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Transcript of Greenwoods Insurance Brokers Ltd
Greenwoods Insurance Brokers Ltd
67 Daskaroli Str. Centrum Plaza Suite B4 16675 Glyfada GreeceTel. +30 210 9690700 9644152 Facsimile +30 210 9690708 - 9
www.greenwoods.org [email protected]
Greenwoods Insurance Brokers Limited
links to wordings & conditions
Seminars & Speeches
cargo
hull & machinerymarine liabilitiescharterers’ liabilitiesforwarders liabilitiesyachts
• electronics
• engineers & contractors
• finance liabilities
• medical liabilities
• contingencies
• sports events
ISM
Int’l Conventions
Risk Management
our partners
Construction Safety Management
m a r i n e
aviation
• professional liabilities• special risks
• private & family lines
• commercial & industrial lines
• fine art & exhibitions
Multimodal Analysis
Greenwoods Insurance Brokers Limited
Phoenix Credit
Lloyd’s of London
Allianz
Alexander Forbes Special Risks Ltd.
Aspis Pronoia Group
AIG Greece
Commercial Value
Greenwoods Insurance Brokers Limited
Engineering, Civil & Public Construction
Electronic & Machinery Equipment
Finance & Banking
Commercial & Personal Linesm a r i n e
aviation
Special Risks
professional Liabilities
Credit & Guarantee
Motor
Greenwoods Insurance Brokers Limited
m a r i n e
marine cargohull &
machineryyachts
liabilities
Greenwoods Insurance Brokers Limited
cargo seagoing
airroad
on railcargo consequential
lossinland
locationlogistics
warehousekeepingstock throughput
risksrejection risks
cargo Frequently Asked Questions
cargo glossary
Greenwoods Insurance Brokers Limited
ocean going, inland, rail & air cargoes
Institute Cargo Clauses (A) 1.1.82 (cl 252)Institute Cargo Clauses (Air) (excluding sending by Post) 1.1.82 (cl 259)
Institute Strikes Clauses (Cargo) 1.1.82 (cl 256) Institute Strikes Clauses (Air Cargo) 1.1.82 (cl 260)
Institute Classification Clause 1.8.97 (cl 354)Institute War Clauses (Cargo) 1.1.82 (cl 255)
Institute War Clauses (Air Cargo) (excl sending by Post) 1.1.82 (cl 258)Institute Replacement Clause 1.1.34 (cl 161)
Institute Malicious Damage Clause 1.8.82 (cl 266)Institute Location Clause 26.3.80 26.3.80 (cl 66)
Institute Radioactive Contamination Exclusion Clause 1.11.90 (cl 356)Computer Millennium Clause Cargo JC 97/077 as applicable
ISM Endorsement JC 98/019 as applicableOverage Schedule No 5 as applicable
Second hand Replacement Clause as applicable
Additional Paramount ClausesThe following clauses attached, are deemed to be enforced and paramount to the terms and conditions contained in this policy
FITNESS OF CONTAINER CLAUSE as applicableHELD COVERED CLAUSE as applicable
LABEL CLAUSE (EXTENSION) as applicableMACHINERY PARTS REPLACEMENT CLAUSE as applicable
TRANSHIPMENTS CLAUSE as applicableWAREHOUSING, FORWARDING ETC. CHARGES as applicable
Scope of the Insurance terms and conditions
The following clauses should be attached and are deemed enforced and paramount to the terms and conditions contained in this policy, only if have been agreed and stated in certificate of insurance separately, against additional premium.
