Standard Bulletin, July 2015

News & Insights 7 July 2015


In this edition, we cover: Rights of direct action against P&I clubs, Singapore War Risks Mutual, The Insurance Act 2015, Brillante Virtuoso ruled a constructive total loss, Reefer container claims, The Standard Syndicate 1884: ship’s spares cover, Enforcement: giving judgments and awards teeth overseas and our staff spotlight

Please find below an overview of our Standard Bulletin, July 2015 which can also be found in the attached PDF.

Rights of direct action against P&I clubs
In the recent case of Shipowners’ Mutual v Containerships Denizcilik1, the English Commercial Court granted an anti-suit injunction against cargo interests which prevented them from pursuing direct rights of action in Turkey against a P&I club with headquarters in London. 

Singapore War Risks Mutual
In February 2015, the club launched, with the full support of the Singapore Shipping Association, the Singapore War Risks Mutual. This is the first national mutual war risks insurer in Singapore and was set up with the aim of providing Singapore with a flexible and competitive war risks provider to match other national war pool initiatives. 

The Insurance Act 2015: an overview
The Marine Insurance Act 1906 has been the cornerstone of English insurance law for over 100 years. However, it was considered by some to be outdated and not reflective of today’s commercial realities and practices. The new Insurance Act 2015 will be the most significant statutory change to English insurance law in England and Wales for over a century, its aim being to modernise and simplify insurance contract law. 

Brillante Virtuoso ruled a constructive total loss
In an $80m claim by the owner of the Brillante Virtuoso and Piraeus Bank, the High Court ruled that the suezmax tanker was a constructive total loss following a pirate attack in the Gulf of Aden. Reed Smith acted for Piraeus Bank, the second claimant, in this lengthy trial, and provide comment on the case. 

Focus: reefer container claims
Despite the global downturn in 2008 and the relatively slow growth in world markets since, there has been a steady increase in demand for imported fresh produce. The range and diversity of the cargo carried in reefer containers is extensive. This article looks at some of the key issues. 

The Standard Syndicate 1884: ship’s spares cover
The Standard Syndicate was launched on 1 April 2015 and is now operating out of Lloyd’s of London as well as across Europe through the Standard Syndicate Services Ltd, and Asia via the Singapore service company. The Syndicate has six classes: Hull and Machinery, Energy, Cargo & Specie, Marine Property, Liability and Corporate Lines. 

Enforcement: giving judgments and awards teeth overseas
Court judgments and arbitral awards made in England and Wales generally require steps to be taken overseas in order to enforce those decisions in foreign jurisdictions.

Staff spotlight
An interview with David Williams, Underwriting Director. 

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