FREE GUIDE TO
WHAT LIMIT OF LIABILITY
– TO PURCHASE
SHIPPING OPERATIONS ARE NOT WITHOUT RISK
If you have gone to the trouble of buying cover then you need to ensure that the limit is relevant to the potential exposure.
SCENARIO
We frequently discuss with charterers what limit of liability they need to consider purchasing for their day to day shipping operations; these conversations can vary between requests for USD 5 million of cover to satisfy a charter party condition to very detailed discussions about exposure and the correct limit to purchase.
INCLUDES COST EXAMPLE
We have included a cost example of a reasonably modern handy bulker to show how the costs mount quickly.
THE ISSUES
A charterer faces risk throughout the voyage but our largest claims, and your greatest exposure, is at the load or discharge port arising from loss of a vessel and wreck removal following breach of the safe berth or port warranty that can be found in almost all charter parties.
“Taking a reasonably modern handy bulker we can see how the costs mount quickly.”
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Enjoy!