As from the 01st of January 2020, all ships will be required to comply with the MARPOL Annex VI Sulphur content requirements and to burn fuel with a Sulphur content of no more than 0.5 % (the current limit is 3.5%) unless they are fitted with an exhaust gas emissions cleaner (the so-called scrubbers that […]
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As some will remember, there has been a positive development in relation to charterers’ obligation to provide counter-security to owners under clause 9 of ICA 2011 (London Arbitration 18/18). However, the IG Group has now responded to this development by advising their members to amend their ICA clause in their charter parties. The IG Group’s […]
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Charterers Liability insurance is a type of coverage which is mainly understood as very complex and probably one of the most overlooked risks. The shipping industry nowadays operates in a world where the liability environment becomes more and more legislative. One of the main reasons for this is an increasing amount of regulation on topics […]
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Shipping companies involved in the transportation of passengers, vehicles and cargo are often required to charter a vessel to offer this service. When entering into a charter party contract for the carriage of passengers and their luggage the Charterer may be exposed to a variety of risks connected with this type of trade. ROPAXTIME For […]
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The charterers liability insurance was designed to protect the charterer of a ship from both the contractual and legal liabilities that they may face during their activities. In our previous article about the basics of Charterers Liability insurance we have already spoken shortly about cargo liability, which is part of our coverage under Class A. […]
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Does YOUR LAWYER also represent YOUR COUNTER PARTY? Would you be happy if your lawyer also represents your counter party? Yet that is exactly what you agree to when entering your Charterers’ Liability Insurance with a P&I Club. Imagine you have a large claim from a large Industrial. The contract with the Industrial even had […]
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Relevant changes in the English insurance contract law have led to a reform of the long existing Marine Insurance Act 1906, resulting in the Insurance Act 2015 (“the Act”). The Act received Royal Assent on 12 February 2015 and came into force on 12 August 2017. The Act applies to all policies subject to the […]
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The new version is significantly longer than the previous ones as many rider clauses have been included into the main body of the contract. This can, of course, work to the advantage or disadvantage of the parties to the agreement. As advantage because an ‘all inclusive’ form gives less chances to miss important issues in […]
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Chartering a vessel puts charterers in a position whereby they have a potential exposure to be held liable for unexpected and unforeseen incidents. The most frequent claims are damage to hull and cargo claims, however, third party liability like personal injury (or worse) and pollution are also real risks; exposures, which can run into millions […]
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