War Risks and Piracy Clauses Ready
Following a second meeting of the BIMCO War Risks and Piracy Clauses Working Group in Paris, work on the revision of CONWARTIME 2004, VOYWAR 2004, and the Piracy Clauses has been concluded
Updated War Risks and Piracy Clauses ready for Committee’s review
Following a second meeting of the BIMCO War Risks and Piracy Clauses Working Group in Paris, work on the revision of CONWARTIME 2004, VOYWAR 2004, and the Piracy Clauses has been concluded.
The update of these important clauses has focussed on bringing greater clarity and harmonisation to the language used and making clearer the how various additional insurance costs and premiums are to be dealt with.
The Piracy Clause for Time Charter Parties, which is widely used in the industry, has also benefited from additional provisions dealing with the application of Loss of Hire insurance during captivity by pirates, and time lost after release of a captured vessel used to make good any damage or deterioration caused to the ship during the seizure.
The revised drafts of CONWARTIME, VOYWAR and the Piracy Clauses will be reviewed and considered for adoption by the Documentary Committee at its spring meeting on 27 May in Paris. If the Clauses are approved for publication they will be released to the industry in June.