Marine salvors’ body argues that contract’s fairness and integrity is irreplaceable as Lloyd’s pledges to ‘actively engage’ with market for a further month before making final decision on fate of its salvage branch, which provides the support framework for LOF
It’s still far from a done deal. Yet if it does come off, it will mark a decent boost to tonne-mile demand for tanker operators in a political position to accept the stems. That won’t be most
Lloyd’s faces negative reaction to proposed closure of LOF’s supporting framework as concern over safety, the environment and London’s reputation spill over
Tailback ships remained on-hire, while routing round the Cape of Good Hope did constitute deviation and charterers will have no right to laycan damages, according to preliminary analysis from law firm
Lloyd’s List is teaming up with its sister publication Insurance Day this week for our first joint edition of the Podcast looking at the insurance implications and scenarios in the wake of the Ever Given casualty in the Suez Canal. Jonathan Humm, who leads the marine hull team at Aegis London, and Stephen Hawke, managing director of PL Ferrari, the P&I specialist broker, join the discussions this week as we examine the marine insurance fallout from shipping biggest traffic jam
Already weakened by animosity from quarters of the marine insurance sector, the world’s foremost salvage contract could be facing the final blow if Lloyd’s proceeds with its proposed closure of the SAB, which provides the contract’s support framework
Big question is whether limitation will provide protection from vast number of claims expected after casualty, including billion-dollar compensation bid from Suez Canal Authority
‘It is certainly not our understanding that this is going to be a catastrophe. The P&I elements are substantial but not ridiculous, so from our perspective, it is a manageable pool claim,’ insists International Group chief executive
‘We have had to adapt to an extraordinary working culture, alien to a club which has been built on strong personal and face to face relationships with members, brokers, correspondents, reinsurers and all other stakeholders,’ says chairman Philip Orme
‘We are pleased to inform the world that the crew of the Ever Given is in good spirits, and doing well,’ says ITF regional official Mohamed Arrachedi
Investigations into casualty are proceeding as negotiations with owners and insurers regarding $1bn compensation continue, according to Osama Rabie
‘Overall tone of nearly half of the commentary published by clubs this year was less upbeat than in previous years, raising the possibility the market is now, or will soon be, bifurcated,’ says P&I specialist
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