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Normally referred to as war risk insurance, this type of insurance is an add-on to the normal hull and machinery insurance. The concept consists of a list of areas for which the insurer assesses that the risks to the ship’s hull are elevated, and for which an added premium will have to be paid.
This short guide highlights some of the key issues that may affect the obligations and rights of contracting parties following developments in the Russo-Ukrainian conflict, with a focus on BIMCO clauses. In all circumstances, parties should carefully review their contractual terms for current and future fixtures and, if in any doubt, seek legal advice before acting.
This short guide highlights some of the key issues that may affect the obligations and rights of contracting parties following developments in the Russo-Ukrainian conflict, with a focus on BIMCO clauses. In all circumstances, parties should carefully review their contractual terms for current and future fixtures and, if in any doubt, seek legal advice before acting.
Russia has invaded Ukraine and maritime security is severely affected.
Russia appears to have launched a full-scale invasion of Ukraine and maritime security will likely be affected.
Normally referred to as war risk insurance, this type of insurance is an add-on to the normal hull and machinery insurance. The concept consists of a list of areas for which the insurer assesses that the risks to the ship’s hull are elevated, and for which an added premium will have to be paid.
Political and civil unrest, wars and other conflicts are regularly raising concerns with regard to the safety of navigation and the safety and welfare of seafarers visiting ports belonging to countries involved in such conflicts.
As members are aware, the use of armed guards is a contentious question. Different states have different rules which would need to be counted in when considering the use of armed guards. IMO has recently developed guidance for all stakeholders, and currently BIMCO is in the process of developing a supplementary advisory on the issue to members.
