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Catastrophic Fire Resulting in Constructive Total Loss

Catastrophic Fire Resulting in Constructive Total Loss
  • Vessel transited the Panama Canal in when an uncontrollable fire broke out resulting in the crew abandoning ship
  • AqM immediately notified H&M and P&I insurers who confirmed cover
  • AqM negotiated with 3 different salvors with the lead company being mobilised to deal with the fire 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 local grounding resulted in local subcontractors being appointed ensuring prompt and efficient delivery of service was 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 insured value of the vessel, USD6million, and out of pocket expenses IN FULL as well as all claim liabilities.

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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