Skuld’s Terms and Conditions for all of its fixed insurance products are continuously reviewed to ensure that our clients are offered a level of coverage that is unique to the market. Strong customer orientation differentiates us from the competition and this is why the Skuld Offshore Terms and Conditions are designed to be clear and concise. With the launch of Version 3, our aim is to provide even more clarity to cover and we believe that this has been achieved.
Set out below is an overview of the key changes made in Version 3:
General Provisions |
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| Part 1 – Introduction | ||
| Clause | Clause Title | Comment on Amendment |
| 7 | Premiums and Lay-up returns |
The following wording has been deleted: “The Assured shall not be covered for any liabilities, losses, expenses or costs which arise out of an Event which occurred at a time when the Assured owed premiums” |
| 10 | Obligations | 10.4 – Relates to Skuld’s claims handling rights. 10.8 – Existing wording has been amended to ensure that (a) the obligations apply irrespective of whether the Assured “knows or should know” and (b) the reference to “refrain from operating” has been removed to clarify that the conditions shall apply when the Unit or Vessel is laid up or otherwise not “operating". 10.9 – This new provision relates to the amendments made to clause 41 (crew and other persons). |
| Part 3 – Exclusions | ||
| 14 |
14.3 - Inclusion of reference to “crew contracts”. “any claims for loss of reputation or for punitive or exemplary damages” |
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| Part 4 – Limitation and Deductible | ||
| 17.2 | Limitation | Additional clause capping coverage for fines at USD 50 million. |
| Part 5 – Termination | ||
| 22.5 | Termination by Skuld | New clause allowing Skuld to terminate cover (following written notice) where the Assured has exposed or may expose Skuld to the risk of being or becoming subject to a sanction, prohibition, restriction or other adverse action by a state or international organisation or competent authority. |
| Part 6 – Miscellaneous | ||
| 28 | Waiver | Requirement for Assured to provide counter-security in certain circumstances. |
A. Mobile Offshore Units |
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| Part 1 – MOU P&I Cover | ||
| Clause | Clause Title | Comment on Amendment |
| 41 | Crew and other persons | The wording of this clause has been expanded. No change to cover. |
| 46 | Wreck removal | The wording of this clause has been expanded to include contractual wreck removal where the contract has been approved by Skuld. |
| Appendices | ||
| Appendix 1 | Definitions | Several definitions have been amended/expanded: - Affiliate - Certificate of Insurance - Co-assured - Contract works - Owner (this definition has been deleted) - Sister Unit Rule - War Risks |
| Appendix 2 | Co-assureds, Affiliates and Fleet Cover | Appendix 2 has been simplified and clarified. |
| Appendix 3 | War Risks |
Small amendments to: |