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New Wreck Removal Agreement provides optional risk allocation procedure

25 October 2022

The introduction of QRA (Quantitative Risk Analysis) into the contracting process for maritime wreck removal operations has prompted a revision of WRECKSTAGE. QRA is used to assess risk in the operation of an engineering process to inform and guide decisions on the allocation of risk between the contracting parties and the consequent pricing ramifications.

War risks - Hull insurance against war, piracy, terrorism and related perils

04 April 2022

Normally referred to as war risk insurance, this type of insurance is an add-on to the normal hull and machinery insurance. The concept consists of a list of areas for which the insurer assesses that the risks to the ship’s hull are elevated, and for which an added premium will have to be paid.

BIMCO to revise War Risk Clauses

28 November 2022

Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013) clauses has begun, and the subcommittee has just had its third meeting.

Cyber risk and autonomous ships

30 April 2019

BIMCO has submitted four papers to the Maritime Safety Committee. The papers discuss how autonomous ships should be tried before they are allowed to operate, and that cyber risk management should be part of the ship’s Safety Management System.

Payment of hire - NYPE 46

08 March 2019

Although the New York Produce Exchange Charter Party 1946 (hereinafter “Nype 46”) is probably the most widely used time charter party form still, it is not a very good form in this day and age. It dates back to 1946 and readers will agree that quite a few things have changed since then! However, it would be naive simply to ignore it.