London Arbitration 4/13
BIMCO PIRACY CLAUSE — TIME CHARTER — NECESSITY OF PIRACY INSURANCE — REIMBURSEMENT OF INSURANCE PREMIUM — Charterer Award
When the Vessel was instructed to sail on a voyage which took her through the Gulf of Aden — an area known to be exposed to piracy risks – the Owner undertook insurance against kidnap, ransom, and loss of hire for which they seek reimbursement for the $31K insurance premium. At issue is whether the insurance was “necessary” as stipulated in the BIMCO Piracy Clause.
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