OREANDA-NEWS. On 26 January 2009 was announced, that the holders of Ingosstrakh’s ship owner liability insurance policies have received the so-called ‘blue cards’ to confirm their liability coverage in the event of damage by spills of bunker fuel. The blue cards facilitated Ingosstrakh’s clients in receiving more than 450 Bunker Convention certificates from seaport authorities.

On November 21, 2008 the International Convention on Civil Liability for Bunker Oil Pollution Damage dd. March 23, 2001 came into effect. Pursuant to the Convention, relevant authorities of member countries issue bunker certificates that ratify operation of all marine vessels with gross tonnages in excess of 1000, including tankers.  The certificate allows its holder to enter territorial water of member nations for loading/unloading, deviation, bunkering, transit etc.

Bunker certificates are issued upon presentation of a confirmation (a ‘Blue Card’, similarly to the Civil Liability Convention (CLC)) of a financial guarantee or shipowner’s liability insurance against damage by bunker fuel.

Blue Cards issued by the members of the International Group of P&I Clubs are unconditionally recognized. The blue cards of some Russian insurers, including Ingosstrakh, are also recognized. The ships insured by Ingosstrakh are eligible to unrestricted access to any seaport of the world and bunker certificates similarly to the ones issued under the CLC. Ingosstrakh extends coverage to absolutely any vessel up to the limit of liability pursuant to the terms of the convention.

Clients claim that it is important that an insurance company is reputable and has high rating and experience in loss adjustment. The fact is if the insurer is incapable of adjusting a claim or meeting its insurance commitments in full, the shipowner is forced to lose valuable hours and sometimes even days of lay time while waiting for the final settlement of pending matters with the maritime administration.

According to Sergey Trubitsyn, Head of the Vessel and Shipowner Civil Liability Administration of IJSC Ingosstrakh, in many countries maritime administrations also require coverage of damages by acts of war and terrorism with the limit of liability exceeding USD25mln. The limits offered by Ingosstrakh for P&I risks are up to USD500mln, which makes Ingosstrakh policies acceptable throughout the world. For example, the marine administration of Panama, a state boasting the largest number of vessels by tonnage, met with Ingosstrakh for consultation on the terms and consequences of ratifying the convention in the context of issue of certificates to the vessels insured by Ingosstrakh. This is the 15th marine administration to officially affirm compliance of Ingosstrakh’s coverage with the requirements of the Bunkers Convention.’

By January 20, 2009 the Convention was ratified by Antigua and Barbuda, Bahamas, Bulgaria, Vanuatu, Great Britain, Hungary, Germany, Greece, Ireland, Spain, Cyprus, China, Latvia, Lithuania, Luxembourg, Malta, Malaysia, Marshall Islands, Norway, Cook Islands, Poland, Russian Federation, Samoa, Saint Vincent and Grenadines, Sierra Leone, Singapore, Slovenia, Tonga, Finland, Croatia, Estonia, Jamaica. Barbados, Korea and Panama have stated their intention to sign the document.