which will provide legal assistance in case of disputes not covered by any other class of insurance. The insured member can obtain legal support and cover for legal costs up to USD 5 million, alternatively USD 10 million, in relation to disputes arising from owning and operating a vessel that fall outside other insurance cover. Disputes under charterparties are most common but cover is also provided in relation to other types of dispute such as interference by public authorities. Legal support is provided by the Club s FD&D lawyers who have specialist expertise in English, Chinese, Hong Kong, Greek and Scandinavian law. The lawyers are based at our offices in Gothenburg, Piraeus, Hong Kong and Oslo, ensuring they have direct access to the Club s wealth of nautical and technical knowledge on the ground. If any case prompts involvement from external lawyers, we are not bound by any agreements with law firms but instead can independently retain, together with the member, the most suitable lawyer or law firm to assist in a case. Our philosophy is to appoint individuals rather than firms. Where external lawyers are retained, the Club will still manage the case. The Club s FD&D cover is generally provided in conjunction with P&I insurance and it constitutes an important insurance supplement to the member in case of a legal dispute. About half of our P&I members have chosen to have FD&D cover with the Club. In addition we offer members covered for FD&D the opportunity to contact the Club s FD&D lawyers should they need general advice.

5 Who can be covered? Any owner or charterer member who has P&I insurance. Limits USD 5 million, alternatively USD 10 million, legal and associated costs for any one dispute. Higher limits on request. There is no cover in relation to disputes worth less than USD 7,500. Deductibles USD 12,000 and 25% on costs above USD 250,000. IMPORTANT EXCLUSIONS Insurance is discretionary. This means that justified costs alone will be incurred, weighing up the amount in dispute and the merits and prospects of successfully pursuing/defending the claim. Newbuilding - special FD&D insurance is required (see overleaf). Sale & Purchase - special FD&D insurance is required. The Swedish Club

6 Freight Demurrage & Defence Sale and Purchase and Newbuilding Insurances These are both extensions of the ordinary FD&D legal costs insurance offered to Owner Members. They relate to disputes arising out of the sale and purchase of a vessel and newbuildings, respectively. When a Member sells or buys a vessel, disputes can arise on, at or following delivery. FD&D Sale and Purchase Insurance ensures that Members will be indemnified for legal expenses and associated costs where Sale and Purchase cover has been purchased from the signing of the MoA. Likewise, when a Member places an order for a new vessel, disputes may arise before the newbuilding has been delivered. A Member having a new vessel built which is to be entered in The Swedish Club for P&I and FD&D risks, can purchase cover during the construction period. FD&D Newbuilding Insurance cover ensures that the Member will be indemnified for legal expenses and associated costs incurred in bringing or defending claims relating to the newbuilding. Who can be covered? Shipowners Limits Standard limit up to USD one million per event (higher limits on request). Deductibles To be discussed with your team Underwriter.

7

8 Contact Head Office Gothenburg Visiting address: Gullbergs Strandgata 6, Gothenburg Postal address: P.O. Box 171, SE Gothenburg, Sweden Tel: , Fax: Emergency: Piraeus 5 th Floor, 87 Akti Miaouli, Piraeus, Greece Tel: , Fax: mail.piraeus@swedishclub.com Emergency: Hong Kong Suite 6306, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Tel: , Fax: mail.hongkong@swedishclub.com Emergency: Tokyo 2-14, 3 Chome, Oshima, Kawasaki-Ku Kawasaki, Kanagawa , Japan Tel: , Fax: mail.tokyo@swedishclub.com Emergency: Oslo Dyna Brygge 9, Tjuvholmen N-0252 Oslo, Norway Tel: , Mobile: mail.oslo@swedishclub.com Emergency: London New London House, 6 London Street London, EC3R 7LP, United Kingdom Tel: , Fax: swedish.club@swedishclub.com Emergency: Printed by: PR Offset 1706pr300E8