Shipowners' Liability for the Carriage of Oil and Petroleum Refinery Products

The carriage of raw oil and petroleum refinery products has been traditionally classified as costly and dangerous. The insurance of cargoes is experiencing the same difficulty. The pooling of the shipowners' funds is required. At the same time, the guilt for the occurrence of the insured event is usually attributed to the actual carrier. Insurance solvency is based on expenditures prior to the formation of insurance payments. At the same time it is easier to entrust the calculation of the insured value to a consolidated group of insurers. Only in this case, the limitations of liability are good and valid, and then the risk corresponds to the maximum level of insurance protection. As a result, the limits of liability are resistant to any of the losses. However, mutual insurance lies in creating new insurance products, where compensation and protection are strongly linked The emergence of powerful financial trust leads to cumulation of funds and their targeted distribution As a result, the extreme dissociation of operational risk indicators can be overcome. Futures contracts advance compensation for the primary risk only The upcoming coverage guarantee shall be established freely and the risk obligation shall be incorporated into direct costs for insurance premiums. IOPC funds increase the liquidity of the assets.

environmental risks, formation of insurance coverage, Protection and Indemnity Clubs, accumulation of assets, loan portfolio, insurance rates, gross tonnage, the limits of the insured liability, an insurance policy, credit risk

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