Insights

The English High Court has recently ruled that a where a charterparty sets out the ship’s hull& machinery value an owner may be required to repair up to that full amount irrespective ofwhether the ship could be said to be a CTL. 

The annual UK Defence Club seminar in Piraeus took place at the Galaxy Room at the Athens Hilton Hotel on Wednesday 10th October, 2012. The event was well attended, with more than 130 Members, brokers and prospective Members attending.

As the shipping industry in Japan has grown internationally the benefits of being a Member of the UK Defence Club have become increasingly apparent to the Japanese market. The value of the Association’s cover and the first class service that is provided was particularly highlighted following the worldwide economic crisis in 2008/2009 and the Association continues to experience a steady growth in its Japanese Membership.

Overall the Club produced a surplus of $11 million.The main driver behind this positive out come was the continuing improvement in the claims reserves on themost recent policy years and the early indications that 2011 will be a low claims year

RAINY SKY vs Kookmin Bank The Association’s Member entered into shipbuilding contracts with the JINSE Shipbuilding Co., Korea for the construction of 6 ships. As is normal practice, refund guarantees were provided to secure the pre-delivery instalments.