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Protection And Indemnity Insurance
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure. Typical P&I cover includes: a carrier's third-party risks for damage caused to cargo during carriage; war risks; and risks of environmental damage such as oil spills and pollution. In the UK, both traditional underwriters and P&I clubs are subject to the Marine Insurance Act 1906. A P&I club is a mutual insurance association that provides risk pooling, information and representation for its members. Unlike a marine insurance company, which reports to its shareholders, a P&I club reports only to its members. Originally, P&I club members were typically shipowners, ship operators or demise charterers, but more recently freight for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marine Insurance
Marine insurance covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance a sub-branch of marine insurance, though marine insurance also includes onshore and offshore exposed property, ( container terminals, ports, oil platforms, pipelines), hull, marine casualty, and marine losses. When goods are transported by mail or courier or related post, shipping insurance is used instead. History In December 1901 and January 1902, at the direction of archaeologist Jacques de Morgan, Father Jean-Vincent Scheil, OP found a tall basalt or diorite stele in three pieces inscribed with 4,130 lines of cuneiform law dictated by Hammurabi (–1750 BC) of the First Babylonian Empire in the city of Shush, Iran. Code of Hammurabi Law 100 stipulated repayment by a debtor of a loan to a creditor on a schedule with a maturity date specified ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Nagasaki Spirit
''The Nagasaki Spirit'' 997 is an English admiralty law case on marine salvage and on the provisions of Article 13 and 14 of the 1989 Salvage Convention. The case identified problems with the drafting of the convention, a response to which was the 2000 SCOPIC codicil which may be attached to the Lloyd's Open Form ("LOF") to vary the terms of the salvage reward. Facts The case involved a collision in 1992 between the oil tanker ''Nagasaki Spirit'', laden with 40,000 tons of crude oil, and the container ship, ''Ocean Blessing'' in the northern part of the Malacca Straits. After the collision some 12,000 tons of crude oil escaped into the sea and caught fire; both vessels were engulfed in flames. All the crew of the ''Ocean Blessing'' perished and only two crew on ''The Nagasaki Spirit'' survived. Professional salvors agreed to salve the ''Nagasaki Spirit'' under LOF 1990 (which included Arts 13 and 14 of the convention). Using several tugs, the fire was extinguished, the car ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Judicial Functions Of The House Of Lords
Whilst the House of Lords of the United Kingdom is the upper chamber of Parliament and has government ministers, for many centuries it had a judicial function. It functioned as a court of first instance for the trials of peers and for Impeachment in the United Kingdom, impeachments, and as a court of last resort in the United Kingdom and prior, the Kingdom of Great Britain and the Kingdom of England. Appeals were technically not to the House of Lords, but rather to the King-in-Parliament. In Appellate Jurisdiction Act 1876, 1876, the Appellate Jurisdiction Act devolved the appellate functions of the House to an Appellate Committee, composed of Lord of Appeal in Ordinary, Lords of Appeal in Ordinary (informally referred to as Law Lords). They were then appointed by the Lord Chancellor in the same manner as other judges. During the 20th and early 21st century, the judicial functions were gradually removed. Its final trial of a peer was in 1935, and the use of special courts for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marine Salvage
Marine salvage is the process of recovering a ship and its cargo after a shipwreck or other maritime casualty. Salvage may encompass towing, lifting a vessel, or effecting repairs to a ship. Salvors are normally paid for their efforts. However, protecting the coastal environment from oil spillages or other Contamination, contaminants from a modern ship can also be a motivator, as oil, cargo, and other pollutants can easily leak from a wreck and in these instances, governments or authorities may organise the salvage. Before the invention of radio, salvage services would be given to a stricken vessel by any passing ship. Today, most salvage is carried out by specialist salvage firms with dedicated crews and equipment. Law of salvage, The legal significance of salvage is that a successful salvorsalvor: A person or company involved in salvage activities. is entitled to a reward, which is a proportion of the total value of the ship and its cargo. The bounty is determined subsequen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Salvage
The law of salvage is a principle of maritime law whereby any person who helps recover another person's ship or cargo in peril at sea is entitled to a reward commensurate with the value of the property saved. Maritime law is inherently international, and although salvage laws vary from one country to another, generally there are established conditions to be met to allow a claim of salvage. The vessel must be in peril, either immediate or forthcoming; the "salvor" must be acting voluntarily and under no pre-existing contract; and some life or property must be successfully saved. A modern addition rewards a salvor for the prevention of oil spills and environmental damage. The basis of marine salvage law With its origins in antiquity, the basis of salvage is that a person helping another at sea is putting himself and his vessel at risk and should be appropriately rewarded. A related consideration was to prevent piracy, since any vessel in peril might well be abandoned to pirates if ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Convention On Salvage
