Consulting on resolving ship insurance disputes

Article overview

Ship insurance cancellation plays an important role in protecting the interests of ship owners and shipping businesses against unforeseen risks at sea. However, when an incident occurs, resolving a ship insurance dispute is often a complicated process, requiring a deep understanding of maritime law and insurance. The following article will advise on ways to resolve boat insurance disputes.

 Resolve ship insurance disputes
Resolve ship insurance disputes

Subjects of ship insurance

Pursuant to Clause 2, Article 304 of the 2015 Vietnam Maritime Code, Point a, Article 1, Decision 254-TC/QD-BH of the Minister of Finance, the subjects of ship insurance are relatively diverse, including :

  • Ships, ships under construction, goods or other assets are threatened by maritime risks;
  • Freight transport service prices, ship rental fees, ship hire purchase fees, estimated interest on goods, commissions, loan amounts, advance payment guarantees, expenses for danger when the ship is at sea, ships under construction, goods or other assets are threatened by maritime risks;
  • Civil liability arising from maritime risks.

The above are general insurance subjects, but depending on the regulations of the insurance packages of boat insurance companies, there will be different insured subjects. Therefore, you need to carefully review the insurance regulations before signing.

 What does boat insurance cover?
What does boat insurance cover?

Causes of ship insurance disputes

The causes of ship insurance disputes are relatively diverse, originating from many different reasons. Typically:

  • Dispute due to failure to perform obligations under a ship insurance contract: It can be a dispute between the ship owner and the insurance agency when either party does not perform its obligations, or does not perform them seriously.
  • Compensation disputes related to ship contracts: This is when the ship owner requests compensation from the insurance company but for some reason, which may or may not be reasonable, the insurance company does not compensate.
  • Dispute due to customer declaring untrue information: the ship owner, intentionally or unintentionally, provided false information about the ship and his/her identity; affect the insurance company.
  • Dispute over payment of ship insurance contract.

Some measures to resolve ship insurance disputes

When a ship insurance dispute occurs, some measures that need to be taken to resolve are:

  • Collect enough evidence to prove that the damage you or your ship experiences is due to an insured accident and is not subject to insurance exemptions.
  • Both parties should reconcile before proceeding with the following resolution steps.
  • Choose a professional legal support organization so they can help ship owners find better solutions that are closer to reality and still comply with the law.

However, the best way to resolve a ship insurance dispute is that right from the moment we participate, we should be cautious, consider and calculate carefully to limit the possibility of being caught in a dispute. These measures include:

  • You must clearly understand the cases covered by insurance because it is not the cases where the ship or cruise journey has problems that insurance will pay for.
  • Read the rules and contract carefully before signing
  • Ask for clarification on obscure terms commonly used in insurance contracts
  • Provide truthful information.
 Measures to resolve ship insurance disputes
Measures to resolve ship insurance disputes

Consulting services to resolve ship insurance disputes

Currently, at Long Phan there is a consulting service to resolve boat insurance disputes for you. The above consulting procedure includes the following steps:

  • The consultation procedure is complete, simple, and does not take up much of your time;
  • Carefully analyze the legal issues and causes surrounding the dispute
  • Propose effective solutions to best resolve disputes;
  • Support customers in negotiating with the other party in a boat insurance dispute;
  • Support or represent customers in liaising with State agencies related to the process of negotiating and resolving ship insurance disputes.

If you need detailed advice or want to use support services to resolve ship insurance disputes at Long Phan, please contact the Hotline. 0906.735.386 for detailed instructions.