This 200 plus page guide is one of the very few that can greatly minimise your shipping and offshore financing risks to all intents and purposes.
This is the second edition of the Bankserve Guide to the Insurance Aspects of Ship Financing, updating the 1st edition published two years ago in 2010.
BankServes’s Guides are designed to be ready references for lending officers, risk managers, credit committees, and maritime lawyers on all insurance aspects relevant to ship financing, now extended to include financing of energy projects, aiming to assist financiers on the insurance considerations for establishing and maintaining the required securitisation of ship and energy loans, specifically to ensure:
- The adequacy of insurances taken out by shipowners or ship managers on ship financed, at inception of the loan and each subsequent renewal.
- Cover against the risks of claims under shipowners’ or operators’ insurances being void, voidable or otherwise not recoverable.
- Further cover against the consequences of liabilities being incurred that exceed the limits of liability insured under the shipowners’ or operators’ liability insurances.
- Additional political risks type insurances for mortgages, where required in respect of flg, navigating areas and operational control.
- Appropriate actions are taken in the event of casualties likely to lead to claims.
- Guidance on the insurance issues that should be considered prior to any foreclosure of a hip mortgage.
- Awareness on insurance aspects of energy related financings where they differ from ship financing practice, including details of a new Lenders’ Offshore Contingent Interest Insurance.
Eighteen issues are covered with an Appendices section too. Nice illustrations with selected poems by James A. Quinby, admiralty lawyer of San Francisco from his book “The Street and The Sea” published in 1930 which could be as topical today as they were written, compliment the guide.
BankServe was incorporated in 2001 and is an autonomous company within the BMS Group, a Lloyd’s broker which is within the top ten reinsurance brokers worldwide.