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: Monday 20 - Wednesday 22 February, 2012
Location: Jumeirah Carlton Tower Hotel, London
Ince & Co partners Kevin Cooper and Stephen Askins, senior associate Victor Fenwick and solicitor Penny Cygan are hosting a pre-conference workshop on “Crisis Management: protect your assets”. The workshop will provide guidance on planning emergency response which includes collision and piracy incidents.
Date: Wednesday 29 - Thursday 01 March, 2012
Location: Hilton London Tower Bridge Hotel
Ince & Co partner Carol Searle and consultant Tony George are speaking at the Insuring Export Credit & Political Risk conference.
Date: Wednesday 29 - Thursday 01 March, 2012
Location: Prospero House
Ince & Co partner Daniel Jones will be speaking during the spotlight session on “The Yacht Refit – Insurance Issues”. The session will examine what happens when the yacht goes into refit, the new standard form contract, insurance obligations, common terms, ship repairs legal liability insurance and the waiver of subrogation requirements.
Date: Tuesday 06 - Wednesday 07 March, 2012
Location: London
Ince & Co Partner Stephen Askins will be speaking at the Chemical and Product Tankers conference on Piracy.
Date: Wednesday 25 - Thursday 26 April, 2012
Location: Marriott Hotel, Copenhagen
Ince & Co partners Michael Stockwood, Kevin Cooper, Stephen Marais and Vincent Xu are hosting a one day pre-conference workshop on “Key strategies to achieving a consensual agreement maximising the benefits for both banks and owners”. The workshop will explore three key themes; restructuring shipping loans, enforcement, and issues relating to Chinese finance and involvement with Chinese shipyards.