greenwoods insurance brokers ltd

Greenwoods Insurance Brokers Ltd

67 Daskaroli Str. Centrum Plaza Suite B4 16675 Glyfada GreeceTel. +30 210 9690700 9644152 Facsimile +30 210 9690708 - 9

www.greenwoods.org [email protected]

http://www.greenwoods.org/

mailto:[email protected]

Greenwoods Insurance Brokers Limited

links to wordings & conditions

Seminars & Speeches

cargo

hull & machinerymarine liabilitiescharterers’ liabilitiesforwarders liabilitiesyachts

• electronics

• engineers & contractors

• finance liabilities

• medical liabilities

• contingencies

• sports events

ISM

Int’l Conventions

Risk Management

our partners

Construction Safety Management

m a r i n e

aviation

• professional liabilities• special risks

• private & family lines

• commercial & industrial lines

• fine art & exhibitions

Multimodal Analysis


Phoenix Credit

Lloyd’s of London

Allianz

Alexander Forbes Special Risks Ltd.

Aspis Pronoia Group

AIG Greece

Commercial Value


Engineering, Civil & Public Construction

Electronic & Machinery Equipment

Finance & Banking

Commercial & Personal Linesm a r i n e

aviation

Special Risks

professional Liabilities

Credit & Guarantee

Motor


m a r i n e

marine cargohull &

machineryyachts

liabilities


cargo seagoing

airroad

on railcargo consequential

lossinland

locationlogistics

warehousekeepingstock throughput

risksrejection risks

cargo Frequently Asked Questions

cargo glossary


ocean going, inland, rail & air cargoes

Institute Cargo Clauses (A) 1.1.82 (cl 252)Institute Cargo Clauses (Air) (excluding sending by Post) 1.1.82 (cl 259)

Institute Strikes Clauses (Cargo) 1.1.82 (cl 256) Institute Strikes Clauses (Air Cargo) 1.1.82 (cl 260)

Institute Classification Clause 1.8.97 (cl 354)Institute War Clauses (Cargo) 1.1.82 (cl 255)

Institute War Clauses (Air Cargo) (excl sending by Post) 1.1.82 (cl 258)Institute Replacement Clause 1.1.34 (cl 161)

Institute Malicious Damage Clause 1.8.82 (cl 266)Institute Location Clause 26.3.80 26.3.80 (cl 66)

Institute Radioactive Contamination Exclusion Clause 1.11.90 (cl 356)Computer Millennium Clause Cargo JC 97/077 as applicable

ISM Endorsement JC 98/019 as applicableOverage Schedule No 5 as applicable

Second hand Replacement Clause as applicable

Additional Paramount ClausesThe following clauses attached, are deemed to be enforced and paramount to the terms and conditions contained in this policy

FITNESS OF CONTAINER CLAUSE as applicableHELD COVERED CLAUSE as applicable

LABEL CLAUSE (EXTENSION) as applicableMACHINERY PARTS REPLACEMENT CLAUSE as applicable

TRANSHIPMENTS CLAUSE as applicableWAREHOUSING, FORWARDING ETC. CHARGES as applicable

Scope of the Insurance terms and conditions

The following clauses should be attached and are deemed enforced and paramount to the terms and conditions contained in this policy, only if have been agreed and stated in certificate of insurance separately, against additional premium.

CONCEALED DAMAGE CLAUSE RESTITUTION PAYMENTS CLAUSEBRANDS AND TRADE MARKS CLAUSEBUYER'S INTEREST CONTINGENCY RISKS SELLER'S INTEREST CONTINGENCY RISKS SELLER'S INTEREST DECLARATIONSINCREASED VALUE CLAUSE


hull & machinery ocean going

vesselspassenger ships

P&I protection & indemnity

mortgagees & lessorsfreight

insurancefloating cranes, barges self propelled or notloss of hire &

earnings hull contingencies cover

owner’s defence


marine & related liabilities

charterers liabilities

marine defence

forwarder’s liabilities

port authorities liabilities

towage liabilities

ship repairer’s liabilities

stevedores’ liabilities

builder’s risks

builder’s performance bondsbunkers & fre

ight

insurance

builder’s guaranteesair freight fo

rwarders

air freight agents

wording


Charterers’ liabilities

CHARTERERS’ LIABILITY INSURANCE

with a Charterers’ Liability Insurance, which in short will cover liability for:

