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Marine Insurance Meets Challenge

By Harold Phillips,2014-07-01 03:12
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Marine Insurance Meets Challenge

    Marine Insurance Meets Challenge

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    ;arineInsurance

    ;}andsinDilemma

    ;Inmoderntimesmarineaccident ;Idamageareincreasingwiththede

    ;opmentoftheshippingindustry ;Idwide.soisthecompensationfor ;rineinsuranceInIinewithinterna

    ;lalpracticesandrelatedlMO

    ;ventions.allourseagoingvessels

    ;ejoinedcommercialinsuranceas. ;iationsand/orprotection&indem

    ;clubsBut.fortheshortageofman- ;}ryinsuranceregulationsforcoastal ;inlandvessels,littleorlowlnsur- ;ehasbeenseeninrealityinthis ;or

    ;~egardingmarineinsurance,

    ;the

    ;;yholdersthinkthatitiseasytoin

    ;{fortheirvesselsbutitlshardto ;ntheindemnitySomeshipowners ;asthepremiumishigh.toinsure ;illvesselswillincreasetheopera- ;IIiIl-

    ;tioncostandfinancialpressure”ifmy

    ;annuaflosssustainedduetoaccidents ;islessthanthepremium,whyshouldI ;stillinsure?I’drathergowithout

    ;Insurance”

    ;Forinsurers,marineinsuranceislike ;ablackholeeasytogetinbutdifficult ;togetoutItdiffersfromothertypesof ;insuranceinthatitinvolveshightech- ;nologyandrisk,SOinsurersarevery ;cautiouswhileoperatingwithmarine ;insuranceAstheInsurershavenodi

    ;rectcontroIoverthemovementofthe ;insuredvesselsandcargoes,

    ;theycan

    ;onlyknowthedamagesoftheinsured ;subjectswhentheaccidentbreaksout ;Inaddition.oceantransportisavery ;complicatedandriskybusinesswhere ;therearetoomanypossibilitiesforthe ;lossofthevesselsandcargoescarried ;Therefore,fewinsurersarewillingto ;stepintomarineinsurance

    ;Inaddition,claimandsettlementfor ;marineinsurancehasbeenathrony ;issueDisputesfrequentlytakeplace ;Forsomeowners,

    ;duetotheshortage

    ;ofexperience,eveniftheyinsurefor ;theirvessels.itwouldbedifficultfor ;themt0getcompensationonceacci

    ;dentOccursAsthishappens.theynatu

    ;rallywouldflyintofurywithinsurersBut ;theinsurersareoftenreluctanttoac

    ;eeptthecompensationTheywould ;dragoneverydetailtoavoidanypos

    ;siblefraudConsequently.onecase ;maytakeyearstosettleorevenend ;upwithoutanysubstantialresult ;However.thisisacommonscenewithin ;theindustry

    ;Jnmarineinsurancesectorthe ;thorniestissueistheoilpollution ;compensation,especiallyinChina ;Currently,wedonothaveamecha. ;nismwherebyshipownersandcargo ;ownersaremadetojointlybearthe ;damagescausedbyoiIsPiIs:

    ;

    ;therefore,troublemakersareeasyto ;escapefromcompensationtheyde

    ;servetopayTherearemanycases ;ofthiskindNowadays,underthemar- ;keteconomy.allpollutionclearing

    ;companiesassumethesoleresponsi

    ;bilityfortheirownprofitandloss,mart

    ;timeauthoritiesarehardtoorganize ;pollutionclearancebysimplyissuing ;administrativeordersTherefore,once ;oilspillsOccur,whatwecandoisto

    ;seetheoilsoaklntothesea

    ;BlankinCargoInsur-

    ;anCe

    ;Comparingwithmarineinsurance,

    ;oceancargoinsurancemarketismore ;thanworryingIn2002ourexportcredit ;insuranceonlytookup1%ofthetotal ;exportAndthenumberofpolicyhold

    ;erswasIessthan8%ofthetotalex.

