Overview of key changes made to Skuld OFFSHORE
Terms and Conditions for 2016/17 policy year.
The following changes to the Terms and Conditions were approved by the Board of Directors of Assuranceforeningen Skuld at its Meeting in November 2015.
Red text indicates texts added, strikethrough text indicates removed text.
For updated Terms and Conditions documents for 2016/17, please see attached link.
PART 4 Limitation and Deductible
17.3 Where liabilities arise under a CLC Certificate, Bunkers Convention Certificate or Wreck Removal Convention Certificate issued by Skuld and such liabilities (“Certified Liabilities”) exceed or may exceed in the aggregate the limit of cover,
17.3.1. Skuld may in its absolute discretion defer payment of a claim in respect of those liabilities or any part thereof until the Certified Liabilities, or such part of the Certified Liabilities as Skuld may decide, have been discharged, and
17.3.2. if and to the extent any Certified Liabilities discharged by Skuld exceed the said limit any payment by Skuld shall be by way of loan and the Assured shall indemnify Skuld in respect of such payment.
Commentary: The purpose of this amendment is to clarify that liabilities due under the “Blue Cards” issued by the Association and exceeding the agreed aggregate limit of the cover is for the Assured’s account.
APPENDIX 1 Definitions
Bunkers Convention Certificate
A certificate issued by the Association in compliance with Article 7 of the International Convention on Civil Liability for Bunker Oil Pollution Damage 2001
CLC Certificate
A certificate issued by the Association in compliance with Article VII of the International Conventions on Civil Liability for Oil Pollution Damage 1969 or 1992 or any amendments thereof.
Wreck Removal Convention Certificate
A certificate issued by the Association in compliance with Article 12 of the Nairobi International Convention on the Removal of Wrecks, 2007.