Shipowners Gathering Plaza Simas 15 TH  April, 2009 Safety Issues – Claims - Coverage Guest Speakers: Pak Guntur Tampubolo...
Sinarmas Marine Hull Capability
Simas Kapal - for owners of tugs, barges, and crewboats  - less than  5,000 GRT First Choice for Shipowners with vessels l...
<ul><li>AGREED VALUE  – Why? </li></ul><ul><li>1. Logistics of assessing the value before </li></ul><ul><li>and after a lo...
BASIS OF SETTLEMENT <ul><ul><li>For Partial Losses –  </li></ul></ul><ul><ul><li>NEW FOR OLD  </li></ul></ul><ul><ul><li>-...
Barge Built  2010 3,000 GRT Value US$1,500,000  @ 1% = US$15,000 premium Barge Built  1990 3,000 GRT Value US$500,000 @ 1....
The market practice is to charge 1% of H&M value……….but  look at what this means: Tug Built  2010 300 GRT Value US$1,500,0...
COVERAGE OPTIONS  <ul><li>Insuring the Hull & Machinery </li></ul><ul><li>ITC Hulls 1.10.83 –  Cls 280  – Full Conditions ...
DISBURSEMENTS
DISBURSEMENTS <ul><li>What does Disbursements/Increased Value pay for? </li></ul><ul><li>Additional costs incurred followi...
EXTRA COVERAGE  offered by Sinarmas  <ul><li>4/4 ths  RDC  (Collision with vessels) – no additional premium </li></ul><ul>...
 
 
PREMIUMS <ul><li>Based on:  </li></ul><ul><li>age  </li></ul><ul><li>type of vessel  </li></ul><ul><li>classification (cop...
FLEXIBLE <ul><li>Quarterly payment options:  </li></ul><ul><li>Available  for fleets (2 + vessels) </li></ul><ul><li>Fleet...
MORTGAGEE’S INTEREST <ul><li>Who is the Insured  ?  The bank lending money. </li></ul><ul><li>Why do they want the cover? ...
<ul><li>Exclusions: </li></ul><ul><li>Resulting from termination of Hull / P + I coverage due to non-payment of premiums <...
MORTGAGEE’S INTEREST Often referred to as the “Innocent Owners” insurance
CLAIMS <ul><li>Average Adjusters: </li></ul><ul><li>Radita Hutama Internusa </li></ul><ul><li>Poseidon (Singapore) </li></...
CLAIMS <ul><li>Surveyors: </li></ul><ul><li>Abadi Cemerlang </li></ul><ul><li>Braemar Falconer </li></ul><ul><li>Matthews ...
QUOTATIONS <ul><li>We aim to offer quotations for new business </li></ul><ul><li>within 1 or 2 working days maximum, subje...
<ul><li>H & M : HULL & MACHINERY </li></ul><ul><li>ITC 1.10.83 : INSTITUTE TIME CLAUSES  HULLS 1.10.83 </li></ul><ul><li>D...
<ul><li>S/C : SALVAGE CHARGES </li></ul><ul><li>S/L : SUE AND LABOUR </li></ul><ul><li>TL : TOTAL LOSS </li></ul><ul><li>C...
<ul><li>LOH : LOSS OF HIRE </li></ul><ul><li>MI : MORTGAGEE’S INTEREST </li></ul><ul><li>P + I : PROTECTION & INDEMNITY </...
