With an ever changing Insurance market, it becomes even more important to have a clear set of Terms and Conditions dedicated to our Charterers Members.
The Charterers Terms and Conditions 2021 reflects the latest developments in the market whilst continuing providing a comprehensive cover as accustomed from the UK P&I Club.
Although the majority of the changes are minor and are there to further increase the readability of the clauses, we would like to highlight some material changes to our Charterers Terms and Conditions 2021.
- Clause 2, section 16: smuggling fines cover is discretionary [see explanation below]
- LMA Marine Cyber Endorsement is incorporated
- LMA Coronavirus Exclusion Clause is incorporated
Explanation on change introduced to Clause 2, Section 16 – Smuggling Fines
- The amendment provides for smuggling fines to be covered on a discretionary basis under Clause 2, section 16, paragraph (F), rather than as of right.
- A growth in the scale of smuggling has resulted in increased exposure in relation to smuggling fines.
- The Board feels it is therefore appropriate that in smuggling cases the Club should have the comfort of knowing that the Assured had taken reasonable steps (albeit unsuccessfully) to avoid the event giving rise to the fine.
The CTC 2021 will apply to all Charterers Members with covers attaching with effect from 20th February 2021.
A digital copy can be found below, as well as on our Charterers & Traders page.
Limited hard copies will be printed and made available to Members, same can be ordered by filling out the following online form.
I would like hard copies of the Charterers Terms and Conditions 2021.
If there are any questions, feel free to contact your usual Underwriter or Kwan Tang (Charterers Underwriting Specialist).
- Charterers Terms and Conditions 2021 (2 MB)Download PDF
Source: UK P&I