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1-10 | 11-16 of 16
Marine insurance: High Court revisits insurable interest
Thursday, June 06, 2013
In the recent case of Lorcom Thirteen (Pty) Ltd v Zurich Insurance Company South Africa an interesting factual scenario gave the Western Cape High Court an opportunity to assess the correct approach to the question of insurable interest under South African law. The case concerned the MFV Buccaneer, a fishing vessel lost at sea in 2008. Underwriters repudiated the claim under the policy for lack of an insurable interest.
The focal point of the repudiation was that the insured, Lorcom, had no direct ownership interest in the subject matter. At the time of the loss, the vessel was owned by Gansbaai Fishing Wholesalers (GWS), a wholly owned subsidiary of Lorcom.
Admiralty procedure: more than just 'associated ship' arrests
Friday, March 01, 2013
South Africa continues to be a popular jurisdiction for maritime creditors to obtain security for claims. While the outstanding feature of the country's admiralty procedure remains the well-known 'associated ship' arrest, a number of other aspects also contribute to its potency. This update examines the South African arrest regime from a broader perspective, serving to highlight its liberal nature and the possibilities open to creditors in the current distressed market.
Counting the Cost of Piracy
Monday, June 06, 2011
Rear Admiral Chris Parry CBE, the Chair of the UK’s Marine Management Organisation had the following to say in a recent newsletter, “[P]iracy in the modern world – especially that in the Horn of Africa - has become big business, characterised and facilitated by an irregular version of venture capitalism and illicit methods of international exchange.”
Undisclosed Principals Of Agency
Friday, May 27, 2011
Party A, the seller, enters into a contract with Party B, the purchaser, for the sale of a particular commodity. The purchaser takes delivery of the commodity and does not pay the purchase price to Party A and therefore is in breach of the contract. Party A institutes legal proceedings against Party B, as the contractual counterparty, for payment. The court hearing the matter grants an order in Party A’s favor and party A receives payment of the purchase price.
Contentious terms of a Bill of Lading
Tuesday, January 25, 2011
Disputes between shippers and carriers as to the terms of the contract of carriage often boil down to the question of whether the terms and conditions reflected on the reverse of the bill of lading correctly reflect the agreed terms of the contract of carriage.
Knowing your own vices…
Wednesday, November 24, 2010
There are many “common” phrases in marine insurance policies; however, if the ramifications of these “common” phrases are not completely considered, there is the risk of an insured not being covered.
Every now and then, a court is committed to deciding a dispute which requires interpretation of phrases from standard marine insurance policies such as the Institute Cargo Clauses (“ICC”). One such phrase is the exclusion of an insurer’s liability where loss or damage is caused by “inherent vice or the nature of the [cargo]”.
Insurance - What exactly does the law require a prospective insured to disclose when acquiring insurance?
Thursday, September 30, 2010
Insurance has been controversially described as the single most important concept developed by mankind. Whether you agree with that or not, when one considers it, insurance ticks away behind the scenes in most of our lives from the time we wake till the time we go to sleep and even while we sleep; life insurance, disability insurance, household insurance, car insurance, professional liability insurance… the list goes on.
Cargo Damage from Fire
Thursday, September 30, 2010
The fire which broke out onboard the MV Charlotte Maersk near Port Klang in Malaysia in July of this year raises some interesting questions for shippers.
While one is hesitant to speculate as to the cause of the fire and the liability of any of the parties involved until thorough investigations are carried out, early press reports indicate that the fire may have been the result of mis-declared hazardous cargo. Whether this was the case or not time will tell, however the incident provides a good platform for discussing the liabilities which may arise from an incident of fire.
Customs Tariff Determination: The Inexact Science
Thursday, September 30, 2010
In the recent Supreme Court of Appeal matter of Distell Limited and Others v The Commissioner for the South African Revenue Service, the court made some observations relating to issues surrounding tariff determination which are of interest to anyone involved in this task.
PROTECTING THE NECESSARIES MAN – JEREMY PRAIN
Monday, March 17, 2008
Much has been said and written lately about the credit-crunch which has gripped the world economy and sparked fears of a global recession. Whilst the shipping industry seems far removed from US sub-prime mortgages, this crisis has undoubtedly sent shockwaves throughout the financial sector and has played its part in stopping the rampant shipping boom dead in its tracks.
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