Builders Risk Policy Serves as Inland Marine Insurance

Tuesday, October 09, 2007
The US Court of Appeals for the Seventh Circuit ruled that, under Michigan law, a builders risk insurance policy is a form of inland marine insurance and is controlled by the statute of limitations applicable thereto. For our purposes, the decision is probably most interesting in its historical analysis of the insurance industry and the division of casualty insurance into two large groups: fire insurance and marine insurance. Under Michigan law, fire insurance claims must be submitted within one year of the casualty. All other casualty insurance claims are subject to a six-year statute of limitations. [Source: HK Law]
Maritime Reporter February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

CMA CGM Opens Two Offices

CMA CGM Opens a new branch in Constantine, (Algeria) and an agency in Sihanoukville, (Combodia) Following are the addresses in the respective countries: CMA CGM Algérie,

MMEA Recover Hijacked Tanker

A hijacked Malaysian coastal tanker has been recovered by the prompt actions of the Malaysian Maritime Enforcement Agency (MMEA) off the coast of Malaysia. The

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

LNG

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

Gazprom, OMV Ink Additional Deal

Vienna hosted today the signing of an Addendum to the existing contract for gas supply to Austria between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Gerhard Roiss,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1115 sec (9 req/sec)