    ;portenterprisesTakingShenzhenas ;example,thoughit

    ;hasrankedfirstln

    ;exportinaconseeu

    ;tivenineyears,the

    ;insurancerateissfilI

    ;apec~aluontrlbUtlOn

    ;特稿

    ;On3May2003,aCOSCOcargocarrier”Fu

    ;ShahHat”collidedwithaPo?shcontainership

    ;intheseaeastofDenmarkandsankIaterIt ;wasreportedthattheinsurancepremiumforM/ ;V”FuShanHat”isashighasUS$205mand

    ;theinsurancepremiumforthecargocarriedis ;US$8.7m.ThetotalcoverageisalmostUS$30m ;ltistheeverlargeclaimcasejnthemarinein. ;surancehistoryofthePeople’sInsuranceCom.

    ;panyofChina(PICC)ThoughPICClaunched ;itsemergentcompensationprocedureandpaid ;70myuan(RMB)toCOSCO,thisisfarfr0m ;enoughtofillthehole.

    ;TheFuShanHat”accidentgaveahardstrike

    ;onthemarineinsurancemarket,worseningthe ;difficultsituationofmarineinsurancejnChina ;Inrecentyears,wehaveoftenheardthecalling ;formakingChinaa”largeshippingandship-

    ;buildingnation”,whileourmarineinsurance

    ;markethasbeeninstagnancy,whichdisappoints ;thoseinsuraneetycoonswhohavebeenkept ;waitingforlongtime

    ;ratherlowItisreportedthatthereare

    ;about20,000exportenterprisesin ;Shenzhenofwhichlessthan100have ;JoinedtheexportinsuranceHowever, ;compensationrateintheexportcredit ;insurancemarketisgenerallyat110% ;t0120%Thatistosaywhenenter- ;Prisesinvestoneyuanf0rthe

    ;insurancetheinsurermaycompensate ;11l012yuan

    ;Theportsanctionpolicymadebythe ;USalongitswesterncoastcaused ;greatlosstomanyenterprisesinmain

    ;landChinawhereasthisalsorungthe ;alarmtoourenterprisesthatbegint0 ;thinkhowtoeffectivelyavoidbusiness ;risksinexportEspeciallyformiddleand ;smallprivateenterprises,onesimple ;caseoflossmayresultinbankrupcy ;“PortSanction”hasbroughtlossto

    ;thousandsofcargoesnoneofwhich ;hasbeeninsuredWhatapity!

    ;Asexportcreditinsuranceisanewly ;emergingbusinessinmainlandChina. ;mostenterprisesknow?nfeaboutitand ;takenoaction0insurefortheirexport ;businessButinHongKongand

    ;Singapore,exportinsuranceratekeeps ;highandenterprisesarestronginin

    ;suranceawarenessShouldanyevent ;like”PortSanction”happenstheymay

    ;beabletoavoidorreduceJosses ;Despitesomanyadvantagesin

    ;cargoinsurance,whydofewenter

    ;prisesinsurefortheircargoes?Some ;exportenterprisesinShenzhensay, ;lEY._

    ;

    ;highpremium,complicatedprocedures ;andincempleteinsurancecategories ;havehinderedthemtobuyexport ;insuranceThehighinsurancecharge ;hasnotonlyincreasedtheexpodcost ;ofourenterprisesbutalsoweakened ;theinternationalc0mDetmvenessOf

;expodgoods

    ;Franklyspeaking.exportinsurance ;isakeyconditionforourenterprisesto ;safelyaccesstheinternationaI ;competitionAswegOfurtherintothe ;internationalmarket,expodinsurance ;hasbecomeatrendthatcannotbe ;avoided.

