This IUA hybrid market briefing will aim to provide an in-depth study of Constructive Total Loss in the law and practice of marine insurance.

Description

In marine insurance, a constructive total loss (CTL) is the name given to those instances of loss and damage where the ship or cargo is not actually lost, yet there are reasons to treat it as being lost from a commercial point of view. One such example is where costs of repair exceed the ship’s value, much as with the “write-off” of a car.

Recent years have seen important decisions on CTL including The B Atlantic, The Brillante Virtuoso, and The Renos. It is and remains a complicated area of marine insurance law and practice.

At this market briefing, our guest speakers aim to provide those who work within the maritime sector with an in-depth study of current issues including:

• The types of CTL: the drafting of sect. 60, MIA 1906
• Deprivation of possession: what are the relevant tests?
• Best practice when claiming a CTL on figures; obtaining repair specifications and yard quotes.
• Judicial approaches to evaluating CTLs: allowances for unforeseen/increased costs.
• The role of the notice of abandonment
• What are the pre-conditions for additional sue and labour charges, and when do they end?
• The insurer’s rights on payment

Speakers

• Peter MacDonald Eggers K.C., 7 King’s Bench Walk
• Richard Sarll, Barrister, 7 King’s Bench Walk