Professional indemnity

At their meeting in May 2022, the Directors closed the 2019 policy year. The deficit was transferred to the reserves.

Following significant engagement between the International Group and the Government of Turkey, an agreement has now been reached for such ships carrying crude oil cargoes and that will allow Members to continue voyages through Turkish controlled international straits and waters.

Members will be aware that the Government of Turkey issued a notice dated 16.11.2022 which requires oil tankers transiting or entering Turkish waters from 01 December 2022 (extended to 02 December 2022), to provide letters of confirmation from the owner’s P&I Club attesting that cover will remain in place under any circumstances throughout the duration of the transit or the time the ship is in Turkish waters or the time it is in a Turkish port or terminal.

The international legal framework relating to the entitlement of shipowners to limit their liability for maritime claims has been established by the entry into force of the 1976 Convention on Limitation of Liability for Maritime Claims