Claims Alert – Valuations, Fair Market Values and Disclosure
We are grateful to Waltons & Morse for their recent briefing in respect of a claim made by an Assured for the total loss of a superyacht that was over-valued in a hull policy. The facts are as detailed in the briefing, but we are concentrating on two main aspects: the Assured over-valued the yacht in question; and did not disclose ...
Continue ReadingLoss of Hire Insurance – is there a better way?
Loss of Hire policies are not as frequently purchased in Asia as in other parts of the world, Scandinavia and Europe for example. The traditional loss of hire policy responds to the net loss of income after a hull and machinery claim. There are a number of deductible and limit options available but a 14 day deductible and a 90 ...
Continue ReadingNewbuilding Program – Insurance Contract Review
According to RS Platou’s October 2014 Monthly Newsletter, there have been 748 newbuildings ordered for the year to date, with 2463 vessels due for delivery from now to 2016 and beyond. Whilst we do not intend to comment on the reasons for that here, what we do know is that for many stakeholders, insurance is a long way down the ...
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