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International In-house Counsel Journal logoInternational In-house Counsel Journal logo

Compulsory Insurance for Shipowners' Cargo Liability: A Heresy or Logical Step?

December 2009
InsuranceShipping

Abstract

1. If someone wants to introduce an innovation, he has to give arguments against prevailing standpoints that support current status quo. In this article we shall try to give an answer to the question whether the time has come to introduce compulsory insurance for shipowner’s liability for cargo? Current position of shipowner’s liability insurance 2. Over 90% of the world's merchant fleet is entered with the P&I clubs which provide third party liability insurance to the shipowners. The shipowners not entered with P&I clubs are some large shipping companies that have their own insurance arrangement (like captive insurance) and those shipowners who insure their liability with the commercial insurance market together with hull insurance or separately.

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Author

Portrait image of Petar Kragic
Petar Kragic
Legal counsel , Tankerska Plovidba dd, Croatia

Petar Kragic has got MA and PhD in maritime law. He is author of a legal textbook Tanker Charteparties and a number of articles on maritime law topics. He is speaker at maritime conferences. He is titular member of CMI and former chairman of the Croatian Maritime Law Association. He was a member of CMI drafting committee for Rotterdam Rules and a member of the Croatian delegation to UNCITRAL including to Working Group on Judicial sale of Ships. He is former chairman of the legal committee of Croatian Chamber of Shipping. For a number of years he was director of a UK P&I Club and SiGCo and has been a member of the drafting committee for Croatian maritime law. Mr. Kragic was working for Tankerska Plovidba d.d., Croatian largest ship owning company in which for a number of years he headed the Legal & Insurance Department and later was its legal advisor.

Company

Tankerska Plovidba dd logo

Tankerska Plovidba dd

Tankerska Plovidba d.d. is a shipping company established in 1955. It operates a fleet of tankers and bulk carriers.

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