Terima Kasih
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Simas kapal seminar jakarta 15 april final

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Simas kapal seminar jakarta 15 april final

  1. 1. Shipowners Gathering Plaza Simas 15 TH April, 2009 Safety Issues – Claims - Coverage Guest Speakers: Pak Guntur Tampubolon (PT Radita Hutama Internusa) Pak Alif Hastono (PT Abadi Cemerlang)
  2. 2. Sinarmas Marine Hull Capability
  3. 3. Simas Kapal - for owners of tugs, barges, and crewboats - less than 5,000 GRT First Choice for Shipowners with vessels less than 5,000 GRT Simas H&M - for owners of dry cargo vessels, container vessels, bulkcarriers, tankers and LCTs less than 5,000 GRT
  4. 4. <ul><li>AGREED VALUE – Why? </li></ul><ul><li>1. Logistics of assessing the value before </li></ul><ul><li>and after a loss </li></ul><ul><li>2. Fluctuating sales and purchase market </li></ul><ul><li>If vessel is a TL – we pay 100% of value </li></ul>BASIS OF VALUATION
  5. 5. BASIS OF SETTLEMENT <ul><ul><li>For Partial Losses – </li></ul></ul><ul><ul><li>NEW FOR OLD </li></ul></ul><ul><ul><li>- with no deduction for wear and tear or </li></ul></ul><ul><ul><li>depreciation </li></ul></ul>
  6. 6. Barge Built 2010 3,000 GRT Value US$1,500,000 @ 1% = US$15,000 premium Barge Built 1990 3,000 GRT Value US$500,000 @ 1.75% = US$8,750 premium Claim for grounding = US$100,000……? We need to charge a rate of 3% on the old vessel to get the same premium as the new vessel…….. THE IMPACT OF NEW FOR OLD
  7. 7. The market practice is to charge 1% of H&M value……….but look at what this means: Tug Built 2010 300 GRT Value US$1,500,000………deductible 1% = US$15,000 Tug Built 1990 300 GRT Value US$500,000…………deductible 1% = US$5,000 DEDUCTIBLES
  8. 8. COVERAGE OPTIONS <ul><li>Insuring the Hull & Machinery </li></ul><ul><li>ITC Hulls 1.10.83 – Cls 280 – Full Conditions </li></ul><ul><li>ITC Hulls 1.10.83 – Cls 284 – LimitedConditions </li></ul><ul><li>( Total Loss, GA, 3/4ths RDC, Salvage, Salvage Charges, Sue & Labour) </li></ul><ul><li>ITC Hulls 1.10.83 – Cls 289 – Total Loss Only </li></ul><ul><li>Disbursements/Increased Value (up to 25%) </li></ul><ul><li>ITC Hulls 1.10.83 – Cls 290 – Total Loss and </li></ul><ul><li>Excess Liabilities </li></ul><ul><li>( For vessels over US$1m value) </li></ul>
  9. 9. DISBURSEMENTS
  10. 10. DISBURSEMENTS <ul><li>What does Disbursements/Increased Value pay for? </li></ul><ul><li>Additional costs incurred following total loss of vessel: </li></ul><ul><ul><li>Loss of charter money/opportunity </li></ul></ul><ul><ul><li>Legal costs re vessel lost / replacement vessel </li></ul></ul><ul><ul><li>Staff costs / overtime </li></ul></ul><ul><ul><li>Search for new vessel </li></ul></ul><ul><ul><li>Travel costs / hotel bills </li></ul></ul><ul><ul><li>Survey costs </li></ul></ul><ul><ul><li>………… .No proof of loss is required, just the agreed </li></ul></ul><ul><ul><li>Total Loss of the vessel </li></ul></ul>
  11. 11. EXTRA COVERAGE offered by Sinarmas <ul><li>4/4 ths RDC (Collision with vessels) – no additional premium </li></ul><ul><li>Additional Perils Clause – 10% additional </li></ul><ul><li>premium </li></ul><ul><li>Collision with Fixed and Floating Objects – no </li></ul><ul><li>additional premium </li></ul><ul><li>Removal of Wreck - up to Hull Value – 7.5% </li></ul><ul><li>additional premium </li></ul><ul><li>Bunker Pollution - US$250,000 following Total Loss </li></ul><ul><li>– 5% additional premium </li></ul>
