Despite improvements in shipping safety and technology, collisions and groundings continue to cause claims, while the structural integrity of large vessels can be a cause for concern.Sue and Labor clause triggered to pay the extra expenses related to the mitigation efforts. Indeed the panel described it as one of the best quantum reports they had read and awarded our client SGD million plus interest. We assisted in the direct selection and appointment of an insurance broker to improve the risk placement. Of particular concern is the increasing risk of a large loss event due to increasing value accumulations at ports, warehouses and vessels. On the other side of the world, Typhoon Mangkhut caused damage to coastal infrastructure, shipping containers and yachts in Hong Kong and China, while an offshore engineering vessel Hai Yang Shi You ran aground near Hainan. Such complex losses can also lead to disputes. Accord worked closely with both loss adjusters and forensic accountants instructed by the insurers and presented fully substantiated claims for both property damage and business interruption, so avoiding any disputes.
The WannaCry and NotPetya malware attacks ofwhich also had an impact on the maritime sector, show the potential for large losses, says Southcott. Yet there have been some other notable, more recent incidents, such as the fire and sinking of the oil tanker Sanchi off the coast of China in January The plant ceased operating while goods were in process.
The warehouse was robbed by forcing workers to load the finished goods into processor stolen trucks and then robbers unloaded the stolen goods several miles from the processor; abandoning the empty stolen vehicles.
Accord worked closely with both loss adjusters and forensic accountants instructed by the insurers and presented fully substantiated claims for both property damage and business interruption, so avoiding any disputes. Gas Line Rupture A gas line broke between the natural gas utility and the food processing plant.
Pre-shipment Loss — Financial Title Products processed in Mexico were entitled to a USA importer at time of finish and were stored inside the processor ready for shipment.
The automotive sector remains a significant source of exposure and claims, with large numbers of vehicles stored at ports exposed to hail, storms and flooding, as well as fire and explosion.
Uptick in natural catastrophe activity Hurricanes Harvey, Irma and Maria HIM are among the biggest marine loss events of the past five years and would feature highly among the top 10 marine losses of the past decade.
The human interface with technology will be an important consideration in future safety.