Damage Limitation
Monday 06 October, 2008
Maritime Risk International - October 2008
We are seeing uncertain times. In the past few weeks, a major bank has disappeared and others have merged, while giant insurance group AIG almost fell. So, what to do when one of your insurers suffers?
Alan Weir, special counsel in Ince & Co's insurance group is emphatic. First and foremost, an insurance buyer should focus on replacing any insolvent insurer participating on current year insurances which are mandatory for the trade.
"there may be a wrangle about the buyer's right to walk away. not to pay outstanding premium and so on but the commercial imperative to have an ongoing valid insurance for the full risk is pretty overwhelming."
It is not only insurances that are compulsory at law that are of concern. David Baker, Ince & Co's head of ship finance explains "lenders require insurance to be maintained over secured assets. Depending on the covenants an owner has given, an owner who leaves its assets part uninsured, could be in breach of its financing obligations.
Damage Limitation - article (pdf)
Date: Wednesday 23 - Thursday 24 May, 2012
Location: One Drummond Gate, London
Ince & Co partner Chris Kidd is speaking on “Managing conflicts and disputes”. He is also chairing and moderating some sessions.
Date: Wednesday 23 - Friday 25 May, 2012
Location: London
Ince & Co partner Fionna Gavin will be speaking during the morning of the third day on “Tanker Charterparties - time and voyage”. Which will cover the differences in, and justifications for, tanker chartering.
Date: Thursday 24 May, 2012
Location: London
Ince & Co partner Faz Peermohamed will be speaking during day one of the conference on “Shipping: The Titanic, Prestige, Costa & Pirates”.
Date: Tuesday 29 - Wednesday 30 May, 2012
Location: Cowes, English Channel, Isle of Wight, Solent
Ince & Co will be taking part in the Lutine Lineslip Regatta, a Lloyds Yacht Club Event for the Insurance Industry, in May 2012.
Date: Tuesday 29 May, 2012
Location: British Consulate, Hong Kong
Ince & Co partner Denys Hickey will be speaking at the forum on “Contractual challenges in the LNG distribution supply chain”. The session will cover balancing long term security and flexibility in contracts and identifying and mitigating risks in LNG supply contracts.