BIMCO Team Tackles Piracy Clause  

Subsequent provisions will determine whether or not, under the circumstances, the charterers’ orders are to be followed. In the event of re-routing there will be an allocation of costs and time. If the owners agree to continue the passage through the risk area, then provision is made for preventative measures and for following the orders and directions of naval or other authorities. Again, there will be an allocation of costs particularly in respect of additional insurance premium.

The new, proposed clause will also deal with hire and deviation issues. In the event of the vessel and crew being seized and detained by pirates, provisions will be made for the counting of hire and for any additional costs arising out of damage to the vessel and/or cargo and personal injury or death of crew that is not covered by the owners’ insurance coverages.

Work on the new clause will continue when the drafting group next meets on 26 February. It is hoped to complete the work at that meeting so that the new piracy clause for time charter parties can be published in early March.

Published in the Maritime Executive Magazine
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