Damage to the vessel, including loss of timeLoss of or damage to cargoDeath and personal injuryPollutionCost of formal investigationsSue and labour costfines

The most important restrictions and exclusions of each Charterers’ Liability Insurance are as follows:

Insurances for Charterers

CHARTERERS’ LIABILITY INSURANCEMARINE DEFENCE INSURANCEBUNKER INSURANCEFREIGHT INSURANCE


The most important restrictions and exclusions of each Charterers’ Liability Insurance are as follows:

1.It is not allowed to waive any rights of legal limitation sums, which will apply in any legislation or convention. Additional insurance cover will be required.

2.Strict liability and hold harmless clauses are not covered, because they go beyond the scope of legal liability. Additional insurance cover will be required.

3.Cover for loss of or damage to cargo is subject to Hague-Visby Rules. Any rights or immunities may not be waived. Additional insurance cover will be required.

4.Loss or damage to own or leased containers or other own or leased equipment is not covered. Separate insurance cover will be required.

5.Loss of time as a result of cancellation of a vessel is not covered. This is a commercial risk, which principally cannot be insured.

6.Financial loss resulting from bad debtors is not covered.

7.On carriage of goods, the following occurrences are excluded from the cover:Issuance of “ad valorem” bills of lading.Carriage of jewelry and banknotes.Deviation of the contracted voyage.Delivery of goods without original bill of lading.Issuance of ante or post-dated bill of lading.Issuance of bills of lading with intentionally wrong description.Carriage of goods on deck.

The companies, which become involved with the chartering as a vessel, can be divided in the following groups:

1.Companies, which are operating a liner service, but do not own a ship.2.Companies, which are trading various commodities and charter ships to transport their own goods.3.Companies, which operate in the tramp market by fixing ships and cargoes as a freight contractor.4.Companies, which are combine logistics and charter ships as part of their integrated services.

(a) Time Charter Party.(b) Voyage Charter Party.

Chartere

rs’

liabili

ties


marine defence

This type of insurance covers the legal cost and expenses, which a Charterer is bound to make due to dispute under the Charter Party or as a result of a dispute with any party relating to the carriage of the goods for which a vessel was chartered.

The dispute may involve an arbitration or legal proceedings concerning freight, dead-freight, demurrage or any other matter relating to the Charter Party or Bills of Lading.

Other matters, which may lead to a dispute, are about General Average, loading or discharging, supplies of bunkers,damages to the vessel etc.

This cover includes - free of charge - the full support and advice of our staff, who are all experienced in shipping and chartering


bunkers & freight insurance

BUNKER INSURANCEIf a vessel is chartered on a time charter the bunkers are for account of the Charterer.

This means that the value of the bunker is “at risk”. There are basically two risks:

Loss of bunkers due to an accident to the vessel and obligation to contribute to General Average expenses, of which Salvage Expenses, can amount a very large sum. In a General Average casualty all rescued values must contribute proportionally, which means the value of the vessel and her cargo, but also the value of the bunkers and the “freight at risk”.

If the vessel and the cargo are severely damaged, as a result of the casualty, but the bunkers remained undamaged, it may happen if the value of the bunkers is the highest contributory factor.

FREIGHT INSURANCEIf the freight of any voyage is not “prepaid” and the Bills of Lading are not stamped “freight paid” the amount of freight is at risk during the voyage.

Therefore, the same applies as for bunkers. It should not be misunderstood that: freight insurance does not cover inability to collect freight by misconduct.

