Presentation of G. Koutinas in “Energy & Shipping” Seminar of Institute of Energy for South–East Europe

Mr George Koutinas, offered a presentation titled “Liability Insurance in Energy & Shipping” in the International Seminar organized by the Institute of Energy for South–East Europe (IENE), on 3rd February 2012, at the Eugenides Foundation Conference Centre, in Athens (www.iene.gr/energy-shipping2012).

In this presentation, the main liability insurance forms were mentioned with a particular emphasis to the Environmental Liability issue, as, beyond the current economic crisis, it has become a major concern for the business entities involved.

Insurance, from its very beginning that was established, constantly remains a valuable financially supporting tool to the maritime industry.
From the traditional coverage of standard assets  (Hull & Machinery) and Cargo, following the broader socio-economic evolution and the new risk management demands, insurance has been extended to also cover “intangible assets” like Liabilities.

Conventional Marine Liability related to Third Parties, to Employees and to the Environment, are successfully treated by the Protection & Indemnity (P&I) Clubs. However, taking into account the current legal trends towards protection of the Public, the Clients, the Consumers and the Stakeholders as well as the strict regulations in respect of the Environment protection, Liability Insurance has become an even more serious business issue.

New upgraded Liability Insurance forms have to be applied by the maritime industry in a more rational way, especially when dealing with “high risk” activities like the transportation of energy substances (oil, gas, coal and radioactive).

In the contemporary business environment, insurance products like "Charterer’s Liability”, "Professional Liability”, “Management Liability” (Directors & Officers’) and "Environmental Liability”, have to be thoroughly examined and adequately applied, in order to assure appropriate financial security.