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Marine Insurance

Piracy against shipping is probably as old as maritime navigation and trade.

Like international trade, piracy barbie com developed along with the expansion Ouija board commerce and transportation.

The recent seizure by pirates of the Saudi owned super tanker "Sirius Star" and its reported $100 million of crude oil cargo has highlighted the huge impact a few armed individuals in small boats can inflict on international trade.

This bulletin gives a brief overview of the current problem and likely coverage options for Hull and Cargo risks.

Introduction

The increasing incidents and boldness of pirate attacks in the Gulf of Yemen and around the 'Horn of Africa' recently has seen increased alarm and an international effort to try to secure the busy waterways leading to/from the 1888 Goodwin Champions Canal.

Nigeria and Indonesia continue to feature heavily on Piracy Reporting Centre statistics and highlight the broad geographic spread of the problem.

Generally speaking the term Piracy is given to incidents of armed Superman movie and burglary against ships. Kidnap of the crew and ransom demands are common, and in some cases an attack will result in the complete loss of the vessel.

Marine Insurance - Hull Cover

The perils clause of the predominately used Institute hull clauses (1983) includes "Piracy". The intention is to embrace the likes of - violent acts of persons who board the vessel with an intention to steal. Cover would include damage to or loss of the vessel. The Marine Insurance Act 1909 (Cwlth) goes on to include within the legal definition of "Pirates" - "passengers who mutiny and rioters who attack the ship from the shore".

Loss of Hire cover can be purchased to secure the earnings capability of the vessel. Further investigation is recommended in order to gauge the effectiveness of this type of cover.

Marine Insurance - Cargo Cover

The 'All Risks' nature of the commonly used Institute Cargo Clauses (A) will include loss, damage or robbery caused by pirates.

General Average may be declared by the ship and contribution sought from cargo owners where sacrifice or expenditure is made on behalf of all parties to the adventure. Kidnap and ransom costs may appear as General Average where the ship has no specific cover for these losses.

Delay risks are not covered by Institute Cargo Clauses (A) and careful assessment of Insured requirements is recommended.

The London Market has recently introduced a Cargo Piracy Notice of Cancellation Clause which further highlights the concerns surrounding the escalation of these attacks.

Disclaimer: This bulletin is for information purposes only and is not legal advice.

Please contact me via email href="mailto:enquiry@marine-insurance.com.au">enquiry@marine-insurance.com.au or visit our website href="marine-insurance.com.au">marine-insurance.com.au for further information.

# posted by hieej : 5:40 PM  0 comments

A business letter of intent represents a memo which includes the particulars about a commercial enterprise arrangement between two entities which affects the channeling of commodities or services.

A business letter of intent can 1949 Leaf baseball cards used in a number of situations including a commitment to purchase something, usually a business. It 1985 Fleer baseball cards also referred to as s Memorandum of Agreement (MOA) or Memorandum of Understanding (MOU).

In the early stages there's various options available to you. It is extremely important that you choose the most suitable style so your document presents as professional as possible. You can select from varying styles including Block Style, Modified Block Style, Semiblock Style. You can have a look at these varying options and select the one that you consider is most suitable.

While drafting a business letter of intent, there's a number of issues you need to consider -

1 - It's best mentioned that it is a non-binding document. Information surrounding the issue should be restricted to the absolute minimum whilst remaining in accordance with the document.

The other party or parties may become impatient & seek legal advice if you don't stick to the rules.

2 - It should be clearly written in a neat & tidy fashion. The intentions of all concerned needs to be recorded in the document. Before commencing to write you're best to make yourself familiar with the various styles of business letters.

3 - After all the entities involved in the deal sign the memorandum of understanding, a joint press cancer car donation should be issued. It sends a very positive message to the stockholders of the businesses involved.

4 - A time line is an important ingredient in the agreement for finalization purposes. This is a significant point. Once you sign the document and issue a press release, all will be watching you.

For the sake of efficiency, it's to everyone's advantage that the agreement is completed as soon as practical.

5 - A confidentiality accord is something which is an inherent component of any business contract. By signing a confidentiality accord, all those included agree that the details hashed out will remain confidential.

These are but a few of the possible issues that you need to keep in mind when drafting up a business letter of intent. And, although it can be an expensive exercise, you really should consult your lawyer before you commence.

The money that you save in the event of a problem, may far outweigh the cost of legal advice.

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# posted by hieej : 5:36 PM  0 comments