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By Emil Weatherhead Breistein

Looking for a rewarding career?

We are looking for service-minded, positive and reliable individuals to fill these roles.Full details of the vacancies, including essential and desirable criteria, can be found here.  What's in it f...

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Open policy - Cl. 16-5

Cl. 16-5 reads as follows: The assured's loss of income per day (the daily amount) shall be fixed at the equivalent of the amount of freight per day under the current contract of affreightment less such expenses as the assured saves or ought to have saved due to the ship being out of regular employment.If the ship is unchartered, the daily amount shall be calculated on the basis of average freight rate for vessels of the type and size concerned during the period in which the ship is deprived of...

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Protection of the mortgagee's interests under property insurances

The mortgagee's interests may be protected in two different ways: Independent cover of the mortgagee's interests under a so-called Mortgagee Interest Insurance (MII) Protection of the mortgagee's interests under the owner's insurances Assignment of the owner's insurances to the mortgagee Co-insurance of the mortgagee under the owner's insurances, Chapter 7 of the Plan. Dependent co-insurance, Cl. 7-1 Independent co-insurance, Cl. 8-7...

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Closing of the calendar year

Each calender year shall be kept open for payment of return premium or levying of contribu¬tions until the General Meeting, on the Board of Directors’ recommendations, decides to close the calendar year. After the calender year has been closed, no further contributions can be called and no return premium can be paid.

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Photo by Helge Skodvin

Increased P&I limit

This is in line with our new strategy focusing more on industrial clients, such as steel producers, mining companies, metallurgies, fertilizer production, grains, oil traders, gas/tankers, etc. Compan...

The need for loss of hire insurance

If the vessel is lost, the assured should, theoretically, not suffer any loss of income.  Either he can replace the vessel immediately, or the compensation from the hull insurer should furnish sufficient capital to generate the same income as the vessel had earned. If payment under the hull insurance is delayed for more than one month from the date the casualty was notified to the hull insurer, the assured is entitled to interest on his claim, Cl. 5-4 of the Plan. However, real life does not al...

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Social media oops

What is the difference between a professional journalist and an on-scene-reporter like you?

However, not everyone fully understands how social media works and that traditional media and journalists use it as a source for information. «We are currently awaiting helicopter evacuation away fro...

Daily amount

The daily amount is the assured's loss of income per day and is an important factor in calculating the insurer's liability.  The determination of the daily amount raises several difficulties - to some extent similar to those involved in calculating the loss of time. The loss of hire conditions operate with two different systems: either establishing the loss of hire as an agreed daily amount at the time of taking out the insurance, see under 5.4.2 or, alternatively, a so-called "open policy", wh...

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