What does charterers legal liability cover?
Charterers Legal Liability Coverage — a type of marine insurance designed to provide coverage for the liabilities including those of care, custody, and control (CCC) assumed by a party chartering a vessel when the vessel’s operation remains in the control of the vessel’s owner.
Where the ship owner becomes liable to pay to the charterer or receiver when the loading or discharging process is completed before the Laydays have expired?
Despatch money or despatch is defined as an agreed amount payable by the owners if the vessel completes loading or discharging before the laytime has expired.
Is an agreement by which the shipowner carrier in return for the freight agrees to carry goods by sea or to furnish the service of a ship for the purpose of such carriage?
A contract of affreightment is a contract between a ship-owner and a charterer, in which the ship-owner agrees to carry goods for the charterer in the ship, or to give the charterer the use of the whole or part of the ship’s cargo-carrying space for the carriage of goods on a specified voyage or voyages or for a …
What happens if the amount of cargo delivered for shipping is much more than what the charter specified?
The charterer is entitled to a stipulated period of time to load and discharge the vessel, known as laytime. If laytime is exceeded, the charterer then pays an additional charge called demurrage. If the charterer fails to load all of the specified cargo, he then will pay “deadfreight” to the shipowner.
What is cargo owners legal liability?
In addition to the Charterers’ Liability cover we can offer cargo owners legal liability cover (‘COLL’). COLL insurance provides cover to the Charterer in his capacity as owner of the cargo (as opposed to or in addition to his capacity as Charterer of the vessel) for pollution claims.
What does P&I coverage provide?
The Protection & Indemnity – P&I policy provides coverage for a vessel owner’s liabilities arising out of the operation of scheduled vessels such as damage to third party property, third party individual’s bodily injury or death and injury or death to vessel passengers or crew.
Who pays for the ship management cost in a voyage charter party agreement?
Since the owner pays duties and berthing charges at the port, they expect the charterer to hasten the process. In case the charterer exceeds the laytime laid out in the contract, he is obliged to pay a penalty known as demurrage. This covers the extra costs incurred by the shipowner owing to the delay by the charterer.
What is Laycan period?
The term “laycan” is frequently used in sale contracts to refer to the delivery period of the cargo. However, “laycan” is a charterparty term, referring to the period during which the vessel must arrive at port. For example, the buyer will have no right to reject the cargo if it is not loaded within the “laycan”.
What is charter agreement?
Charter Agreement means a lease or agreement to hire a vessel or other means of conveyance to transport goods or passengers to one or more designated locations.
Who has the legal responsibility for the placing and stowing of the cargo onboard?
Chief Officer of the ship is responsible for safe and secure stowage of the cargo on ships. 1.
What is Charter Party in maritime law?
A charter is an agreement between two or more groups known as charter parties, regarding the leasing of a vessel for a fixed set of conditions. It is considered to be an official document in legal aspects and is required by Admiralty Law to be drawn up in case of any form of vessel hiring or leasing.