As a shipowner, one of the most important elements of P&I coverage is cover for liability for cargo risks. Pursuant to NNPC Class 1 Article 16 and Article 17, a number of important conditions and exclusions apply to that cover.
In some cases, it is possible to insure excluded risks through a so-called “Ship Owners Liability” (SOL) insurance via a so-called “buy-back”, including for the following risks:
- Discharge of cargo without presentation of original bills of lading;
- Carriage under a through bill of lading;
- Carriage on deck where this risk is not explicitly excluded in the conditions; or
- Discharge at a port other than that stated on the bill of lading.
By taking out SOL cover, you ensure appropriate protection where standard P&I coverage ends, and you are protected against certain unexpected financial setbacks. We invite members, in the event of excluded risks during the carriage of cargo, to contact the Underwriting department at underwriting@nnpc-marine.com to discuss the options.
