Space and Non-reciprocal charter parties
Where operators have reciprocal space sharing with other operators, though they issue their own bills of lading, the standard Rules cover generally provides USD 350 million coverage per event.
However, operators frequently buy space or slots where the basis is not reciprocal, and hence need additional coverage. The Club offers various limits of coverage for the potential exposure to cargo claims under a bill of lading where cargo is carried on another owners ship.
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IG Letters of Indemnity
Members are often asked to accept letters of indemnity (LOIs) from their shippers or charterers in return for the delivery of cargo without presentation of original bills of lading, the delivery of cargo at a port other than that named in the bill of lading (or both) and in various other circumstances.