Insurance Presentation for the Chios Marine Club

Insurance Presentation for the Chios Marine Club

It is with pleasure and some pride that SM Sigma Maritime Technical Consultants announce the high-profile presentation entitled “The Insurance Perspective of Marine Disasters” that took place earlier this month.

The event was organized by The Chios Marine Club in the warm and friendly atmosphere of the Angelicoussis Group Auditorium on November 1st 2017. It was sponsored by SM Sigma Maritime Technical Consultants and presented by The Swedish Club Greece.

The keynote speaker, Mr. Stelios Magkanaris, Fellow of the Association of Average Adjusters, provided an overview of the applicable policies and practices adopted in marine insurance contracts. Mr. Magkanaris continued with the presentation of real case studies where the casualty was viewed from the insurers’ perspective and the entailing complexities and considerations were demonstrated in practice.

The event began with a brief introduction by Mr. Konstantinos Vasileiadis, chairman of the Chios Marine Club, who addressed the importance of planning more events such as these, as they provide the shipping industry with specialized experience and knowledge.

Following Mr. Vasileiadis was Mr. Manos Strongilos, Mechanical & Marine Engineer, director of SM Sigma Maritime Technical Consultants, who contributed with his own insight on the subject evolving from the experience and expertise obtained during his career, both as a superintendent engineer and as the former Technical Manager of The Swedish Club Greece. He noted the considerable differences in the viewpoints owners and insurers take towards casualties. Starting from the consideration of ships as assets by shipowners and as liabilities by underwriters, Mr. Strongilos proceeded to demonstrate how simple, straight forward approaches towards repairs and general handling of casualties usually are not as simple and straight forward when seen under the light of an insurance contract. Where owners see a series of specifications, spares, repairs, shipyards, attendances pertaining to the attempted solution of one problem (the casualty), insurers see a host of different items, individual little sections into which the claim, as submitted, must be broken down and fitted. Mr. Strongilos stressed the complexity of such situations which, more often than not, is augmented when it is not understood that, when looking at the same thing, owners and insurers do not see the same thing, resulting into misunderstandings and, eventually, financial losses.

Ms. Maria Yiassa, Senior Underwriter of the Swedish Club, offered a comprehensive description of The Swedish Club’s background and fields of activity in both the global and the Greek shipping communities.

On completion, Mr. Konstantinos Vasileiadis presented Ms. Yiassa and Mr. Magkanaris with the Chios Marine Club coat of arms, followed by a reception, sponsored by SM Sigma Maritime Technical Consultants where guests had the opportunity to discuss and exchange their experiences on the interesting topics which were raised during the presentation.

The event was covered prominently by the media. Material below:

All About Shipping

NEWSFRONT

ELNAVI

Politis Chiou

Chios Marine Club