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Asian
shipowners have welcomed the new
clauses in the international hull
underwriting, but expressed concern
that the London market was promoting
a new customer focus.
The
owners, who met in Hongkong recently
said the new clauses maintained the
traditional ‘named perils’
format rather than the ‘all
risks’ approach offered by other
markets.
“Such
an approach made it difficult for
owners to compare rates being
offered by the other markets,” a
statement issued by the Asian
Shipowners Forum Ship Insurance and
Liability Committee said.
Delegates
also expressed concern about the
brevity of the consultation period
with industry, which meant that
industry concern that various
clauses were not up-to-date or
competitive with other markets might
not have been fully taken into
account.
The
shipowners, which included
representation from the Malaysian
Shipowners’ Association, were
concerned over the interrelationship
of the wording of Clauses 13 and 14
with respect to the ISM code.
The
ASF, which draws memberships from 12
countries in the region controlling
about 40 per cent of the world cargo
fleet, also discussed the outcome of
the recent diplomatic conference
held at the International Maritime
Organisation (IMO), which adopted a
new 2002 Protocol to the 1974 Athens
Convention.
The
delegates were disappointed that the
solution reached by member states of
IMO did not take into account the
concerns of the industry. |
