West of England P&I Club has announced the creation of a dedicated Charterers and Traders product team to manage its Charterers Comprehensive Cover, which provides bespoke cover for charterers and traders.
Suumit Madhu will lead the new team with support from Nicola Goff, Christina Anderson, Chris Ward and Paul Kaye covering both Underwriting and Claims support for Members.
The Club said that Charterers operated in an increasingly litigious environment which is further compounded by the evolving quantum of risks, and that operating without specialist insurance left charterers exposed to third-party risks, which quickly could lead to significant claims.
West noted that a typical charter party might contain a variety of obligations making the charterer potentially liable for damage caused to the vessel and other liabilities during the fixture. A charterer could be strictly liable for any ensuing liabilities even where the properties of the cargo in question were not declared correctly by their shipper.
Such risks faced by charterers had continued to evolve in recent years. West’s Charterers Comprehensive Cover provides variable limits to meet such complex claims scenarios, as well as primary delay cover.