Dear Colleagues: EAGLE OCEAN MARINE: GENERAL TERMS AND CONDITIONS OF COVER – 01.07.2024
The General Terms and Conditions of Cover relating to the insurance provided by Eagle Ocean Marine (EOM) have recently been revised. The new wordings are attached hereto. They take effect from 01 July 2024 for all new risks insured by EOM.
The revisions reflect the continual desire to refine the clarity and efficacy of the terms on which Insureds are covered by EOM. The following principal changes have been made:
1.The categories of events leading to a cesser of insurance have been expanded to expressly include the involvement of the vessel in activities which may expose the Insurer to the risk of violating or becoming subject to sanctions;
2.The rights of recovery by the Insurer against the Insured where a matter is not covered have been clarified;
3.Whilst already provided for, the condition precedent that the vessel has Hull and Machinery & War Risk cover has been made more express;
4.The provisions dealing with FD&D cover have been reorganized;
5.Liabilities, costs and expenses arising from the stowage of cargo using the Californian Block Stowage Method is expressly excluded from cover
If any of EOM’s Insureds, their brokers or other business associates have any questions regarding the above, or generally, they are invited to be in contact accordingly.
