JHC Pushes Ahead with Clause Review
The Joint Hull Committee in London (JHC) is pushing ahead with ambitious plans to review the existing Institute Hull Clauses in order to bring them into line with current market practice. Subject to satisfactory conclusion of the consultation and approval process, the new clauses should be ready for use by November of this year. Although no far-reaching changes are anticipated, the JHC is keen to make the standard hull clauses as consumer-compatible as possible. point, the JHC will review the 1983 and 1995 Clauses with a view to adjusting them to reflect current market practice. In addition, the JHC considers that a number of supplementary clauses, which are now in everyday use, could be drafted to form part of an addendum. without requiring any change to the main wording.
London Underwriters to Host Hull Market Seminar
Underwriters from the hull insurance market in London will hold a seminar in Greece later this year to debate issues of current interest to shipowners and insurers. In recent years, Lloyd's Underwriters Association has hosted a reception at the Piraeus Yacht Club during the week of the Posidonia exhibition and congress. This year, however, Lloyd's Market Association and the International Underwriting Association of London (IUA), under the auspices of the London Joint Hull Committee, have instead combined to host the seminar, which will take place either in October or November. This departure from custom reflects a feeling by London hull…
JHC Produces First Draft of Clause Revisions
The Joint Hull Committee in London (JHC) has produced a consultative draft of its revised Institute Hull Clauses. who have been invited to submit their own comments to the JHC. Completion and distribution of the draft is in line with the schedule set out by the JHC as part of its plans to review the 1983 and 1995 Hull Clauses in order to bring them into line with current market practice. A key part of the JHC objective is appropriate consultation with the shipping and insurance industries, which have been invited to submit written responses to the first draft by the end of August. Subject to satisfactory conclusion of the consultation and approval process, it is planned that the new clauses will be released on November 1 this year.
JHC: Recent Hull Losses Will Increase Pressure For Rate Increases
The Joint Hull Committee in London (JHC) estimates that the total cost of recent marine hull losses to the global insurance market could be as much as $750m. in yet more pressure being applied to rates for hull business, which are still considered uneconomic despite increases having been achieved during the past twelve months. The "Diamond Princess" is the most significant in a string of expensive claims to hit the marine insurance market recently. was engulfed by fire, which caused extensive damage. That incident followed rapidly on the grounding of the car carrier "HUAL Europe", with an estimated insured value of over $50m, in Tokyo Bay, off Yokohama, on October 1.
