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Subject:
AW: Athens
Correspondence Group (IMO Legal Committee): Letter to P&I and draft paper
for LEG 92 |
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From: "Stabinger Fritz" |
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Date: Tue, 4 Jul 2006 14:43:10 +0200 |
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To: Erik Røsæg |
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CC: "Tony Nunn" |
Dear Erik –
thank you very much for your yesterday’s e-mail with attachments.
I shall limit IUMI’s
comments to the draft paper ‘Provision of Financial Security’.
Preliminary comment
IUMI realizes that the caption of the paper says ‘submitted by
IUMI would of course not dare to comment on a Norwegian paper in this way,
but in the executive summary you do refer
to the work of the correspondence
group which is of course lead by
of the paper report the consensus of the
correspondence group which is,
I am sorry to say, not a fact.
5
what has been available to the
correspondence group and to other interested
parties were the oral comments of a
representative of the broker Marsh.
And oral comments coming from any party but
probably even more so when coming
from a commercial broker, can hardly be
called ‘evidence’.
‘Evidence’ to IUMI’s
mind is a piece of paper containing a sample insurance
slip. This sample does not need to contain
prices (premiums) but details of
the cover granted and exclusions plus an
indication as to who (security) would
be prepared to lead the cover and with what
percentage.
IUMI therefore would propose to re-phrase the 2nd phrase of this
paragraph
as follows: There have been some comments to
the correspondence group
and other interested parties that insurance
solutions....may be offered by
the market.
The last part of para 5 beginning with ...,
there is more... is highly dangerous
because it refers to a historic assumption
we know nothing about – and again:
IUMI has a different understanding as to what is evidence.
IUMI, therefore, would propose to scratch all after the comma (..., there
is...).
6
the details contained in an insurance slip
are not commercially sensitive, in
particular when we do not insist on knowing
pricing issues.
The fact that Marsh claims to be able to
provide insurance security has been
heard by probably the whole legal committee
and is, therefore, hardly sensitive
any longer.
IUMI, therefore, proposes to re-phrase the sentence beginning with ‘However’
as follows: However, there has been no
tradition in the legal committee to
require the industry to reveal commercial
details.
(IUMI also
proposes not to refer to the industry as ‘actors’ – some might
see that as offensive.)
10
you probably aim at US$ 500 million and not
US$ 500.000.
The article referring to the Marsh scheme
sounds vague and unconvincing
in particular when we have no insurance
slip available to substantiate what
is said in the part ‘- The proposal...’.
16
Costs: IUMI
proposes not to sound specific. And ‘probably be less than
US$ 0.5 per passenger per day/voyage’ is,
again, too vague and, therefore,
unhelpful: after all if you are told that
you ‘probably will not be hit by a car
when going home today’ you cannot do too
much with that kind of
statement.
Focal point: also here, IUMI
proposes to be a bit less definite.
Instead of saying ‘There is no reason
whatsoever...’ it sounds better to
say ‘There are indications that an acceptable
fronting company can be
found’.
Sustainability: again we are on thin ice
here. We could equally say that
‘There is no confirmation, at this moment
in time, that the proposed
insurance arrangements can be maintained
over a longer period of time’.
Remember that most policies are renewed
annually and whether the legal
committee really is flexible enough to
alter its guidelines (remember,
you say that it meets again in autumn of
2007) in a timely manner is, to
our mind, questionable at least.
Best regards
Fritz
IUMI
International
Secretary General
C.F. Meyer-Strasse 14
POB 4288
CH-8022
phone: +41 44 208 28 70
mailto:
Fritz.Stabinger@svv.ch
www.iumi.com
Von: nifs-athens-owner@jus.uio.no
[mailto:nifs-athens-owner@jus.uio.no] Im Auftrag von Erik Røsæg
Gesendet: Montag, 3. Juli 2006 13:42
An: Athen-korrgr; Lloyd Watkins
Betreff: Athens Correspondence Group (IMO Legal Committee): Letter to
P&I and draft paper for LEG 92
Dear
Correspondents,
Enclosed is a letter from me in my capacity as a Norwegian delegate to Lloyd
Watkins, and also a first draft of a paper for LEG 92. Please note that the
deadline for bulky documents is already 11 August. I shall be happy to take
into consideration comments received well in advance of that time. It will also
be possible to report on an eventual continued exchange in the Correspondence
Group in a short paper after that time.
Yours sincerely,
Erik Røsæg
--
Professor Erik Røsæg (Rosaeg)
Scandinavian Institute of Maritime Law
POB 6706 St. Olavs plass
N-0130
Tel: (+47) 22 85 97 52
Fax: (+47) 97 38 49 98
https://rosaeg.no/erikro/index.html
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