The International Convention on Salvage is a treaty that was concluded in London on 28 April 1989 that replaced the Brussels Convention on Assistance and Salvage at Sea as the principal multilateral document governing marine salvage Marine salvage is the process of recovering a ship and its cargo after a shipwreck or other maritime casualty. Salvage may encompass towing, lifting a vessel, or effecting repairs to a ship. Salvors are normally paid for their efforts. Howev .... The Convention's main innovation is that the scope of salvage law has been extended to cover "environmental salvage". "No cure, no pay" and environmental salvage The 1910 Brussels Convention had established the principle (known as "no cure, no pay") that a salvor is rewarded only if the salvage operation successfully rescues the ship or its cargo. The International Convention on Salvage expanded on this principle by introducing the concept of an "enhanced salvage award", which may be awarded by an a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lloyds Open Form
The Lloyd's Open Form, formally "Lloyd's Standard Form of Salvage Agreement", and commonly referred to as the LOF, is a standard form contract for a proposed marine salvage operation. Originating in the late 19th century, the form is published by Lloyd's of London and is the most commonly used form for international salvage. Innovations in the LOF 1980 have engendered a major change in environmental salvage. The salvage reward After a stricken ship accepts an offer of salvage from a salvor, a binding contract is created. It is then normal to agree upon the LOF in the interests of certainty of terms. The LOF is called "open" because it specifies no particular sum for the salvage job. Indeed it may not specify a sum, as salvage is not a "contract for services", but an agreement to provide a service in the hope of a "reward" to be determined later by an arbitration hearing in London, where several KCs practising at the Admiralty Bar specialise as maritime arbitrators. When deter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil Spills
An oil spill is the release of a liquid petroleum hydrocarbon into the environment, especially the marine ecosystem, due to human activity, and is a form of pollution. The term is usually given to marine oil spills, where oil is released into the ocean or coastal waters, but spills may also occur on land. Oil spills can result from the release of crude oil from tankers, offshore platforms, drilling rigs, and wells. They may also involve spills of refined petroleum products, such as gasoline and diesel fuel, as well as their by-products. Additionally, heavier fuels used by large ships, such as bunker fuel, or spills of any oily refuse or waste oil, contribute to such incidents. These spills can have severe environmental and economic consequences. Oil spills penetrate into the structure of the plumage of birds and the fur of mammals, reducing its insulating ability, and making them more vulnerable to temperature fluctuations and much less buoyant in the water. Cleanup and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Torrey Canyon
SS ''Torrey Canyon'' was an LR2 (Long Range 2) Suezmax class oil tanker with a cargo capacity of of crude oil. She ran aground off the western coast of Cornwall, United Kingdom, on 18 March 1967, causing an environmental disaster. At that time she was the largest vessel ever to be wrecked. The ship is named after Torrey Canyon, a location in Ventura County, California. Design and history When built by Newport News Shipbuilding in the United States in 1959, she had a deadweight tonnage capacity of . However, the ship was later enlarged by Sasebo Heavy Industries in Japan to capacity. At the time of the shipwreck she was owned by Barracuda Tanker Corporation, a subsidiary of the Union Oil Company of California, and registered in Liberia but chartered to BP. She was long, beam and had of draught.. Accident and oil spill On 19 February 1967, ''Torrey Canyon'' left the Kuwait National Petroleum Company refinery, at Mina, Kuwait (later Al Ahmadi) on her final voyage ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indemnity
In contract law, an indemnity is a contractual obligation of one party (the ''indemnitor'') to compensate the loss incurred by another party (the ''indemnitee'') due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a "guarantee" is an obligation of one party (the ''guarantor'') to another party to perform the promise of a relevant other party if that other party defaults. Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident. In an agency context, a principal may be obligated to indemnify their agent for liabilities incurred while carrying out responsibilities under the relationship. While the events giving ris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Underwriting
Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issues of security in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter. History The term "underwriting" derives from the Lloyd's of London insurance market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose. Securities underwriting In the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
