AqM Claims Handling Case Studies

Catastrophic fire resulting in the vessel being a Constructive Total Loss

• Vessel transited the Panama Canal when an uncontrollable fire broke out resulting in the crew abandoning ship
• AqM immediately notified H&M and P&I insurers and cover was confirmed
• AqM negotiated and agreed terms with salvors who were mobilized within 4 hours of first advice and Lloyds Open Form being signed the same day
• P&I insurers put up a USD2million guarantee to salvors the same day of the loss
• Additional technical salvage support was flown in and AqM’s local grounding resulted in local subcontractors being appointed to ensure prompt and efficient delivery of service being provided
• AqM mobilised two scrap buyers to inspect and make bids for the disposal of the wreck with an MOA being signed within 3 weeks of the loss
• Owners recovered the FULL insured value of the vessel and out of pocket expenses as well as all claim liabilities

Power plant blackout resulted in turbine failure

• Local fire close to distribution lines resulted in power outage to a large region of Panama
• Steam turbine lost power resulting in an imbalance and then failure of one of the lubrication systems caused bearings to be in direct contact with metal shaft
• Whilst property damage was modest, the plants Business Interruption claim was substantial AqM negotiated the incident at length with claims adjusters resulting in a USD5million claim being presented to reinsurer

Vessel grounding due to heavy storms

• Vessel grounded in heavy storms in Colon, Panama
• AqM immediately notified H&M and P&I insurers; cover was confirmed the same day and surveyors were at the vessel within 36 hours
• Owners preferred salvor was appointed under a Wreckhire Agreement with insurers putting up c.USD1 million guarantee to cover the salvage operation
• AqM had various discussions behind the scenes with the Local Administration to ensure the necessary permissions were not inhibited
• AqM’s participation also resulted in local subcontractors being appointed ensuring prompt and efficient delivery of service
• Negotiations with salvors were concluded for c.USD900,000 with our client recovering out of pocket expenses in FULL

Machinery damage claim from cooling system debris

• After achieving P&I premium savings for a new client AqM undertook a review of their historic machinery damage claim
• The incident was being handled by the clients previous large Panama broker and prominent UK broker
• Despite repeated chasers by the client the Panama broker had failed to properly investigate the claim nor communicate the H&M Underwriters request for further information
• AqM took control and after reviewing all statements, technical reports and surveyors remarks negotiated a settlement over 3 times greater than the Panama broker had achieved
• Settlement was made within 2 months of AqM’s involvement

Theft of cargo from Port facility

• Theft claim from a Port facility in Chile
• Shortage claim was immediately notified to Cargo Underwriters who appointed surveyors and carried out their inspection within 48 hours resulting in 10% of the goods being recovered
• The value of the claim was fully documented and presented by AqM to Underwriters with cover being confirmed
• AqM collected the claim in FULL and has made payment to its client
• AqM has appointed leading London law firm, Clyde & Co, on a contingent fee basis to seek recovery from the shipper to protect our clients claims record

Yacht grounding

• Loss of steering combined with heavy weather resulted in a yacht grounding
• AqM immediately mobilised surveyors who were waiting to inspect the damage when the yacht was brought alongside the following day
• AqM notified insurers the first working day after the grounding and cover was confirmed
• The damage was fully assessed with a complete log of required repairs being made and permission given for works to start
• Specialist replacement parts were shipped in with all shipping and taxes being covered by insurers
• The claim was paid in FULL to our client within 3 months of the incident