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Mega Ship Casualties: Does Lloyd's Open Form Still Work?

Mega Ship Casualties: Does Lloyd's Open Form Still Work?. Houston Marine Insurance Seminar 17 September 2012. Toby Stephens, Partner. T: +44 (0)20 7264 8366. toby.stephens@hfw.com. Lloyd's Open Form 2011. How much do you pay?. Key criteria – Article 13 of the Salvage Convention 1989

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Mega Ship Casualties: Does Lloyd's Open Form Still Work?

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  1. Mega Ship Casualties: Does Lloyd's Open Form Still Work? Houston Marine Insurance Seminar 17 September 2012 Toby Stephens, Partner T: +44 (0)20 7264 8366 toby.stephens@hfw.com

  2. Lloyd's Open Form 2011

  3. How much do you pay? Key criteria – Article 13 of the Salvage Convention 1989 "The reward shall be fixed with a view to encouraging salvage operations" • Salved Value • The Measure of Success • Services rendered • Skill and Efforts of the Salvors • Dangers faced (including environmental) • Expenses and Losses incurred

  4. BP "THUNDERHORSE"

  5. "CMA CGM LIBRA"

  6. The “Amerique” [1874] L.R. 6 PC 468, 475

  7. The “Queen Elizabeth” [1949] 82 Ll.L.Rep. 803, 821

  8. SCOPIC

  9. SCOPIC Appropriately Invoked US$ SCOPIC TARIFF CLUB ARTICLE 13 AWARD PROPERTY U/Ws PRO RATA TO SALVED VALUE TIME

  10. SCOPIC Inappropriately Invoked US$ ARTICLE 13 AWARD TOTAL ARTICLE 13 AWARD PAID BY PROPERTY UNDERWRITERS SUBJECT TO DISCOUNT OF 25% OF THE DIFFERENCE (ART 13/ SCOPIC). CLUB PAYS NOTHING TIME

  11. What if....

  12. "RENA"

  13. "RENA"

  14. "RENA" – 1,368 Containers Notional Article 13 Award - US$11,000,000 All figures are for illustrative purposes only

  15. "RENA" USD$ Million All figures are for illustrative purposes only

  16. "MSC CHITRA"

  17. "MSC CHITRA"

  18. "MSC CHITRA" USD$ Million All figures are for illustrative purposes only

  19. "MSC NAPOLI"

  20. "MSC NAPOLI"

  21. "MSC NAPOLI" USD$ Million All figures are for illustrative purposes only

  22. "COSTA CONCORDIA"

  23. "MSC FLAMINIA"

  24. "MSC FLAMINIA" - Guestimate USD$ Million All figures are for illustrative purposes only

  25. MSC FLAMINIA" - Guestimate USD$ Million All figures are for illustrative purposes only

  26. 24-hour Emergency Response • +44 (0)20 7709 7702

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