engleski

Freight Insurance in Charter Parties - Solutions Provided by National Legislation and Institute Clauses

Various interests of ship operators and charterers can be a subject of insurance in transport of cargo by sea. In charter parties, as a type of contract on transport of goods by sea, ship operator who is an exponent of maritime venture, in addition to many rights and obligations also has a justified material and legal interest in hull and machinery insurance and liability insurance. In addition to hull and machinery insurance and liability insurance the ship operator also has a material interest in freight insurance. Importance of this type of insurance is special due to the role of the freight, given the fact that the freight is the main economic purpose of charter parties i.e. economic price for exploitation of a ship. Freight insurance is one of the forms of marine insurance in which the subject is freight insurance exposed to risks from usual marine risks as well as to possible war risks and other risks. During the charter period, the ship operator can be prevented in executing their contractual obligation of transport of cargo and collection of freight for a variety of reasons, and therefore the ship operators have an interest in freight insurance with regard to such risks. Ship operators also have insurable interest when they have well-founded expectations for income from future ship operation. For example, when entering into time charter, there is a possibility that the ship operator will suffer a loss of hire, determined per unit of time, because the ship was out of operation for a certain period of time due to a need to effect repairs of suffered damage, therefore, interest of the ship operator from charter party in freight insurance in logical. By taking this fact into account, the primary goal of this paper is the study and the analysis of all relevant legal issues regarding the freight insurance in charter parties within the Croatian legal framework, other national legislations and provisions of the freight insurance institute clauses. Therefore, the paper primarily determines the basic characteristics of charter parties and the term freight itself. Furthermore, it determines the concept of the freight insurance and explains the purpose of economic interests for the freight insurance of all charter party beneficiaries. The basic methods of interests insurance regarding freight are presented – the freight insurance being part of the hull and machinery insurance or a separate freight insurance. A detailed analysis of the Croatian Maritime Code provisions regarding freight insurance is carried out as well as the analysis and comparison with the provisions of other legal systems (the English Marine Insurance Act, 1906 ; the Australian Marine Insurance Act, 1909 ; the Norwegian Insurance Contracts Act, 1986) and separate institute cargo clauses against maritime perils, war risks and strike risks. The analysis of the institute freight clauses includes the Disbursement Warranty which governs the possibility of additional insurances such as the freight insurance in institute hull clauses. The paper reviews the loss of hire insurance, that is, characteristics of charter hire insurance in time charters. The conclusion summarizes the most important freight insurance provisions of the Maritime Code, other legal systems provisions and institute freight clauses in the standardization of these types of charter party insurances. The quality of freight insurance standardization in terms of legal provisions and institute clauses is also explained.

freight, insurance, the Maritime Code, the freight insurance regulations in other legal systems, the English Marine Insurance Act, the Australian Marine Insurance Act, the Norwegian Insurance Contracts Act, Institute Time Clauses – Freight, Institute Voyage Clauses – Freight, Institute War and Strikes Clauses – Freight

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