  12. 14. PREMIUMS <ul><li>Based on: </li></ul><ul><li>age </li></ul><ul><li>type of vessel </li></ul><ul><li>classification (copy certificate) </li></ul><ul><li>trading areas </li></ul><ul><li>experience of shipowner </li></ul><ul><li>loss record for whole fleet </li></ul>
  13. 15. FLEXIBLE <ul><li>Quarterly payment options: </li></ul><ul><li>Available for fleets (2 + vessels) </li></ul><ul><li>Fleet discounts: </li></ul><ul><li>(10 vessels = 10%.....40 = 40%) </li></ul><ul><li>Not classed? </li></ul><ul><li>Tell us why and we will probably offer terms </li></ul><ul><li>Not sure what cover you need? </li></ul><ul><li>We will explain </li></ul><ul><li>Need a full P&I entry? </li></ul><ul><li>We will help you source the best cover </li></ul>
  14. 16. MORTGAGEE’S INTEREST <ul><li>Who is the Insured ? The bank lending money. </li></ul><ul><li>Why do they want the cover? </li></ul><ul><li>In the event H & M policy or P + I Club entry </li></ul><ul><li>does not respond because of : - </li></ul><ul><li>- Breach of Warranty </li></ul><ul><li>- Non-disclosure </li></ul><ul><li>- Vessel being unseaworthy </li></ul><ul><li>- Deliberate damage (scuttling) </li></ul>
  15. 17. <ul><li>Exclusions: </li></ul><ul><li>Resulting from termination of Hull / P + I coverage due to non-payment of premiums </li></ul><ul><li>Insolvency or financial default of Hull / P + I underwriters </li></ul><ul><li>Inability to transmit funds </li></ul><ul><li>Fluctuation in exchange rates </li></ul><ul><li>Operation of deductible or self -insurance provision </li></ul>MORTGAGEE’S INTEREST
  16. 18. MORTGAGEE’S INTEREST Often referred to as the “Innocent Owners” insurance
  17. 19. CLAIMS <ul><li>Average Adjusters: </li></ul><ul><li>Radita Hutama Internusa </li></ul><ul><li>Poseidon (Singapore) </li></ul><ul><li>Marine Claims Office (Singapore) </li></ul>
  18. 20. CLAIMS <ul><li>Surveyors: </li></ul><ul><li>Abadi Cemerlang </li></ul><ul><li>Braemar Falconer </li></ul><ul><li>Matthews Daniel </li></ul><ul><li>Ajiprasasti </li></ul><ul><li>Carsurin </li></ul><ul><li>BMT Marine </li></ul><ul><li>Others subject to our approval </li></ul>
  19. 21. QUOTATIONS <ul><li>We aim to offer quotations for new business </li></ul><ul><li>within 1 or 2 working days maximum, subject to </li></ul><ul><li>complete information. </li></ul><ul><li>Usually, we are much faster than that! </li></ul><ul><li>Give us a try! </li></ul>
  20. 22. <ul><li>H & M : HULL & MACHINERY </li></ul><ul><li>ITC 1.10.83 : INSTITUTE TIME CLAUSES HULLS 1.10.83 </li></ul><ul><li>DED : DEDUCTIBLE CLAUSE 12 </li></ul><ul><li>AMD : ADDITIONAL MACHINERY DEDUCTIBLE </li></ul><ul><li>PA : PARTICULAR AVERAGE </li></ul><ul><li>GA : GENERAL AVERAGE </li></ul><ul><li>S : SALVAGE </li></ul>COMMON ABBREVIATIONS
  21. 23. <ul><li>S/C : SALVAGE CHARGES </li></ul><ul><li>S/L : SUE AND LABOUR </li></ul><ul><li>TL : TOTAL LOSS </li></ul><ul><li>CTL : CONSTRUCTIVE TOTAL LOSS </li></ul><ul><li>ATL : ACTUAL TOTAL LOSS </li></ul><ul><li>DTBA : DATE TO BE ADVISED </li></ul><ul><li>DISBS : DISBURSEMENTS </li></ul><ul><li>TCH : TIME CHARTER HIRE </li></ul>COMMON ABBREVIATIONS
  22. 24. <ul><li>LOH : LOSS OF HIRE </li></ul><ul><li>MI : MORTGAGEE’S INTEREST </li></ul><ul><li>P + I : PROTECTION & INDEMNITY </li></ul><ul><li>DWT : DEADWEIGHT TONS </li></ul><ul><li>GRT : GROSS TONS </li></ul>COMMON ABBREVIATIONS
  23. 25. Terima Kasih

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