Warranty limits
20 April 2021In year 2000 the Institute of Chartered Underwriters, London revised the Institute Warranty Limits and with effect from 1 November 2003, the limits are referred to as International Navigating Limits (INL).
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In year 2000 the Institute of Chartered Underwriters, London revised the Institute Warranty Limits and with effect from 1 November 2003, the limits are referred to as International Navigating Limits (INL).
Please find hereunder the full text of the American Institute Trade Warranties:
Please find hereunder the full text of the Institute Warranties Limits (IWL).
The sanctions landscape has grown increasingly complex. International sanctions regimes are constantly changing with new restrictions being added and new persons and entities being listed. A violation of sanctions restrictions can have severe consequences and in the worst cases can lead to parties being listed as sanctioned parties. Therefore, carefully worded sanctions clauses in contracts of affreightment are vital for internationally trading companies to help them manage and mitigate their sanctions risk and to enable them to continue to do business while remaining compliant with the various sanctions regimes.
The sanctions landscape for the container trade has grown increasingly complex over the past decade. To provide the container industry with a bespoke contractual solution that addresses the practical and commercial realities of the liner trade BIMCO has developed a Sanctions Clause for Container Vessel Time Charter Parties 2020.
BIMCO, INTERCARGO and INTERTANKO welcome the ruling by the highest court in the United States on 30 March 2020 concluding that the plain meaning of the safe-berth clause in the Athos I dispute includes an unambiguous warranty of safety.
Extracts from 2ND revised Edition 1965 of "Insurance of Ships Trading Outside Institute Warranties", a report by Advanced Study Group No. 138 of THE INSURANCE INSTITUTE OF LONDON: Note: The object of the report is to make more generally available a body of information about the nature and the peculiar hazards of these regions excluded by the Institute Warranties. The report does not concern itself directly with questions of hull rating. The publication of the report by the Institute does not necessarily imply agreement with the statements made or opinions expressed, for which the Advanced Study Group alone is responsible.