Newsletter December 2016
Charterama: service makes the difference
2016 was a challenging year for many of us: the Baltic Freight Index hit an all-time low at 291 in February, the world market is still struggling for growth and we live in a challenging geopolitical environment. Insurance premiums are still under pressure and one can question for how long this can be sustainable. Nevertheless, Charterama managed to secure a 5% growth in premium volume.
In this edition, we would like to introduce new members to our crew and your team and give a further explanation to the changes of our Policy Wording. This will include the differences between the Marine Insurance Act 1906 and the Insurance Act 2015. Further in this issue Dantonia Jongmans-Fermin will write about the new NYPE 2015 Charter Party, which may be relevant to you and our clients.
We are happy to welcome Alina Trofymenko, who joined our claims team last November. Alina is a Dutch Lawyer who graduated at the University of Utrecht as Bachelor of Law and holds a Master in Dutch Private law. She first started working at the reputable law firm Boonk van Leeuwen Advocaten in Rotterdam. There she gained experience in dealing with cases concerning shipping and transport. “In the law firm I developed a passion for the maritime industry. I especially like the direct and down to earth approach’’, says Alina. Alina started working for us since November and her expertise in commercial and transport law makes her an asset to Charterama. “The harbor of Rotterdam is one of the biggest harbors of the world making this international environment an inspiring and a cool area to work in.”
Trix de Voogd
We are also happy to have Trix de Voogd on board. Trix joined us as office manager and already proved how valuable she is in the day to day running of the office. She holds a Bachelor degree in Business Administration and has worked as an assistant in several areas what makes her a great allrounder. “Growing up in an insurance family business I learned at a young age what can make the difference. I love to be part in improving business organizations and assist in every area to make it a success.”
Another noticeable change is that Dantonia Jongmans-Fermin internally transferred from Claims to Underwriting. Dantonia has been a Claims Executive with us for the past five years and now she will be adding her knowledge and valuable experience to our underwriting team. “When the opportunity arose I jumped at the chance. With 7 years claims experience I am looking forward to this new challenge in underwriting and see the other side of the business. Great that Charterama offers such a possibility.”
Policy Wording 2017
Our policy wording has always been subject to English law and jurisdiction, including the Marine Insurance Act 1906 (MIA). As per August 2016 the Insurance Act 2015 was enforced by the House of Parliament of the United Kingdom, resulting in a significant reform of insurance contract law. The Insurance Act provides for a possibility for insurers to contract out.
Many of our peers in the market have chosen to contract out certain changes in comparison with the MIA. Contracting out, although legally possible, may not always be in the benefit of the insured. For that reason, Charterama has decided not to make use of the option to contract out and has adopted the Insurance Act in full, resulting in a more balanced positon between insurers and insured.
NYPE 2015 Charter Party
Another update in the industry was the release of a new NYPE form by BIMCO on 15 October 2015. The 2015 version is the sixth revision to the form being the last one on 1993. A year later, however, it does not seem that the 2015 has become very popular as the 1946 edition remains “the most commonly used version of the NYPE charter”.
In accordance with BIMCO, the decision to amend the form has been done with the intention to benefit the industry “from a modern and comprehensive dry cargo charter party that reflects contemporary commercial practice and legal developments that have taken place in the past twenty years.”