marine lop / dsu - iumi · alop disguised as penalty non-continuous risk covers popularcoverage...
TRANSCRIPT
Marine LOP / DSUwhat an underwriter needs to know
Tillmann Kratz, Munich Re
Marine DSU / LOPwhat an underwriter needs to know
insured interest and terminology
capacity requirements
underwriting considerations
policy wordings
insured interest
compensation for a consequential loss which
occurs in the insured‘s business as a result of a
loss / damage or accident during the transportation
of cargo or other goods (to be) used by the insured.
terminology
TDI
Project BI
cover and loss triggers
loss/ damage/ mechanicalbreakdown to/ of
• project cargo• carrying vessel• land convenyance
GA/ salvage/ lifesavingoperations
cargo loss triggers
capacity requirements
recent values
project cargo € 60 million to € 1.000 million
LOP/DSU € 100 million to € 650 million
underwriting considerations
who are the insured parties
coverage model & details
risk assessment
policy wording / clauses & warranties
pricing
CARGO - insured parties
ProjectOwners
Lenders / Banks
Designers / Architects
Main- / Sub-Contractors
ProjectOwners
marine
LOP / DSUproject
insurance
Lenders / Banks
DSU – insured parties
DSU coverage combinations
look out forALOP disguised as Penaltynon-continuous risk covers
popular coverage models
marine cargo + DSU & construction + DSUmarine cargo & construction + DSUconstruction incl. (inland) transit + DSU
coverage details & capacity
stand-alone or combined coverinfluence on cargo loss preventiondetermining the sum insured indemnity periodmaximum indemnity per day/monthdeductiblesrequired / offered capacityavailable reinsurance
risk assessment
transport logistics
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ABCD
ABD C
ISSUE REV: 0 A B C D - - - -
R EF: 695 - TR - 001
TITLE:
PROJECT:
This document is th e property of B& J Services Co.,Ltd.Copy, reproduction or disclosure to third p arty is strictlyforbiden with out the express au thoris ation of B&J Services.
B&J SERVICES CO., LTD.40/1 Moo Chaengwattana Road, Banm ai, PakkredNonthaburi 11120, Thailand.Tel: (66) (2) 980 9300-14 - (66) (21) 574 2995Fax: (66) (2) 573-2300 - (66) (2) 980 9315 (b)Em ail: bandj@m ozart.inet.co.th
C LIENT:
DATE:
SCALE:
C HE CK B Y:
DRAWN B Y:
R EF: M ODIFIC ATIONS: DATE:
NOTES:
TRANSPORT ARRANGEMENT FORTHERMAL BLOCK 370 T
5/06/00
SAKDA S.
NON.
BOWIN POWER PLANT
ALSTOM POWER
B M ODIFY BEAMS POS. 09/09/00
A C HANGED BEAMS 6/9/00
1) INFORMATION ON CARGOES TAKEN FROM C LIENT'S PACKING LIST.2) TR AILER CONFIGURATION TO B E CONFIRMED UPON REC IEPT OF VENDOR FINAL DRAWING SHOWING C OF G AND MORE DETAILS3) LASHING POINTS TO BE AGREED WITH CLIENTS4) LOAD C ALCULATION; C ARGO WEIGHT = 370 T TRAILER WEIGHT = 160.9 T B EAM S WEIGHT = 24 T TOTAL LOAD = 554.9 T LOAD /LINE = 34.68 T LOAD / AXLE = 17.34 T LOAD / TYRE = 4.33 T AVERAGE GR OUND PRESSURE = 3 .82 T / SQU-M
C CHANGED CLIENT NAME 26/10/00
D CHANGED THE NAME 16/12/00
transport infrastructurejust in time deliveryprovision for delayscritical itemslead time for replacements loss prevention
policy conditions / wordings
standard wordings E.C. BruceMunich Re MCL/PenaltyNew JCC Project Cargo DSU
manuscript wordings
special cargo and/or DSU clausesLenders / Non-Vitiation clausesDeferred unpacking clause50/50 clause
premium calculation
popular modelsrule of thumbx-times daily indemnityx-percent of sum insured
alternative optionrating tool
π x
and finally…
LOP/DSU is the current craze, Everybody must have it
BUT
Hunger for premium should not override caution
A little common sense and risk awareness
Will go a long way towards
Profitable underwriting
Thank you very much
Tillmann Kratz