PampI INSURANCE Ufuk Teker General Manager of Türk PampI Insurance We will g ive insight to establishment of Türk PampI Insurance b riefly explain why having a local insurer is a plus ID: 412824
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Slide1
TÜRK P&I INSURANCE
Ufuk Teker
General Manager of Türk P&I
InsuranceSlide2
We will…
•
g
ive
insight to establishment of Türk P&I Insurance
•
b
riefly
explain why having a local insurer is a plus
•
d
escribe the cover we provide
•
g
ive
a
n insight to the rules governing Türk P&I s operationsSlide3
TÜRK P&I
Türk
P&I received its license from the Turkish Ministry of Treasury on 18.2.2014 and immediately commenced accepting risks within The Turkish marine insurance sector being the
first local P&I insurance company
in
Turkiye
.
3 state enterprise insurance companies,
Güneş
Sigorta
,
Halk
Sigorta
and
Ziraat
Sigorta
and 3 local P&I Club correspondents
Metropol
Shipping AS
,
Omur
Denizcilik AS
and
Vitsan
AS
consociated to establish
Türk
P&I.
A representative from the Ministry of Shipping, Transportation, Communication is a continuous member of the Board of Directors.Slide4
TÜRK P&I
Türk P&I
keeps
continuous and close contacts with the local authorities and relevant
Ministries
as
well
as
Turkish
Chamber
of
Shipping
on a daily basis.
Türk
P&I is member of the Liability Insurance Committee of The Association of Insurance Companies of Turkey.
In the fields of shipping and other maritime affairs,
Türk
P&I is extensively involved in and plays an active role in the governmental legislation programs and their feasibility studies with the relevant ministries and other governmental authorities.Slide5
Why
Having
a
Local
Insurer
is a Plus?
In addition to the listed
adv
a
ntages
in the previous slide we will talk about privileges of having a local P&I insurer in Turkey:
advantages in communication – speaking the same language
developing tailor made products as per the needs of the local sector
s
wift
and efficient claim handling
marine insurance know-how
i
mproving
the
ship standards by loss prevention actions
tax
income
–
inflow of international currency into an economySlide6
P&I
Insurance
Cover
When
you conduct a service to the third parties and use your facilities, you have various exposures when something goes wrong.
The same applies to
Shipowners
or
O
perators
.
The
three
marine insurances, H&M, Cargo and P&I can sometimes be linked with each other in terms of completing the cover needed within the Maritime Industry but in most cases they clash with each other as they try to protect their own clients under the different covers they provide
.Slide7
P&I insurance
basically
provides
an
insurance cover
at sea for
legal liabilities to third
parties
,
environmental risks, crew claims, etc.Which legal liabilities?Slide8
Risks covered by Türk P&I
Personal
injury / illness / death
Collision
Wreck
removal
Damage
to fixed and floating objects
Accidental Pollution
Cargo
damage/shortage
Fines
StowawaysOther Slide9
Personal
injury / illness / death
P&I
insurance covers an owner’s liability
for death,
personal injuries and
illness of crew members which can occur
on
board an entered vessel,
including death or injury
of
passengers, stevedores, pilots and
any third party visitors to the ship. Slide10
Personal
injury / illness / death
Also
following
expenses
are
covered
;
- Repatriation & medical costs of sick or injured crew,Loss of crew members’ personal effects Crew substitute expensesSick wagesDamages / compensationSlide11
Collision
No
cover of the member’s
ship
1/4th of damage to other ship
or
4/4th with additional
premium
Some consequential liabilities e.g., pollution, personal injury Slide12
Wreck removal
Incidental Costs
for lifting,
removal,
breaking,
lighting or marking of an entered ship
Liabilities
incurred by a member as a result of the raising, removal or
breaking
of the wreck of an entered ship
Liabilities incurred because of the presence or involuntary shifting of the wreck of an entered ship Liabilities incurred, including costs/expenses incidental to the removal and disposal of cargo and bunkers on boardSlide13
Damage to fixed & floating objects
Physical damage
caused by an entered ship to:
–
docks
and terminals
–
fixed
and
floating
objects
–
fishing nets – coral reefsSlide14
Pollution
Typical claims arising out of pollution
Liabilities
for
loss of and/or
damage
to wild life and environmental
contamination
and pollution
Clean
up costs
Preventive and mitigation costs and
measures Costs of complying with Government directions Salvor’s compensation for pollution preventionSlide15
Pollution: Clean
up costsSlide16
Towage
Claims
arising
during
the
towage
of an
entered
ship Claims arising during the towage services provided by an entered ship towage contracts must have been approved by
P&I insurerSlide17
Cargo
damage and shortage
The
PandI
Clubs are not cargo underwriters but they provide insurance for the members’ liability towards the cargo carried onboard including but not limited to;
• liabilities for
loss
of or
damage to
the cargo
• disposal
costs of damaged cargo
• cargo’s proportion of GASlide18
Heavy weather: wet damage/lossSlide19
Finished steel productsSlide20
Fines
Related to Cargo
Related to Customs
Related to Immigration
Related to Accidental
pollution
DiscretionarySlide21
Stowaways
- C
osts
of
repatriation
-
Additional
costs for security
-
Pre
and post departure stowaway checks
- Costs of disembarkation and accommodation of stowaway - Costs of arranging emergency documentationSlide22
The Rules Govern
i
ng T
ü
rk
P&
I
Operat
i
ons
Local
Rules6102 numbered Turkish Commercial Code Articles 1247 – 1271 on carriage of passengers and their luggage by sea.General Terms published by the Under Secretariat of Treasury, Directorate of Insurance on the compulsory insurance of marine crafts for the owners’ third party liabilities.Tariffs published by the Under Secretariat of Treasury, Directorate of Insurance on limits of liability of compulsory insurance of marine crafts for the owners’ third party liabilities.Slide23
The
Rules Govern
i
ng T
ü
rk
P&
I
Operat
i
ons
International Rules(a) Conventions which are binding for Turkey (due to being in force and directly applicable above the Code due to Turkish Constitution Article 90)LLMC on limitation of liability from the maritime claims.(b) Conventions which are not yet binding for Turkey (since not yet ratified)Nairobi Wreck Removal Convention on Wreck Removal.(c) Conventions which are not yet ratified by Turkey BUT Turkey incorporated most of the rules of such Conventions within its local laws.
Athens Convention 2002 on carriage of passengers and their luggages by sea.Slide24
Re
i
nsurance
Arrangements
o
f
Türk
P&
I
T
ü
rk
P&I has its reinsurance arrangements under a quota share agreement with two major players within the Pandi Industry as well as on facultative basis with some others.The claims are handled directly by Türk P&I by an experienced claims team in Istanbul.Slide25
Türk P&I’s
Products
Türk
P&I provides the following specially tailored products in addition to Classic P
&I
Cover for Cargo Ships:
Liability Insurance for
Small Passenger Vessels and Ferries
Liability Insurance for
Fishing Boats
Liability Insurance
Diving Schools and BoatsLiability Insurance for Private and Commercial Yachts including Touristic YachtsSlide26
Aims
To
p
revent
an incident
occurring
To
mi
tigate
the consequences of an
incidentTo prevent it happening again by working with Members.How?giving seminars, conducting loss prevention, making ship visits, management audits,
making analysis of happened claimsSlide27
Objectives
Playing a key role in marine liability insurance sector
Providing P&I coverage for Turkish flagged ocean going vessels engaged in
international commerce
Providing P&I coverage for all ocean going vessels flying
foreign flag
Being one of the
recognized P&I Club
in all over the
w
orld
.