Cosco Firms Sign Insurance​ Agreement
Cosco Shipping Energy Transportation has entered into insurance services framework agreement with Cosco Shipping Insurance​ pursuant to which the latter will provide vessel-related insurance services to the Group. Cosco Shipping Insurance is a wholly-owned subsidiary of Cosco Shipping , the Company’s indirect controlling shareholder. Accordingly, Cosco Shipping Insurance is a connected person of the Company, and the Insurance Services Framework Agreement and the transactions thereunder constitute continuing connected transactions of the Company. As the applicable percentage ratios under the Listing Rules for the Insurance Services Framework Agreement are more than 0.1% but less than 5%…
Norwegian Courts Reject Insurance Forum
Wikborg Rein, a Norwegian law firm, said Norway's Supreme Court has closed a door to claimants attempting to act against foreign shipowners insuring themselves in Norway. against a major Russian shipowner. company in Norway because it had its P&I cover with Oslo-based Skuld. has an asset in the country. mutual insurance company owned by its members. but the Supreme Court rejected the forum shopping. itself constitute a sufficient connection with Norway. relevant under Section 32. claims may also constitute an asset. parties domiciled in a country which is party to the Lugano Convention. European Union or the European Free Trade Association member states. constitute a sufficient connection with Norway. can sleep a little easier," says Faerden.
