The LONGCHAMP case (Mitsui & Co Ltd & Ors vs Beteiligungsgesellschaft LPG Tankerflotte MBH & Co KG & Anor (2017) When modern-age piracy began around 2005 off the Somalian coast, the main aim of the pirates was to seize vessels and seek ransom which ran into millions of dollars. In majority of the cases, the […]
Is this an exposure/exclusion we all ignore/take lightly?
Customer is always right- goes the maxim. Handling customers over the years as an insurer and broker, at times one gets really worked up and starts doubting this.I say to myself, this statement is always true……only there is a continuation to the sentence — “Customer is always right, but this does not mean you are
Ranveer Singh takes Deepika Padukone in his arms……. sensual setting………soft music ⛈⛈🍷😍😍🎶🎶 ….. they murmur sweet nothings, panting heavily………….. their faces come closer ….. suddenly a strong masala smell fills the air and …. no Deepika doesn’t turn away, but I turn around to see the man seated behind me opening a packed box of
The most prized and personal possession one has is — his/her name. If that name gets gored, mutilated or tarnished you can imagine the plight of that person. “That person” here is yours truly. No,no, no don’t jump to conclusions that my reputation, character or stature has been tarnished . What I mean is literal
An interesting case I recall from a few years back. We had issued a specific marine policy ( Trip policy) covering the import of a machine from Europe to the insured’s premises in India. Interestingly, the address of the insured’s office which was stated in the policy was on the third floor of a particular
15th August is a memorable day for India. As India celebrates her 72nd Independence Day ( 71st Anniversary) today, my hearty best wishes to Indians the world over. Yes, Indians are truly spread far and wide, in every part of the globe. Even as we look at the future with confidence and optimism, it is
Seller’s Interest clause in a marine cargo policy is assumed by many to be a saviour in all cases of short-payment by buyers. Under an INCOTERM where seller is not responsible for arranging insurance, buyer takes delivery, opens the container, notices some damages/ shortages and deducts an amount for these from the seller’s invoice. Seller
Why do cargo underwriters include ROD or RODC exclusion in the policies? Rust, Oxidation, Discoloration & Corrosion are perceived as gradually developing flaws which cannot be co-related to a single event during transit. Even without this specific exclusion, they would still fall under General exclusions under the ICC clauses. Some exclude RODC absolutely, which is
The Institute Replacement Clause was formalised in 1934 (modified in 2008), years before the insuring ICC came into being in 1982. Why? Marine practitioners realised that insuring a manufactured mechanical, electrical or electronic machine comprising of many identifiable parts was totally different from insuring any other commodities. In the absence of this clause, following a
