Circular No. 2/96 - Cover for Charterers' Liabilities
March 15, 1996
Members, Brokers and Other Interested Parties
Circular No. 2/96
The American Club Cover for Charterers' Liabilities
The American Club has recently established a facility enabling it to offer cover for a range of Charterers' liabilities on a fixed premium basis.
The cover available includes P&I (in accordance with the Club's standard policy conditions), Damage to Hull, Bunkers and Freight (the latter three in accordance with standard London insurance market terms).
The P&I cover is offered with a limit of U.S. $100 million any one accident, the Damage to Hull with a sum insured by reference to hull value, Freight cover up to a maximum of U.S. $5 million any one accident and Bunkers cover up to a maximum of U.S. $1 million any one accident.
The American Club has always had the power to offer P&I cover for Charterers' liabilities in the past, but only on a mutual basis. This new facility makes cover on a fixed premium basis possible, as well as providing for a wider range of related insurances.
Anyone interested in further details of the new arrangements is invited to contact the Club's Managers who will be pleased to respond to enquiries.
Shipowners Claims Bureau, Inc., Managers