1 / 15

“The Underwriting of Marine War, Terrorism and Piracy in the 21 st Century”

“The Underwriting of Marine War, Terrorism and Piracy in the 21 st Century”. History – Why a separate class of business, why not included in hull all risks. Change in Risk - Operative peril has shifted as the world has changed from war to terror/piracy and war.

tonyadiaz
Download Presentation

“The Underwriting of Marine War, Terrorism and Piracy in the 21 st Century”

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” • History – Why a separate class of business, why not included in hull all risks. • Change in Risk - Operative peril has shifted as the world has changed from war to terror/piracy and war. • Change in cover and process - Consequently market has been forced to change the coverage it gives and the manner in which it is given.

  2. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” • War policy is a limited write back of an exclusion that is applied to an all risks policy. • Developed as a result of Spanish Civil War. • 1936 War and Civil War Exclusion Agreement. • Amended after Hiroshima to address Nuclear Weapons. • After 70 years, the 1936 Agreement with its more recent amendments remains as relevant today as it was then, to avoid giving coverage for an accumulation of risk which could exceed the capital available to us as underwriters. History

  3. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” Singapore Container Terminal • CL370, CL380 to address dirty bombs and computer viruses.

  4. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” 21st Century Risks and Losses – Has Anything Changed? “The Limburg” 2001 – Casualty off the coast of Yemen. “Seawise Giant” 1986 - Casualty of the Iran/Iraq war.

  5. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” • WTC

  6. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” • Philippine Ferry – “SuperFerry 14” 2004 – result of the actions taken by Abu Sayyaf guerilla’s

  7. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” 21st Century Risks and Losses – Has Anything Changed? “The Limberg” 2001 – Casualty off the coast of Yemen. “Seawise Giant” - Casualty of the Iran/Iraq war.

  8. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” • Malacca Vessel Steadfast • Vegetable-oil-loaded Tanker, 17,650 DWT • Sailing for China from Indonesia • Went missing on the 18th December 2005 • Found abandoned on the 24th December 2005

  9. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” • New Government Pools – TRIA, USA - Gareat, France • - Extremus, Germany • Existing Pools - Pool Re (UK) - SASRIA (South Africa) - CONSORICO (Spain) • War on land in Lloyd’s

  10. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” Change in Cover and Process • Change in market procedure • Advisors are security analysts • Look forwards as well as back

  11. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” • Seabourne Spirit • Was this War or Piracy?

  12. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” • Hull War Clauses – Change in Cover and Process

  13. Missing Vessel Clause This insurance is also to cover a loss of the subject matter of this insurance by reason of the vessel named in this policy being missing from ANY CAUSE during the currency of this Policy and this policy WILL PAY CLAIMS hereunder accordingly WITHIN THIRTY DAYS of presentation of proper documents. If such vessel be recorded at Lloyd’s as “untraced” or “posted” as missing, she shall be DEEMED MISSING for the purpose of this insurance. No claim shall attach under this section where the specific cause of the loss of the above named vessel is proved by Underwriters hereunder prior to the due settlement date of claim under this section.

  14. Talbot Draft Missing Vessel Clause In the event of the vessel named in this policy being recorded at Lloyd’s as “untraced” or posted as “missing” in the territorial waters of any of the countries or places or any other waters described in the current List of Areas of Perceived Enhanced Risk as may be published from time to time by the Joint War Committee, this policy will pay the sum insured in respect of that vessel within 90 days of presentation of proper documents. Under no circumstances will this policy pay more than the sum insured for war risks under this policy. In consideration of such payment war risk underwriters shall be subrogated to all rights and remedies that the assured may have against marine underwriters. In the event that such subrogation becomes necessary, the assured shall co-operate fully with war risk underwriters in the pursuit and settlement of such claim and shall furnish underwriters with all necessary documentation and assistance. If within 90 days of presentation of proper documents underwriters produce prima facie evidence that the loss is not covered by reason of an exclusion contained in this policy this clause shall become inoperative and the burden shall then rest with the assured to prove that the loss was proximately caused by a peril insured under this policy. ?

  15. “The Underwriting of Marine War, Terrorism and Piracy in the 21st Century” Thank you

More Related