Share Providing a STOCK-THROUGHPUT INSURANCE COVER or avoiding it? Excluding stock-throughput coverage in a Marine Insurance reinsurance treaty agreement is a norm. However, if you check with your peers the exact nature or meaning of what stock-throughput means, nobody seems to be able to explain…. Some said, there is a prolonged storage extension (i.e., 120 days extension) to the storage after and before the marine voyage. Some commented the voyage involves factory-liked processes or...
Share The Sanction Clause as what Malaysian insurers called it has effectively found its place in the industry on 1st April 2011. What exactly is this Sanction Limitation and Exclusion Clause or Sanction Clause in short? This Sanction Clause had on 1st April 2011 found its place in the Malaysian insurance industry especially where marine related policies were concerned. Most foreign insurers seemed to have steadfastly adopted this clause in particularly Japanese dominant insurers, however, most local...
Share Piracy at sea hit an all-time high in the first three months of 2011, with 142 attacks worldwide, the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) global piracy report revealed. The IMB said the “sharp rise was driven by a surge in piracy off the coast of Somalia, where 97 attacks were recorded in the first quarter of 2011, up from 35 in the same period last year. “Worldwide in the...
Share EXPRESSED WARRANTY MUST BE CLEARLY WORDED OTHERWISE IT WOULD BE SUBJECT TO COURTS INTERPRETATION…. freely so to speak! SOON HAI KEE SHIPPING SDN BHD VS. TOKIO MARINE INSURANS (MALAYSIA) BERHAD This so-called bizzare judgment relates to the case of Soon Hai Kee Shipping Sdn Bhd v Tokio Marine Insurans (Malaysia) Berhad released in April 2010. The Kuching High Court basically concluded that the plain words of an express warranty contained in the usual...
Share At the beginning of year 2009, the new ICC Clauses became available to the Market after a two-year consultation process. The overall result has been to create clearer policies that are more favourable to the Assured than the previous 1/1/82 version. The clauses have been amended in places in an effort to make the meaning and effect more clearer, such as by simplification of the language and addition of paragraph heading. The following...
Share Not too long after the US Executive Order blocking property of certain persons contributing to the conflict in Somalia was issued, EU have on the 28th April released their EU Council regulation 356/2010 with almost similar objective. The best job in Somalia… is to be part of piracy. This EU Council Regulation 356/2010 adopts similar provisions to the US Executive Order prohibiting payments to certain parties linked with Somalia and is directly applicable, in other...
Share What impact will the new US Executive Order have on piracy in Somalia? (Adapted from an article written on May, 5 by Jai Sharma, director of Casualty & GA Department, Dolphin Maritime and Aviation Services Ltd) In spite of attempts to control piracy off Somalia, it continues to be a major issue for shipowners and insurers of ships and cargoes, with the risk to the life of the crew and costs of release...
Top
List
Click Here!
Search
Engine Submission - AddMe
sending...
Recent Comments