Advice for Charterers as Legal Liabilities Grow

Tuesday, May 29, 2007
A surge in the volume of fixed premium business managed by the UK P&I Club and the proportion accounted for by time chartering has highlighted the growth and complexity of insuring these types of shipping operation. The financial results for the year ended February 20th 2007, discussed by the UK Club’s directors earlier this month (May), revealed that $65 million of the Club’s total gross premium income ($358 million) was fixed premium business----and that two-thirds of this came from time charterers. Risk is increasing, not only through aggregations of value carried on ever larger ships and increasing commodity prices but also because of significant claims inflation. Legal and regulatory changes, the approach of port authorities and court decisions have effectively meant an increase in charterers’ legal liabilities across a wide spectrum of marine incidents. These growing liabilities concern slot, space, voyage and time charterers, traditional charterers with a ship operating background, trading companies moving raw materials or finished products, and traders moving goods on a scale which requires chartering. In a serious accident, all connected parties may be involved.

Consequently, P&I clubs have been receiving a growing number of inquiries about charterers’ liabilities and more requests for protection & indemnity cover to meet possible exposure. Increasingly, charterers are looking for cover tailored to their particular situations, which integrates hull and other covers, provides pure liability protection for non-operational charters and offers pollution liability without sub-limit. These factors have prompted the UK Club to extend its cover to meet these requirements and to publish an eight-page guide on Charterers’ Liability Cover, available in newsletter or online format on www.ukpandi.com. The key charterer’s risks can be categorised as direct liability to third parties, indemnification of owners and hull damage.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

MNZ Inspectors Board Fishing Vessels Off South Island

A joint operation by Maritime New Zealand (MNZ) and the New Zealand Defence Force – Operation Moana – has seen 16 fishing vessels operating off the west coast of

Bahri Appoint Two Board Members

The National Shipping Company of Saudi Arabia (Bahri) announces it received on 21/11/1435H corresponding to 16/9/2014G a letter from Saudi Aramco Development Company (SADC) appointing Mr.

Navy

Navy Ships Deliver Supplies to Solomon Islands

Two Royal Australian Navy landing craft have delivered vital supplies to remote communities in Solomon Islands as part of Australia’s commitment to provide support to the region.

MacGregor Wins RoRo Cargo Access Equipment Order

MacGregor has won an order from Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea for the design and delivery of MacGregor RoRo cargo access equipment.

Australian Navy Delivers Solomon Island Supplies

Two Royal Australian Navy landing craft have delivered vital supplies to remote communities in Solomon Islands as part of Australia’s commitment to provide support to the region.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.1794 sec (6 req/sec)