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: Tuesday 22 - Wednesday 23 May, 2012
Location: Dexter House, London
Ince & Co partners Kevin Cooper and Stephen Askins are leading a workshop on “Responding to and managing a Piracy incident” on Wednesday 23 May.
Date: Wednesday 20 June, 2012
Location: London
Ince & Co partner Stephen Askins is participating in the First BIMCO seminar on GUARDCON, the much anticipated GUARDCON standard contract for the employment of security guards on vessels, on Wednesday 20 June.