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Somali Piracy: Indian Ocean High Risk Area revision effective 1 May 2019

11 March 2019

The Round Table of international shipping associations plus the OCIMF representing the global shipping and oil industry have announced the geographic boundaries of the ‘High Risk Area’ for piracy in the Indian Ocean have been reduced, with new advice issued to merchant ship operators.

Understanding liquefaction and the associated risks

20 October 2020

BIMCO attended a very useful webinar on understanding liquefaction risks associated with the carriage of Group A cargoes in the International Maritime Solid Bulk Cargoes (IMSBC) Code. Members are encouraged to view this webinar for a better understanding of the problems that can occur with Group A cargoes.

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

04 May 2021

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.

Red Sea & Gulf of Aden: using BIMCO’s VOYWAR and CONWARTIME clauses

21 December 2023

In light of the recent development, BIMCO recommends using the latest editions of its War Risks clauses: BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013) and BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013). These clauses contain a broad definition of “War Risks” that include warlike operations and hostilities that do not require a declaration of war by states. However, it is of utmost importance that all parties involved have a comprehensive understanding of these clauses, ensuring they are well-informed and prepared for any potential outcomes.