Services to all Maritime Insurers Worldwide for our overseas and local Clients and Marine Underwriters Globally include:
■International and local maritime insurers and underwriters including LLOYDS' Agents London.
■International freight forwarders and Ship owners.
■Shipping and logistic providers.
■Portainer Crane Inspection and Survey inspections.
■Statutory marine safety agencies.
■Trusted provider of Marine Engineering and Marine Surveying within Australia by our clients in the UK, T...
The boat surveyor’s Dubairole in its investigation and reporting.
ReplyDeleteBecause my principal experience as a surveyor over the years has been
as an underwriters’ surveyor, my comments in this paper are
understandably slanted towards insurance claims but many of the
principles will not be lost on surveyors appointed by other principals.
The role of independent marine surveyors
It is well established that a surveyor’s principal role is to establish
the facts as they relate to nature, cause and extent (three words
with which I am sure you are all very familiar) when instructed to
carry out a damage or loss survey but, of the three, we are
principally concerned in this paper with cause/causation.
However, before becoming immersed in discussion on this
fundamental role I am going to remind you briefly that a surveyor
has at least two other important functions.
A marine insurance policy will often contain a clause specifically
alerting the assured to their responsibilities to take appropriate
steps to mitigate a loss and to claim on third parties.
The assured is required to do both of these as a condition of
acceptance of any claim under the policy but in any event, under
English law, it a common law requirement for a claimant to
mitigate a loss, as it is under the law of many other countries.
Mitigation of loss
Hull and machinery Surveyors, from their wide experience of marine claims in one form
or another, are often in a very good position to advise a claimant on
both their need to mitigate a loss, and also in many cases on the
best method of doing so.
However, surveyors must bear in mind that it is not their role to
actually involve themselves with the appropriate action unless
otherwise instructed by their principals.
THE PRINCIPLES OF MARINE INSURANCE
DeleteExcluded Perils:
Sentimental loss - This is a market loss and never recoverable under a marine policy
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Sympathetic Damage – is when one cargo damages another cargo in the same vicinity. If the damage to the first is caused by an insured peril then the resultant damage to the second cargo is considered to be by the same peril and is recoverable as a loss by that peril.
THE MARINE INSURANCE MARKET Global Perspective:
Constellation is an International Ship and Marine Consultancy/Survey firm with offices in UK, UAE and INDIA, specializing in off shore marine warranty inspection, Ship and cargo inspections for principles, insurance companies and charterers.
By the end of 2013 - Constellation is running a count of 8100+ instructions, holding a vast knowledge base and expertise of claims, loss adjusting, valuations and a seasoned team of Marine Engineers and Master Mariners.
Major marine insurance markets exist in the UK, Continent of Europe, the USA and Japan. Markets in other countries tend to cater solely for their own nations for e.g., in certain countries, business people are required to insure with their national insurance companies. THE MARINE INSURANCE MARKET Insurance companies – UK and overseas:
Marine Insurance forms a section of their total business interest.
The underwriter being a salaried employee has no individual liability. However, the company would be liable to the extent of it‟s paid up share capital. Most of these companies have bureau at the „Institute of London Underwriters‟ (ILU) and nearby.