CONCEALED DAMAGE CLAUSE RESTITUTION PAYMENTS CLAUSEBRANDS AND TRADE MARKS CLAUSEBUYER'S INTEREST CONTINGENCY RISKS SELLER'S INTEREST CONTINGENCY RISKS SELLER'S INTEREST DECLARATIONSINCREASED VALUE CLAUSE
Greenwoods Insurance Brokers Limited
hull & machinery ocean going
vesselspassenger ships
P&I protection & indemnity
mortgagees & lessorsfreight
insurancefloating cranes, barges self propelled or notloss of hire &
earnings hull contingencies cover
owner’s defence
Greenwoods Insurance Brokers Limited
marine & related liabilities
charterers liabilities
marine defence
forwarder’s liabilities
port authorities liabilities
towage liabilities
ship repairer’s liabilities
stevedores’ liabilities
builder’s risks
builder’s performance bondsbunkers & fre
ight
insurance
builder’s guaranteesair freight fo
rwarders
air freight agents
wording
Greenwoods Insurance Brokers Limited
Charterers’ liabilities
CHARTERERS’ LIABILITY INSURANCE
with a Charterers’ Liability Insurance, which in short will cover liability for:
Damage to the vessel, including loss of timeLoss of or damage to cargoDeath and personal injuryPollutionCost of formal investigationsSue and labour costfines
The most important restrictions and exclusions of each Charterers’ Liability Insurance are as follows:
Insurances for Charterers
CHARTERERS’ LIABILITY INSURANCEMARINE DEFENCE INSURANCEBUNKER INSURANCEFREIGHT INSURANCE
Greenwoods Insurance Brokers Limited
The most important restrictions and exclusions of each Charterers’ Liability Insurance are as follows:
1.It is not allowed to waive any rights of legal limitation sums, which will apply in any legislation or convention. Additional insurance cover will be required.
2.Strict liability and hold harmless clauses are not covered, because they go beyond the scope of legal liability. Additional insurance cover will be required.
3.Cover for loss of or damage to cargo is subject to Hague-Visby Rules. Any rights or immunities may not be waived. Additional insurance cover will be required.
4.Loss or damage to own or leased containers or other own or leased equipment is not covered. Separate insurance cover will be required.
5.Loss of time as a result of cancellation of a vessel is not covered. This is a commercial risk, which principally cannot be insured.
6.Financial loss resulting from bad debtors is not covered.
7.On carriage of goods, the following occurrences are excluded from the cover:Issuance of “ad valorem” bills of lading.Carriage of jewelry and banknotes.Deviation of the contracted voyage.Delivery of goods without original bill of lading.Issuance of ante or post-dated bill of lading.Issuance of bills of lading with intentionally wrong description.Carriage of goods on deck.
The companies, which become involved with the chartering as a vessel, can be divided in the following groups:
1.Companies, which are operating a liner service, but do not own a ship.2.Companies, which are trading various commodities and charter ships to transport their own goods.3.Companies, which operate in the tramp market by fixing ships and cargoes as a freight contractor.4.Companies, which are combine logistics and charter ships as part of their integrated services.
(a) Time Charter Party.(b) Voyage Charter Party.
Chartere
rs’
liabili
ties
Greenwoods Insurance Brokers Limited
marine defence
This type of insurance covers the legal cost and expenses, which a Charterer is bound to make due to dispute under the Charter Party or as a result of a dispute with any party relating to the carriage of the goods for which a vessel was chartered.
The dispute may involve an arbitration or legal proceedings concerning freight, dead-freight, demurrage or any other matter relating to the Charter Party or Bills of Lading.
Other matters, which may lead to a dispute, are about General Average, loading or discharging, supplies of bunkers,damages to the vessel etc.
This cover includes - free of charge - the full support and advice of our staff, who are all experienced in shipping and chartering
Greenwoods Insurance Brokers Limited
bunkers & freight insurance
BUNKER INSURANCEIf a vessel is chartered on a time charter the bunkers are for account of the Charterer.
This means that the value of the bunker is “at risk”. There are basically two risks:
Loss of bunkers due to an accident to the vessel and obligation to contribute to General Average expenses, of which Salvage Expenses, can amount a very large sum. In a General Average casualty all rescued values must contribute proportionally, which means the value of the vessel and her cargo, but also the value of the bunkers and the “freight at risk”.
If the vessel and the cargo are severely damaged, as a result of the casualty, but the bunkers remained undamaged, it may happen if the value of the bunkers is the highest contributory factor.
FREIGHT INSURANCEIf the freight of any voyage is not “prepaid” and the Bills of Lading are not stamped “freight paid” the amount of freight is at risk during the voyage.
Therefore, the same applies as for bunkers. It should not be misunderstood that: freight insurance does not cover inability to collect freight by misconduct.
It only covers the freight, which cannot be collected, because due to a casualty to the Chartered vessel, the goods never arrive to the discharging port.
