Oakeshott Welcomes New Int'l Cargo Clauses

Maritime Activity Reports, Inc.

March 16, 2009

A discussion paper will be presented at the Moscow Rendezvous Conference for the Russian Insurance and Reinsurance Market on March 25 2009, by George Grishin, Director of Oakeshott Insurance Consultants.

Mr Grishin compares the changes between the 1982 and 2009 clauses, and also outlines the position of cargo insurance wordings in the CIS insurance markets. He considers the changes in the new 2009 Clauses and discusses their appropriateness for the situations that prevail in East and West.  He welcomes the extensions of the transit clause, and the new amendments to the exclusions relating to packing. Greater clarity regarding the beneficiary under the insurance is also a helpful step for all parties.

Mr Grishin raises topical questions on the piracy issue in the light of recent events in Somalia. He also suggests areas that might be considered for further clarity amongst international users in future redrafts. Finally, he concludes that, on the whole, the new Clauses represent a great step forward - benefitting Assureds and providing greater clarity on important facets of the insurance contract.

Copies of the full discussion paper, and a clause comparison schedule in both English and Russian versions are available free of charge from Oakeshott Insurance in London (email wecanhelp@oakinsur.com) Tel ++207 680 1230.

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