From today, 4th May 2017, the Enterprise Act 2016 (“the Act”) comes into force in the UK. All insurance policies that are issued, or renewed, from today and that are subject to English law and practice will be subject to the…
The marine insurance sector is undergoing a period of change. We need to ensure we fully understand the risks our industry is facing and offer products that match these new trends and deliver adequate cover needed.
The following article concerns the much debated sanction clause and how the global reinsurance industry has applied this to effect where incorporating sanction limitation and exclusion clause is mandatory for all insurance policies issued to policyholders. The response towards the…
Marine insurance is one of indemnity, therefore the Insured is to be placed in the same financial position they were in prior to the loss. They cannot therefore claim for the same loss under their global programme. Depending upon the language of the policy, it is likely the Insured is covered on a contingent basis (i.e. buyers or sellers….
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…
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…
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…
[ad name=”Google Adsense”]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…
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…
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…
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