Greenwoods Insurance Brokers Limited
forwarder’s liabilities
CARGO FORWARDERS & FREIGHT OPERATORS INSURANCEGOODS / LEGAL LIABILITY:Their legal liability, under Common Law, Contract, National or International Convention, or statute as Freight Forwarders Principle and/or Agents of Airfreight, Clearance Agents, Container Operators, Terminal Operators, Transport Consultants, Transport Contractors, or any other similar operations and/or as may be described in particular in the schedule of this Policy.
Also this Policy covers:SHEETS, ROPES,PACKING MATERIALS,MACHINERY & EQUIPMENTS.to a limit of Drachmae 1.000.000 any one loss any one occurrence and Drachmae 5.000.000 and in the aggregate during any one consecutive year of Insurance.
CONSEQUENTIAL LOSSto a limit of Drachmae 1.000.000 any one loss any one occurrence and Drachmae 5.000.000 in the aggregate during any one consecutive year of Insurance.
EXPENSESto a limit of Drachmae 250.000 any one loss any one occurrence or any other amount as may be agreed in written with the Underwriters.
REMOVAL OF DEBRISto a limit of Drachmae 1.000.000 any one loss any one occurrence..GOODS UNDER LIENThe Underwriters will indemnify the Policy Holder for loss of or destruction of or damage to Goods entrusted to the Policy Holder but only in respect of the Policy Holder Lien or other beneficial interest of similar nature connected with the Policy Holder.
CROSS LIABILITIES.It is hereby understood and agreed that where more than one party comprises "the Policy Holder", each of the parties shall for the purpose of this insurance be considered as a separate and distinct unit and the words "the Policy Holder" shall be considered as applying to each party in the same manner as if a separate Insurance
Greenwoods Insurance Brokers Limited
yachts
pleasure yachts
large cruisers
small pleasure crafts
bare boats
yachts by design
jet skiswaterborne
liabilities
Greenwoods Insurance Brokers Limited
yachts by design
All Risks CoverAgreed Sum InsuredSue and Labour and SalvageSearch and Rescue General Average (Cargo)Tenders/EquipmentLeased Equipment ClauseBasis of Claims SettlementConstructive Total Loss Partial Loss Un-repaired DamageIncreased Value Removal of Wreck Extension Third Party Liability InsuranceDefence CostsLongshoremen’s & Harbour Workers’Compensation Coverage
War InsuranceDetainmentRemoval of Wreck ExtensionContents and Personal Possessions InsuranceUnspecified Yachts ContentsSpecified Personal PossessionsUnspecified Personal PossessionsMoney and Credit CardsEmployers’ Liability InsuranceIndemnity to Other PersonsIndemnity to PrincipalLoss of Charter Income Personal Accident and Sickness Insurance Crew Welfare InsuranceHijack and/or KidnapPassport IndemnityTravel Assistance ExtensionLegal Expenses InsurancePersonal Effects, Money and Credit CardsCancellation, Curtailment and Rearrangement ExpensesTravel Assistance Extension Replacement ExpensesPersonal LiabilityGuest Medical Expenses Insurance
Greenwoods Insurance Brokers Limited
bare boatsConditions : Institute Yacht Clauses 1.1.85
Permission to Charter Cl. 3.2 deleted Machinery extension Cl. 9.2.2.1. & 9.2.2.2. & 10.10. deleted Cl. 10.1. deleted o/b falling overboard Institute War & Strikes attached Institute Radioactive Contamination Exclusion Clause Institute Pollution Hazard Clause (a) Innocent Assured cl.
Theft of entire vessel by charterers’ included H&M Increased Value subject to ITC Hulls Disbursements & Increased Value Total Loss Only including Excess Liability 1.10.83 cl. 11.1.2.
deleted 4/4ths Collision cl.
Subject : Claims Procedure Clause (Lloyd’s Agents) Brokers Cancellation Clause English Law & Practice but Greek Jurisdiction if applicable Subject to installments to be agreed
Warranted : Licensed Master always onboard Canceling Returns Only
Deductibles : H&M Greek Drachmae 250.000 Dinghy – Life rafts – Outboard motors
Electronics – Personal effects Greek Drachmae 50.000 Other than Total Loss which payable in full
Greenwoods Insurance Brokers Limited
airlinesairport operations
hangar keepersavionics
helicopterscontingency insurance
manufacturersthird party &
passengers liability
airline schools
& flying clubs
pilot/flight/crewpersonal accident
loss of licencemedical
repatriation
aviation
Greenwoods Insurance Brokers Limited
Special Risks
sports & leisurecontingency
insurancesports negligence insurance (amateurs)
sports negligence insurance (professionals)
Greenwoods Insurance Brokers Limited
sports & leisure
football players
basketball players
all kind of athletes
contracts of professionals
for
tennis playersgolfers
etc.
