Year: 2020 Language: english Author: Swedish P and I Genre: Practical guide Format: PDF Quality: eBook Pages count: 90 Description: Changes to P&I Rules for the 2020/2021 policy year Rule 1 It is clarified that the only type of charterers that can be a Member under the P&I rules is bare boat charterers (time and voyage charterers are subject to another set of rules). Rule 2 The expression “as a direct consequence of” is replaced by “in connection with” in order to bring the wording in line with the wording of the Pooling Agreement. Rule 7 Section 6 The language about cover for fines for smuggling has been harmonized with the wording of the Pooling Agreement Rule 11 Section 3 The rule has been rewritten substantially to mirror the language of the corresponding provisions in the Pooling Agreement which recently have undergone changes inter alia regarding “specialist operations”. Rule 11 Section 4 The wording has been added to address the possibility that a country other than UN, EU, US or UK imposes sanctions that have an impact on the Club’s and its re insurers’ ability to provide cover. Rule 11 Section 7 Minor clarification to cater for future amendments in the underlying legislation pertaining to nuclear risks. Rule 12 Minor editorial adjustments. Rule 18 Minor linguistic adjustment. Rule 26 Adding a provision, which several clubs already have, that the Association can terminate the insurance at any time in order to avoid sanctions exposure. Rule 30 The rule deals with joint members and co-assureds. In order to bring the rule in line with the Pooling Agreement two additional categories of insureds are added; affiliated charterers and contractors. In addition, a new paragraph has been added to all insured categories to the effect that a joint insurance solution does not extinguish any liability between the insured parties. The purpose with the latter paragraph is to ensure that recoveries can be made from third parties and this also stems from the Pooling Agreement (as of 20 February 2020). Rule 32 In order to bring the rule in line with the Pooling Agreement it is clarified that affiliated companies, in order to be covered under this rule, cannot not be named in the policy. In addition, it is clarified that affiliated companies only have “misdirected arrow” cover. Finally, the new paragraph about liabilities between the insured parties in Rule 30 has also been added to this rule.
Contents
Contents Rules for Protection & Indemnity Insurance 9 Rules for Freight Demurrage & Defence Insurance 61 Articles of Association 83
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Rules for P&I Insurance 2020/2021
Language: english
Author: Swedish P and I
Genre: Practical guide
Format: PDF
Quality: eBook
Pages count: 90
Description: Changes to P&I Rules for the 2020/2021 policy year
Rule 1
It is clarified that the only type of charterers that can be a Member under the P&I rules is
bare boat charterers (time and voyage charterers are subject to another set of rules).
Rule 2
The expression “as a direct consequence of” is replaced by “in connection with” in order to
bring the wording in line with the wording of the Pooling Agreement.
Rule 7 Section 6
The language about cover for fines for smuggling has been harmonized with the wording of
the Pooling Agreement
Rule 11 Section 3
The rule has been rewritten substantially to mirror the language of the corresponding
provisions in the Pooling Agreement which recently have undergone changes inter alia
regarding “specialist operations”.
Rule 11 Section 4
The wording has been added to address the possibility that a country other than UN, EU,
US or UK imposes sanctions that have an impact on the Club’s and its re insurers’ ability to
provide cover.
Rule 11 Section 7
Minor clarification to cater for future amendments in the underlying legislation pertaining to
nuclear risks.
Rule 12
Minor editorial adjustments.
Rule 18
Minor linguistic adjustment.
Rule 26
Adding a provision, which several clubs already have, that the Association can terminate the
insurance at any time in order to avoid sanctions exposure.
Rule 30
The rule deals with joint members and co-assureds. In order to bring the rule in line with the
Pooling Agreement two additional categories of insureds are added; affiliated charterers and
contractors. In addition, a new paragraph has been added to all insured categories to the
effect that a joint insurance solution does not extinguish any liability between the insured
parties. The purpose with the latter paragraph is to ensure that recoveries can be made from
third parties and this also stems from the Pooling Agreement (as of 20 February 2020).
Rule 32
In order to bring the rule in line with the Pooling Agreement it is clarified that affiliated
companies, in order to be covered under this rule, cannot not be named in the policy. In
addition, it is clarified that affiliated companies only have “misdirected arrow” cover. Finally,
the new paragraph about liabilities between the insured parties in Rule 30 has also been
added to this rule.
Contents
ContentsRules for Protection & Indemnity Insurance 9
Rules for Freight Demurrage & Defence Insurance 61
Articles of Association 83
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