simas kapal seminar jakarta 15 april final
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Shipowners Gathering
Plaza Simas
15TH April, 2009
Safety Issues – Claims - Coverage
Guest Speakers:
Pak Guntur Tampubolon (PT Radita Hutama Internusa)
Pak Alif Hastono (PT Abadi Cemerlang)
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Sinarmas Marine Hull Capability
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Simas Kapal - for owners of tugs, barges, and crewboats - less than
5,000 GRT
First Choice for Shipowners withvessels less than 5,000 GRT
Simas H&M - for owners of dry cargo vessels, container vessels,
bulkcarriers, tankers and LCTs less than 5,000 GRT
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AGREED VALUE – Why?
1. Logistics of assessing the value before and after a loss
2. Fluctuating sales and purchase market
If vessel is a TL – we pay 100% of value
BASIS OF VALUATION
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BASIS OF SETTLEMENT
For Partial Losses –
NEW FOR OLD
- with no deduction for wear and tear or
depreciation
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BargeBuilt 20103,000 GRT
Value US$1,500,000 @ 1% = US$15,000 premium
BargeBuilt 19903,000 GRT
Value US$500,000 @ 1.75% = US$8,750 premium
Claim for grounding = US$100,000……? We need to charge a rate of 3% on the old vessel to get the same premium as the new vessel……..
THE IMPACT OF NEW FOR OLD
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The market practice is to charge 1% of H&M value……….but look at what this means:
TugBuilt 2010300 GRTValue US$1,500,000………deductible 1% = US$15,000
TugBuilt 1990300 GRTValue US$500,000…………deductible 1% = US$5,000
DEDUCTIBLES
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COVERAGE OPTIONS
Insuring the Hull & Machinery
• ITC Hulls 1.10.83 – Cls 280 – Full Conditions
• ITC Hulls 1.10.83 – Cls 284 – LimitedConditions(Total Loss, GA, 3/4ths RDC, Salvage, Salvage Charges, Sue & Labour)
• ITC Hulls 1.10.83 – Cls 289 – Total Loss Only
Disbursements/Increased Value (up to 25%)
• ITC Hulls 1.10.83 – Cls 290 – Total Loss and Excess Liabilities(For vessels over US$1m value)
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DISBURSEMENTS
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DISBURSEMENTS
What does Disbursements/Increased Value pay for?
Additional costs incurred following total loss of vessel:
– Loss of charter money/opportunity– Legal costs re vessel lost / replacement vessel– Staff costs / overtime– Search for new vessel– Travel costs / hotel bills– Survey costs
………….No proof of loss is required, just the agreed
Total Loss of the vessel
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EXTRA COVERAGE offered by Sinarmas
• 4/4ths RDC (Collision with vessels) – no additional premium
• Additional Perils Clause – 10% additional
premium
• Collision with Fixed and Floating Objects – no
additional premium
• Removal of Wreck - up to Hull Value – 7.5%
additional premium
• Bunker Pollution -US$250,000 following Total Loss
– 5% additional premium
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PREMIUMS
Based on:
• age
• type of vessel
• classification (copy certificate)
• trading areas
• experience of shipowner
• loss record for whole fleet
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FLEXIBLE
• Quarterly payment options: Available for fleets (2 + vessels)
• Fleet discounts: (10 vessels = 10%.....40 = 40%)
• Not classed? Tell us why and we will probably offer terms
• Not sure what cover you need? We will explain
• Need a full P&I entry? We will help you source the best cover
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• Who is the Insured ? The bank lending money.
• Why do they want the cover?
In the event H & M policy or P + I Club entry
does not respond because of : -
- Breach of Warranty
- Non-disclosure
- Vessel being unseaworthy
- Deliberate damage (scuttling)
MORTGAGEE’S INTEREST
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Exclusions:
• Resulting from termination of Hull / P + I coverage due to non-payment of premiums
• Insolvency or financial default of Hull / P + I underwriters
• Inability to transmit funds
• Fluctuation in exchange rates
• Operation of deductible or self -insurance provision
MORTGAGEE’S INTEREST
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MORTGAGEE’S INTEREST
Often referred to as the “Innocent Owners” insurance
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CLAIMS
Average Adjusters:• Radita Hutama Internusa
• Poseidon (Singapore)
• Marine Claims Office (Singapore)
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CLAIMS
Surveyors:• Abadi Cemerlang
• Braemar Falconer
• Matthews Daniel
• Ajiprasasti
• Carsurin
• BMT Marine
Others subject to our approval
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QUOTATIONS
We aim to offer quotations for new business
within 1 or 2 working days maximum, subject to
complete information.
Usually, we are much faster than that!
Give us a try!
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• H & M : HULL & MACHINERY
• ITC 1.10.83 : INSTITUTE TIME CLAUSES HULLS 1.10.83
• DED : DEDUCTIBLE CLAUSE 12
• AMD : ADDITIONAL MACHINERY DEDUCTIBLE
• PA : PARTICULAR AVERAGE
• GA : GENERAL AVERAGE
• S : SALVAGE
COMMON ABBREVIATIONS
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• S/C : SALVAGE CHARGES
• S/L : SUE AND LABOUR
• TL : TOTAL LOSS
• CTL : CONSTRUCTIVE TOTAL LOSS
• ATL : ACTUAL TOTAL LOSS
• DTBA : DATE TO BE ADVISED
• DISBS : DISBURSEMENTS
• TCH : TIME CHARTER HIRE
COMMON ABBREVIATIONS
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• LOH : LOSS OF HIRE
• MI : MORTGAGEE’S INTEREST
• P + I : PROTECTION & INDEMNITY
• DWT : DEADWEIGHT TONS
• GRT : GROSS TONS
COMMON ABBREVIATIONS
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Terima Kasih