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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