    ;inadditiontoinsuranceawareness, ;insuranceskillsareanotherthingneed- ;ingtobeconsideredExpedsempha

    ;sizethatonlybycomprehensiveand ;thoroughconsiderationcaninsureract ;properlyandfavorablywhenbuyingin

    ;ternationalcargotransportationinsur

    ;anceandpreventagainstanyriskin ;advance

    ;HatefuIInsurance

    ;Fraud

    ;Marineinsurancefraudlsekindof ;seriouscrimeEvenesinglecasemay ;involveahugesumofvalueinsured ;Onceefraudissuccessfo1.theinjured ;partywillsufferagreatloss

    ;Mostofthefraudcasesinvolving ;marineinsurancearedeliberatelylab

    ;ricatinginsurancesubject,causingthe ;lossofinsuredsubjectviolatingthe ;obligationsofhonestreportingand ;guarantee.cookingupinsurancecasu- ;altiesorexaggeratinglosses,etcIn ;addition,therearemanyothertypesof ;l茸船持

    ;marineinsurancefraudcasesnotto ;mentionthosethatareforeigntoUSat ;themoment

    ;Expertssay.thepresentinternational ;tradesystemhasexistedforovera ;hundredyearsIthasplayedakeyrole ;infacilitatingtheinternationaltrade ;processBut.itaIsohassome

    ;weaknesses.suchasthewideuseof ;B/L,thattosomeextent,havelefta ;loopholeformarineinsurancefraud

    ;casetooccurSomeofourenterprises. ;particuladyinsurancecompanieshave ;sufferedaIotOmthis

    ;SomecountdesuseOpenRegistry”

    ;Theyd0notscrutinizeandcontrolthe ;shipsregisteredexceptforcollecting ;registrationfeeandtaxesThoughin- ;ternationalcommunityhasgiventheir ;concerntothiskindofshipregistration, ;duetothefactthattherearealways ;moneydrivenshipownersand

    ;countries,itmaybedifficulttoovercome ;thesedrawbackswithinashortperiod ;oftime

    ;Atthesametime,itisveryhardto ;investigateanddealwiththemarine ;insurancefraudcaseThetricksofthe ;swindlersareeasytosucceed.which ;isanotherimportantreasonfortheex? ;istenceanddevelopmentofthiskind ;offraudTherelationshipofthepar

    ;tiestofhelnsurancecontractlsdiffer- ;entfr0mthatofanyotherkindLikein ;thecharteringcontract.bothparties ;knowwelfofthevesseIcondltionsBut ;f0raninsurancecontractfhelnsurer ;canonlyknowthevesselthroughthe ;introductionofthepolicyholderThe ;ownercontrolsthevesse1.soitishard ;toJudgewhetherthereisanyfraud ;Sometimes.eventheinjuredparty ;knowsclearlythattheotherpartyis ;cheating,butduetoinsufficientproof, ;itisstillimpossibletobringthemto ;Justice

    ;Inmostcircumstances,insurance ;fraudswouldinvolvelurisdictionOm ;severalcountrieswhichcouldonly ;makethehandlingprocessmorecom

    ;plieatedorevenimpossible

    ;InsurancelsatooIusedtotransfe ;anddisperserisksIfweareignorant ;orincapableofhandlingitproperlywe ;maybelikelytoloseintothetrapofthe

    ;tricksandsufferagreatloss,evenlives ;Therefore,weshouldputonhighvigi- ;lanceandadoptappropriateactionsto ;preventagainsttheOCCurrenceofma

    ;fineinsurancefrauds

    ;奉栏目由江jj:I{Iii机股份有限公司协办

    ;董事长兼总经理:阁巧林

    ;地址:江苏省靖江市季市西路39

    ;电话:05234542326454195B

    ;E-mail:iidzjd@pubtzjsinfonet ;公司信息:

    ;邮编:214523

    ;传真052345422804542257

    ;http://WWWera-chinacom

    ;专业生产中心离HO355:YH船用电机爰Y

    ;Y,V,YB,YZRYVP,YD等十=大系列电机.广泛用于国家大中型企业 ;产品配套,liAR~Eila改造工程.远销欧美及东南亚国家和地区. ;

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