case study : do all policies work in the same way?

Case Study: Do all policies work in the same way?

БРАВЫЙ

КРУТОЙ

БРАВЫЙ

?!?!

КРУТОЙ

БРАВЫЙ

КРУТОЙ

...ть!

КРУТОЙ

БРАВЫЙ

SOS

What does this bring?

1. Collision2. Crew claim3. General average4. Salvage5. Particular average6. Cargo liability7. Loss of hire

Assumptions

1. “Бравый” sum insured: EUR 1’000’0002. Cargo value: EUR 1’000’0003. Daily T/C hire: EUR 1’500

4. Crew claim: US$ 80’0005. Salvage award: 15% of TV6. Damage to cargo: EUR 150’0007. Particular average: EUR 750’0008. Off hire period: 90 days

Crew Claim

• Crew cover limited to US$20,000 under P&I policy• Duty to settle under ITF agreement – up to US$ 80,000 • Loss of $60,000

Possible Scenario

Good Practice

• Proper P&I cover - full recovery, including medical care and repatriation

Salvage

• Страховщик не возмещает суммы, превышающие по величине 10% от страховой суммы, затраченные Страхователем на спасание застрахованного судна (clause 4.10 of certain rules)

• No S&P rating – Salvage guarantee not accepted• Salvage award 15% • Loss of 5%, i.e. EUR 50,000

Possible Scenario

Good Practice

• “For purposes of all contributions to General Average and/or Salvage and/or Sue and labor, all vessels deemed to be fully insured for their actual sound market value at all times” (Standard ILU additional wording)

Cargo liability

• No S&P rating – LOU not accepted, bank guarantee not provided

• Direct settlement or bank guarantee by shipowner requested.

Possible Scenario

Good Practice

• Proper P&I cover – LOU accepted and claim settled following defence regarding liability

Particular average

• А соответствует ли страховая сумма страховой стоимости?

• Claim settled with depreciation (0,75)• Loss of EUR 187,500

Possible Scenario

Good Practice

• Temporary repairs settled with payment on account• Towage arranged to convenient yard• Full recovery

In general

Good Practice

Спасибо за внимание!