North America Clean-Up

Shipowners' and charterers' liabilities arising out of indemnities in non-approved North American oil pollution response agreements, including the Marine Spill Response Corporation dispersant addendum, can be insured by us.

Staff Author

UK P&I

Date19/04/1966

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In Part I  of this article, the authors introduced the three new eBL providers whose blockchain based systems were recently approved by the International Group (IG), and provided an overview on how their systems work.  Here in Part II, we take a look at the recent products and initiatives of Bolero and essDOCS, two of the first generation eBL providers. We also take a look at cyber risks again and at whether the paper BL, as a tool, is still fit for purpose in today’s international trade.

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This article outlines some key information regarding Letters of Indemnity and addresses some frequently asked questions.

Briefings

On 21 February, the English High Court in an unreported judgment of HARMONY INNOVATION SHIPPING v CARAVEL SHIPPING [2019] 2 WLUK 370 ordered charterers to provide security for the release of a ship under an LOI given to enable cargo to be delivered without production of the original bills of lading.  

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According to the general principle of law debts shall be time bared if the creditor does not demand settlement within a reasonable time. Rules to shorten the limitation periods are implemented in Finnish legislation. The general law on time bar applicable to debts and other obligations are laid down in law 2003/728 Act on Limitations on debts. These general rules are applicable to all sorts of obligations (money, goods, services, damages, indemnities etc.) but do only apply if no special regulations on time bar are stipulated elsewhere in the legislation.