Prote
ctin
g
plans
Greenwoods Insurance Brokers Limited
sports eventssafe-sports
contingency policy due to:
loss of profit & earnings
cancellation
war & strikes
abandonmentpostponement
curtailmentrelocation
prote
ctin
g pla
ns
against
public liability
Greenwoods Insurance Brokers Limited
sports negligence insurance (professionals)sports negligence insurance
(amateurs)
for players,
participants,
referees,umpires,instructor
s,clubs and their members,
etc.
it is a value for sports’ organisations to protect Am and Pro players and their members as well as the staff for their liability.
cover is available for any sport or
recreational activity which are
recognised by the sports ministry.
So,
whether yours is an amateur sports club
or a professional sports association,
the policy is designed to give you
an important and essential benefit for
your members officials and staff.
Greenwoods Insurance Brokers Limited
contingency insurance
film insurance film producer’s indemnity
completion guarantee insurance
extortion insurancepolitical risks insurance
extended warranty insurance
travel insurance
weather insurance
cancellation of event
non appearance
Greenwoods Insurance Brokers Limited
professional liabilitiesmedical liabilities
multimedia organisations protector
engineers & architects
professional & financialdirectors & officers
errors & omissions
pharmacists’ & apothecaries
schools & collegespension fund trustees
charity trustees
Greenwoods Insurance Brokers Limited
medical liabilities
the complete medical professional liability service
for
medical establishmentscorporate health
providersregistered medical practitioners
supplementary medical practitioners
complementary medical practitioners
miscellaneous medical specialists
Greenwoods Insurance Brokers Limited
additional extensions to
medical professional liability service
public liabilityproducts liability
breach of professional confidentialitydishonesty of employees
errors & omissionslibel & slanderclinical trials
and
medical malpractice liability insurance
medical liabilities
Greenwoods Insurance Brokers Limited
finance & bankingfinance
banking
commercial fidelitycombined crimecomputer crime
security stock brokersstock exchange
insurance companiesinsurance brokers
transit risksunauthorised tradingconsequential losses
loss of earnings
asset protectionbankers blanket bond
card forgery &counterfeiting
computers crimeclearing houses
bankers professional indemnity &directors & officers liability
Greenwoods Insurance Brokers Limited
engineers & contractors
business interruptiondelayed start-up
inspection contractsstrikes, riots
civil commotion
unexpectedarchaeologicaldiscoveriesnew
liquidated damagesstructural defects
faulty designmanufacturers’ defects
employer’s liabilitythird party liability
plant machineryplant equipment
debris removal
contractors all riskserection all risks
Product guarantee& recall
Greenwoods Insurance Brokers Limited
electronic equipment all risks
computersgraphics
printing equipmenthospitals
clinicshotels
multi-media equipment
hardwaresoftware
low voltageetc.
external data mediaincreased cost of working
reinstatement cost
Greenwoods Insurance Brokers Limited
machinery all risks
industrial machineryfactories
machineryconstruction machinery
machinery plantboilers
furnacesrail cranes
breakdown, loss of profit & earnings
Greenwoods Insurance Brokers Limited
commercial & industriallarge industries
& manufacturers
factorieshotelsstores
multi-storesmega-stores
cold storesthird party
liabilitycollateral
guaranties
comm
ercial
rent receivables coverjewellers’ block policy
environmental riskslive stock & blood
stock
Greenwoods Insurance Brokers Limited
private & family lines
Personal lines
housesapartmentscomplexes
private propertyrental accommodations
chaletsprivate resort houses
priv
ate
rent
rec
eiva
bles
cov
er
family’s third party liability
Greenwoods Insurance Brokers Limited
fine art and exhibitions
private collectionsgalleries
museumsexhibitions world-wide
antiquitiesantiques
glasswaremasterpieces
classic carsperformance bonds
lenders
all r
isks
insu
ranc
e