It has been three years since we last introduced a new policy wording. As in previous reviews the Company has focused on clarifying existing terms as well as improving the cover offered to our Assureds in the face of current market demands. This year’s amendments will see significant developments to our Cargo liabilities cover, as well as the addition of a new Part 4.
As customary, the terms of our current policy wording (2/2014) will continue to apply to those insurance contracts with a policy start date in 2016. The 2017 terms will apply to those contracts entered into or renewed as from 2017.
For your easy reference please find below a recap of all significant changes coming into effect with our new policy version. Should you have any specific question regarding any of these amendments kindly direct this to us at SupportDesk@RaetsMarine.com
PART 1: PROTECTION AND INDEMNITY
SECTION 4 – CARGO LIABILITIES
One area of concern for our Assureds involved periods of responsibilities in the contract of carriage which extended beyond the more traditional hook to hook approach. Wishing to accommodate their interest we have expanded the wording of our section 4.1.d, dealing with through or transshipment bills of lading, and included a new section 4.1.e entitled ‘storage’.
Cover for ‘through or transshipment bills of lading’ risks has been broadened in order to respond during the ‘in transit’ period, extending up to 28 days. For its part the new section 4.1.e relates to risks prior to loading and after discharge resulting from a contract of carriage that has been specifically agreed by the Company in writing.
Moreover, with the intention to open up the commercial compass we have reviewed the wording of our Deck Cargo provision under section 4.2.7 in order to allow for deck cargo carriage under specifically outlined circumstances. This will be particularly relevant when the Assured is the party issuing the bills of lading.
Finally, in order to stay in line with the latest market trends a new section 4.2.8 has been included in relation to the use of Electronic Bills of Lading. Equally relevant when considering this practice is the new definition for Electronic Trading System (E.T.S.) included in Part 6 of the Policy.
PART 4: WAR PROTECTION AND INDEMNITY COVER
Favouring to work with one main document, our frequently used War P&I wording has been incorporated into our Policy as a new part. As usual, this additional cover is subject to agreement with the underwriter and whenever included the Certificate of Insurance (COI) will reflect this accordingly.
PART 4: GENERAL TERMS AND CONDITIONS
SECTION 29 – PAYMENTS TO THE COMPANY
A new section on Premium Tax has been added at the end of this section under number 29.8
SECTION 30 – CLAIMS
The ability of an Assured to limit their liability is a recognized by numerous national and international legislations. Intending to ensure that our Assureds safeguard their position in this respect, a new section 30.16 has been included.
SECTION 31 – CESSER OF INSURANCE AND TERMINATION
The last three years has seen much progress in the ‘sanctions’ field. We have no doubt this is a fact known to our Assureds as much as it is to us. RaetsMarine’s ability to serve the totality of our clients depends on being able to stay clear of sanctions infringements and with this in mind is that we have included a new section 31.3.
SECTION 33 - MAXIMUM AMOUNT INSURED
A new section has been added to bring clarity in relation to instances when more than one limit applies under the Policy of Insurance under number 33.2
SECTION 36 – JOINT ASSUREDS AND CO-ASSUREDS
A complete review of this section has been undertaken in order to more distinctly outline the two parties, as well as their rights and obligations under the Policy of Insurance.
SECTION 47 – INSURANCE ACTS
Back In August of this year the United Kingdom’s Insurance Act 2015 came into force. After further consideration the Company has determined that as from 2017 its Marine Liability Policy for Charterers will join its other policies which are also subject to the provisions of the Act.