Case Study : Do all policies work in the same way?

1. Case Study: Do all policies work in the same way?

2. КРУТОЙ БРАВЫЙ

3. КРУТОЙ БРАВЫЙ ?!?!

4. КРУТОЙ БРАВЫЙ ...ть!

5. КРУТОЙ БРАВЫЙ SOS

6. What does this bring? • Collision • Crew claim • General average • Salvage • Particular average • Cargo liability • Loss of hire

7. Assumptions • “Бравый” sum insured: EUR 1’000’000 • Cargo value: EUR 1’000’000 • Daily T/C hire: EUR 1’500 • Crew claim: US$ 80’000 • Salvage award: 15% of TV • Damage to cargo: EUR 150’000 • Particular average: EUR 750’000 • Off hire period: 90 days

8. Crew cover limited to US$20,000 under P&I policy Duty to settle under ITF agreement – up to US$ 80,000 Loss of $60,000 Crew Claim Possible Scenario Good Practice • Proper P&I cover - full recovery, including medical care and repatriation

9. Страховщик не возмещает суммы, превышающие по величине 10% от страховой суммы, затраченныеСтрахователем на спасание застрахованного судна (clause 4.10 of certain rules) No S&P rating – Salvage guarantee not accepted Salvage award 15% Loss of 5%, i.e. EUR 50,000 Salvage Possible Scenario Good Practice • “For purposes of all contributions to General Average and/or Salvage and/or Sue and labor, all vessels deemed to be fully insured for their actual sound market value at all times” (Standard ILU additional wording)

10. No S&P rating – LOU not accepted, bank guarantee not provided Direct settlement or bank guarantee by shipowner requested. Cargo liability Possible Scenario Good Practice • Proper P&I cover – LOU accepted and claim settled following defence regarding liability

11. А соответствует ли страховая сумма страховой стоимости? Claim settled with depreciation (0,75) Loss of EUR 187,500 Particular average Possible Scenario Good Practice • Temporary repairs settled with payment on account • Towage arranged to convenient yard • Full recovery

12. In general Good Practice

13. Спасибо за внимание!