Tag: marine insurance

Times of economic crisis have historically often flushed out frauds and other unscrupulous dealings which may not otherwise have been discovered in normal economic conditions, note experts from Norton Rose Fulbright.

Experts from Norton Rose Fulbright provide an overview of the Wreck Removal Convention, highlighting key consideration for marine insurance. 

During the 2020 SAFETY4SEA Virtual Forum, the last panel focused on the challenges surrounding marine insurance claims such as the rise of damaged cargo and the increase of containerships fires, while discussed about how the COVID-19 pandemic has heightened the risk environment around the high value and temperature-sensitive goods and how shipping industry is affected in several ways.

The Standard Club issued an alert providing topical guidance on some of the many issues that the shipping world faces as a result of the grounding of the MV Ever Given in the Suez Canal on 23 March 2021.

The Skud P&I Club has recently seen an increase in shortage liquid claims in Pakistan, notably at Port Qasim. This is a long running problem at this port and suits are filed based on shore measurements which are nearly always less than the ullages on arrival. 

An Excel spreadsheet is an example of a convenient tool to use when preparing documentation for COVID-19 illness claims and wish to provide an overview of the information and breakdown of the costs incurred, the Gard P&I Club advised. 

The Japan P&I Club shared two recent cases of cargo delivery without production of original bills of lading, to highlight that this is a risky practice for owners and carriers. The Club has encountered several disputes in which vessels were placed under arrest as a consequence of cargo delivery without production of original bills of lading. 

Removal of collapsed containers from the ill-fated ONE Apus will likely take several more weeks to complete, as the owner company ONE Line intends to conduct repairs to the vessel's deck simultaneously with the discharge operation, according to shipping claims consultancy WK Webster, which is involved in the case.

Claims arising from incidents involving vessels under pilotage have exceeded US $1.8 billion in the 20 years between 1999 and 2019, according to data by the International Group of P&I Clubs (IG Clubs). 

With a total of 1,816 containers lost overboard and what looks to be thousands more collapsed throughout the deck of ONE Apus, cargo losses, on the basis of average containerized cargo values, may reach USD200 million or more, according to shipping claims consultancy WK Webster, which is involved in the case.