Partial & total loss – Uninsured cargo interests

By Muthu Jagannath

“Conclusion: An uninsured cargo interest should consider as to whether they are entitled to pursue the carrier for recovery and in which case, they must: a) Protect time so as to avoid the claim becoming time barred; b. If entitled, seek security from the carrier and which will also aid in negotiating the claim; c. Negotiate the claim on best terms keeping in view the chances of recovery (considering the defences available to the carrier as listed in 2-5 above) keeping in mind the costs of pursuit. If a negotiated settlement is not possible, consider engaging recovery agents / lawyers to pursue the carrier (which will depend on the quantum of loss and the costs of pursuit and whether it makes commercial sense to pursue); d. Consider risk management processes to deal with future such incidents by way of risk transfer i.e. Insurance has been suggested in our earlier article, Salvage & General Average – Uninsured Cargo Interests.”

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Términos mencionados en esta doctrina: carrier, uninsured, consider, entitled, recovery.