Marine Insurance

In a recent Risk Alert, Gilmark D’Mello outlined best practices across the Marine Bunker Value Chain, aimed at preventing operational issues and disputes.

The selection of marine fuel is influenced by both commercial and regulatory considerations, requiring vessels to carry multiple fuel grades, balancing costs with compliance.

While Heavy Fuel Oil (HFO) and Marine Diesel Oil (MDO) have traditionally formed the marine fuel mix, additional fuel grades have been introduced owing to the emission regulations implemented in the past two decades.

The advent of Emission Control Areas (ECAs) required 0.1% sulphur fuels, introducing Low Sulphur Marine Gas Oil (LSMGO) and Ultra Low Sulphur Fuel Oil (ULSFO), while the IMO 2020 Global Sulphur Cap limited the sulphur content to 0.5% introducing Very Low Sulphur Fuel Oil (VLSFO), except for vessels installed with scrubbers. Continue reading “Marine Bunker Value Chain: Avoiding disputes and claims”

An insurer deny a claim is a refusal by an insurer to indemnify an insured under the terms of an insurance contract.

Firstly, what forms an insurance contract? It is formed from three types of documents:

• The Insurance Schedule
• The Insurance Policy Wording
• Any Endorsement

So, all of these must be read together to understand the terms of an insurance contract. Therefore, there are many terms in a contract of insurance that may be applied by an insurer for the purpose of refusing to indemnify an insured. Against popular belief of many insureds, this does not mean that insurers claim departments spend their time scrawling through insurance contracts to find a reason not to indemnify a client! Just to be clear for readers of this article, by indemnify we mean not to defend an insured and/or not to pay out on a claim. Continue reading “When can an insurer deny a claim”