It only covers the freight, which cannot be collected, because due to a casualty to the Chartered vessel, the goods never arrive to the discharging port.


forwarder’s liabilities

CARGO FORWARDERS & FREIGHT OPERATORS INSURANCEGOODS / LEGAL LIABILITY:Their legal liability, under Common Law, Contract, National or International Convention, or statute as Freight Forwarders Principle and/or Agents of Airfreight, Clearance Agents, Container Operators, Terminal Operators, Transport Consultants, Transport Contractors, or any other similar operations and/or as may be described in particular in the schedule of this Policy.

Also this Policy covers:SHEETS, ROPES,PACKING MATERIALS,MACHINERY & EQUIPMENTS.to a limit of Drachmae 1.000.000 any one loss any one occurrence and Drachmae 5.000.000 and in the aggregate during any one consecutive year of Insurance.

CONSEQUENTIAL LOSSto a limit of Drachmae 1.000.000 any one loss any one occurrence and Drachmae 5.000.000 in the aggregate during any one consecutive year of Insurance.

EXPENSESto a limit of Drachmae 250.000 any one loss any one occurrence or any other amount as may be agreed in written with the Underwriters.

REMOVAL OF DEBRISto a limit of Drachmae 1.000.000 any one loss any one occurrence..GOODS UNDER LIENThe Underwriters will indemnify the Policy Holder for loss of or destruction of or damage to Goods entrusted to the Policy Holder but only in respect of the Policy Holder Lien or other beneficial interest of similar nature connected with the Policy Holder.

CROSS LIABILITIES.It is hereby understood and agreed that where more than one party comprises "the Policy Holder", each of the parties shall for the purpose of this insurance be considered as a separate and distinct unit and the words "the Policy Holder" shall be considered as applying to each party in the same manner as if a separate Insurance


yachts

pleasure yachts

large cruisers

small pleasure crafts

bare boats

yachts by design

jet skiswaterborne

liabilities


yachts by design

All Risks CoverAgreed Sum InsuredSue and Labour and SalvageSearch and Rescue General Average (Cargo)Tenders/EquipmentLeased Equipment ClauseBasis of Claims SettlementConstructive Total Loss Partial Loss Un-repaired DamageIncreased Value Removal of Wreck Extension Third Party Liability InsuranceDefence CostsLongshoremen’s & Harbour Workers’Compensation Coverage

War InsuranceDetainmentRemoval of Wreck ExtensionContents and Personal Possessions InsuranceUnspecified Yachts ContentsSpecified Personal PossessionsUnspecified Personal PossessionsMoney and Credit CardsEmployers’ Liability InsuranceIndemnity to Other PersonsIndemnity to PrincipalLoss of Charter Income Personal Accident and Sickness Insurance Crew Welfare InsuranceHijack and/or KidnapPassport IndemnityTravel Assistance ExtensionLegal Expenses InsurancePersonal Effects, Money and Credit CardsCancellation, Curtailment and Rearrangement ExpensesTravel Assistance Extension Replacement ExpensesPersonal LiabilityGuest Medical Expenses Insurance


bare boatsConditions : Institute Yacht Clauses 1.1.85

Permission to Charter Cl. 3.2 deleted Machinery extension Cl. 9.2.2.1. & 9.2.2.2. & 10.10. deleted Cl. 10.1. deleted o/b falling overboard Institute War & Strikes attached Institute Radioactive Contamination Exclusion Clause Institute Pollution Hazard Clause (a) Innocent Assured cl.

Theft of entire vessel by charterers’ included H&M Increased Value subject to ITC Hulls Disbursements & Increased Value Total Loss Only including Excess Liability 1.10.83 cl. 11.1.2.

deleted 4/4ths Collision cl.

