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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

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AqM claims handling case studies

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RISK MANAGEMENT

We focus on our clients’ needs with the aim to
minimize risk. AqM will go beyond the usual
boundaries of the standard insurance broker;
we combine knowledge, flexibility and progressive
thinking to achieve transparency for our clients.

CONTACT US

LONDON OFFICE
The Baltic Exchange, 38 St Mary Axe, London, EC3A 8BH, UK
info@aqmltd.com

PANAMA OFFICE
77th Street, San Francisco, Bldg 26,
Panama City, Republic of Panama
info@aqmltd.com
Direct dial from Panama + 838 6053

 

CLAUSES & PROPOSAL FORMS

For your information and convenience we have published a number of Insurance Clauses, and Proposal Forms for you to download to view or print.

AqM is Authorised and Regulated by the UK Financial Conduct Authority (FCA) – 311727
Republica de Panama Superintendencia de Seguros Reaseguros ROC (Registration Number) – 002