Marine Insurance Act 1906.
• Section 2.
• Mixed Sea and Land Risks.
• A contract of Marine Insurance may, by it’s
express terms, or by usage of trade, be
extended so as to protect the assured against
losses on inland waters or on any land risk
which may be incidental to any sea voyage.
Introduction
• The role of IUMI and other international
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organisations.
Some marine Global statistics.
The role of International Conventions in Liability
Regimes.
Typical marine policy Covers.
Major casualty issues ( “ Napoli / Rena / APL
Panama ”/ Costa Concordia ).
General Average & Salvage.
International Union of Marine
Insurance
• Professional body run by it’s marine
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membership.
Communications platform.
Affiliate membership –
ICS,IGP,IACS,BIMCO,CMI,UN
Technical Committees – Cargo ,Ocean Hull, IFY,
Energy / Offshore, Facts & Figures, Legal &
Liability, Loss prevention
• www.iumi.com
Facts & Figures
IUMI San Diego 2012
Global Marine Premium 31.9 USD bn.
(reported) –
•Cargo
- 54.0% (17.22 bn. )
•Hull
- 26.2% ( 8.35 bn. )
•Energy / Offshore
- 14.2% ( 4.52 bn. )
•Marine Liabilities
- 5.7% ( 1.81 bn. )
•Total Estimated Global premium ?
Accumulations.
• 15,000 teu - ( 50k )
• High Value
• Hull Value
• LOF 15%/ 20%
• Total ( one vessel )
US$ 750,000,000
50,000,000
175,000,000
150,000,000
1,125,000,000
• Before GA, Wreck Removal, Collision
Considerations, Legal Costs .
Cargo / Loss Prevention
• Vessel vetting & Crisis management plans.
• Communications issues.
• Piracy.
• Risks posed by overweight containers.
• New generation container vessels.
• Modern salvage challenges.
Ocean Hull
• Development of technology on ships.
• Accumulation factors.
• The growth in LNG.
• Nuclear powered vessels of the future.
Legal & Liability Committee
• Wreck removal issues / costs in the
Energy sector.
• Solid bulk cargo liquefaction issues.
• Piracy / Armed guards on merchant ships
/ Governmental responses.
Institute Time Clauses Hull 1.11.95
• Perils Clause 6.1 – Perils of the
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sea, Fire,, Explosion,
Earthquake, Piracy, Contact
etc.
6.2 - Crew Negligence,
Repairers Negligence, Damage
resulting from Latent Defect.
(absent any want of due
diligence ).
Pollution Hazard Clause 7. –
Damage to vessel from
Governmental intervention on
pollution.
¾ Collision Liability – Clause 8.
Salvage & GA – Clause 10.
• Clause 8.4 – Exclusions on
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H&M policy.
Removal and / or disposal of
wreck or cargo.
¼ Collision & Non Hull&
Machinery ( Excess ) collision
Liabilities.
Loss of Life / Personal Injury.
Cargo on Insured Vessel.
Pollution Liabilities.
General Average
• Definition.
• York Antwerp Rules.
• Who benefits from General Average ?
• The role of the CMI.
• Do we still need General Average ?
Salvage
• The Salvage Convention.
• Salvage contracts.
• Logistics.
• The Emergency room for Underwriters.
Costa Concordia
Costa Concordia Issues
• Logistics,Financial Securities, Arrest ?
• Liability,Athens Convention, Limitation,
• Covers H&M, P&I, Policy Limits,Wilful
Misconduct ?
• Salvage Contracts, Wreck Removal Costs,
• Environmental Pollution,
• Criminal Law Ramifications ?
Questions ?
Or
[email protected]
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