Subject : Claims Procedure Clause (Lloyd’s Agents) Brokers Cancellation Clause English Law & Practice but Greek Jurisdiction if applicable Subject to installments to be agreed

Warranted : Licensed Master always onboard Canceling Returns Only

Deductibles : H&M Greek Drachmae 250.000 Dinghy – Life rafts – Outboard motors

Electronics – Personal effects Greek Drachmae 50.000 Other than Total Loss which payable in full


airlinesairport operations

hangar keepersavionics

helicopterscontingency insurance

manufacturersthird party &

passengers liability

airline schools

& flying clubs

pilot/flight/crewpersonal accident

loss of licencemedical

repatriation

aviation


Special Risks

sports & leisurecontingency

insurancesports negligence insurance (amateurs)

sports negligence insurance (professionals)


sports & leisure

football players

basketball players

all kind of athletes

contracts of professionals

for

tennis playersgolfers

etc.

Prote

ctin

g

plans


sports eventssafe-sports

contingency policy due to:

loss of profit & earnings

cancellation

war & strikes

abandonmentpostponement

curtailmentrelocation

prote

ctin

g pla

ns

against

public liability


sports negligence insurance (professionals)sports negligence insurance

(amateurs)

for players,

participants,

referees,umpires,instructor

s,clubs and their members,

etc.

it is a value for sports’ organisations to protect Am and Pro players and their members as well as the staff for their liability.

cover is available for any sport or

recreational activity which are

recognised by the sports ministry.

So,

whether yours is an amateur sports club

or a professional sports association,

the policy is designed to give you

an important and essential benefit for

your members officials and staff.


contingency insurance

film insurance film producer’s indemnity

completion guarantee insurance

extortion insurancepolitical risks insurance

extended warranty insurance

travel insurance

weather insurance

cancellation of event

non appearance


professional liabilitiesmedical liabilities

multimedia organisations protector

engineers & architects

professional & financialdirectors & officers

errors & omissions

pharmacists’ & apothecaries

schools & collegespension fund trustees

charity trustees


medical liabilities

the complete medical professional liability service

for

medical establishmentscorporate health

providersregistered medical practitioners

supplementary medical practitioners

complementary medical practitioners

miscellaneous medical specialists


additional extensions to

medical professional liability service

public liabilityproducts liability

breach of professional confidentialitydishonesty of employees

errors & omissionslibel & slanderclinical trials

and

medical malpractice liability insurance

medical liabilities


finance & bankingfinance

banking

commercial fidelitycombined crimecomputer crime

security stock brokersstock exchange

insurance companiesinsurance brokers

transit risksunauthorised tradingconsequential losses

loss of earnings

asset protectionbankers blanket bond

card forgery &counterfeiting

computers crimeclearing houses

bankers professional indemnity &directors & officers liability


engineers & contractors

business interruptiondelayed start-up

inspection contractsstrikes, riots

civil commotion

unexpectedarchaeologicaldiscoveriesnew

liquidated damagesstructural defects

faulty designmanufacturers’ defects

employer’s liabilitythird party liability

plant machineryplant equipment

debris removal

contractors all riskserection all risks

Product guarantee& recall


electronic equipment all risks

computersgraphics

printing equipmenthospitals

clinicshotels

multi-media equipment

hardwaresoftware

low voltageetc.

external data mediaincreased cost of working

reinstatement cost


machinery all risks

industrial machineryfactories

machineryconstruction machinery

machinery plantboilers

furnacesrail cranes

breakdown, loss of profit & earnings


commercial & industriallarge industries

& manufacturers

factorieshotelsstores

multi-storesmega-stores

cold storesthird party

liabilitycollateral

guaranties

comm

ercial

rent receivables coverjewellers’ block policy

environmental riskslive stock & blood

stock


private & family lines

Personal lines

housesapartmentscomplexes

private propertyrental accommodations

chaletsprivate resort houses

priv

ate

rent

rec

eiva

bles

cov

er

family’s third party liability


fine art and exhibitions

private collectionsgalleries

museumsexhibitions world-wide

antiquitiesantiques

glasswaremasterpieces

classic carsperformance bonds

lenders

all r

isks

insu

ranc

e

greenwoods insurance brokers ltd

Business

institute replacement

institute location clause

institute cargo clauses

institute war clauses

covered clause

hand replacement clause

insurance terms

applicable warehousing