The book covers all varieties of maritime fraud, from the most serious downwards, describing the methods employed and the risks to traders and carriers. At the serious end of the spectrum, pirates capture an entire ship, often murdering the entire crew, in order to sell the cargo (to which of course they have no title), later to use the “innocent” ship to pose as innocent traders. Less serious (but perhaps of greater interest to lawyers) are misdescriptions of cargo in, or backdating of, bills of lading, and other deceptions, usually practiced on purchasers and banks.

IT IS IMPORTANT THAT YOU MINIMISE THE EFFECTS OF MARITIME FRAUD BY PURCHASING MARITIME FRAUD BOOK

Maritime Fraud book provides

The main focus of this book is the impact maritime fraud has on contracts for sale and carriage, documentary credits and marine insurance.

Supplies remedies victims may have against fraudsters, their accomplices, or against other traders (who may, of course themselves be innocent), in an attempt to spread the losses.

Why you need Maritime Fraud book

The system of international trade is inherently fraud-prone, it is possible to reduce this risk, but this compromises speed, convenience and cost and a balance needs to be struck. New technology may improve the situation, making life more difficult for fraudsters, but equally, new opportunities for fraud will be created. The central issues remain

What extent traders are prepared to sacrifice the system’s virtues to combat fraud and the level to which it is rational to do so?

MARITIME FRAUD BOOK WILL PROVIDE THE ANSWERS

Contents

Introduction

Piracy

Phantom ships and thefts of cargo

Misrepresentation in bills of lading

Misrepresentations in bills of lading: Positions of carriers

Other maritime frauds

Technological advances

Who should read Maritime Fraud book

Maritime lawyers

Ship charterers

marine insurers

Misrepresentation in bills of lading

Freight forwarders

Marine banks

Ship brokers

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The insurer and the insured are the main two parties involved in insurance. The insurer is the insurance company which will provide the cover to the insured against any financial losses. The insured may be an individual person or a group of people like an employer, members of a society, etc.

Basic categorization of Insurance

There are mainly two broad categories of insurance

• Life insurance
• Non-life insurance

Life insurance products include Life term policies, which give clean risk coverage of only the death benefit, whereas endowment or money back policies have a risk as well as savings component i.e. death as well as maturity benefit. The life insurance also includes Unit Linked Policies in which there is a risk component and a savings component, which is invested in equity, debt or gilt funds, depending on the insurance company.

Non Life insurance products include property or casualty, health insurance or house, fire, marine insurance etc. This insurance category deals with all the non-life aspects of an insured like their house, health, land, office, etc which might bring financial loss.

There are few principles of insurance, such as:

• Definite Loss – Insurance - The event that gives rise to the loss that is subject to insurance should, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured on a life insurance policy.
• Unintentional or Accidental Loss – Insurance - The event that comprises the trigger of a claim should be accidental, or at least outside the control of the beneficiary of the insurance. The loss should be pure, in the sense that it results from an event for which there is only the opportunity for cost.
• Huge Loss – Insurance - The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to rationally assure that the insurer will be able to pay claims.
• Affordable Premium – Insurance - If the probability of an insured event is so high, or the cost of the event is so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer.
• A large number of identical coverage units – Insurance - The vast majority of insurance policies are provided for individual members of very large classes. The existence of a large number of identical coverage units allows insurers to benefit from the so-called law of large numbers, which in effect states that as the number of coverage units increases, the actual results are increasingly likely to become close to expected results.
• Measurable Loss – Insurance - There are two elements that must be at least estimatable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
• Limited risk of terribly large losses – Insurance - If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed.

<b>Cost is the main concern</b>

When choosing any freight exchange company you need to keep the overall costs down to the bare minimum possible. To do this you will most likely need to compare the charges being asked by various freight forwarders and then decide. The job of any freight forwarder is always complex as he or she needs to negotiate on prices and routes with other parties. They also sometimes entrust the delivery work of goods to third party agencies, whom neither you know or recognize. Hence in such cases there is always an element of risk involved. Goods can get damaged or spoilt during the transportation process. This is one reason why proper marine insurance is absolutely vital in international trading activities.

<b>Prevention is better than cure</b>

As this popular adage goes, it is always better to insure your goods while in transit rather than wait for them to suffer damage and then pay exorbitant prices. While most freight exchange companies will try their best to minimize damages to the best possible extent, it isnt always possible to ensure this. Unforseen circumstances such as inclement weather or a theft on board can result in serious losses to you and your company. Hence with this perspective in mind, it is always better to go for a good quality cargo insurance deal. You can even get the assistance of a qualified marine insurance agent who will actually bargain on your behalf to land you great deals and the best prices.

<b>Why it is beneficial</b>

When it comes to cargo insurance schemes there are plenty of options you can choose from. You will also typically find that the cost of obtaining a marine insurance is actually significantly lesser as compared to the overall freight charges. Also the fact that you can avail significant financial reimbursement makes any investment in this insurance well worth the costs.

<b>Types of coverage<b>

There are essentially 4 types of marine insurance coverage:
<ul type=disc>
<li><b>Physical damage:</b> In such cases the motor, boat and equipment is safeguarded against lightning, wind, theft, fire as well as other natural calamities. </li>
<li><b>Liability: </b>This safeguards your goods in cases when an accident or collision happens while on board.</li>
<li><b>Medical: </b>This kind of marine insurance coverage provides medical protection in case of accidents.</li>
<li><b>Extensive: </b>These include miscellaneous items you want insured like mobile phone, television, stereo, fishing gear etc.</li>
</ul>

Every year, thousands of boats of all shapes and sizes sink. The most ironic part is that most of them sink when they’re not even in use; they’re at the dock!. As a matter of fact, sinking boats is perhaps one of the biggest losses to marinas all over the world.

Why is this: because marine insurance is too expensive. Perhaps one of the major reasons that boats sink is because the people who own them are neglectful. Another possible reason may be due to the fact that the people manufacturing, building and distributing the boats are inexperienced themselves or have inexperience, inefficient staff members. Now, there’s a scary thought. I mean, imagine if the people who build cars didn’t have qualified staff on hand? Ugh- I don’t even want to think about all of the negative consequences that could come out of that.

According to David Pascoe, boating specialist at http://yachtsurvey.com, the major causes of boats sinking can be broken down into two categories: hull design and internal systems. In terms of the hull design, Pascoe claims that hull design problems usually involve boats under 40 feet long and more often boats that are under 30 feet long. The smaller your boat is, the more likely it is to sink because smaller boats sink faster than larger ones. When it comes down to powerboats and why they sink, it is usually because of the cockpits being improperly designed. For sailboats, the reason is due to improper head installation, sink drains and inadequate bilge pumps.

Many people who own boats do not realize the value of weight distribution. For example, if you have a smaller boat, you need to pay even more attention to the bilge pump because if that fails, then you are going to really be up a creek. Pascoe goes on later to say that improper design or use of poor quality materials is the cause of the majority of boats sinking. Internal system failures, as he calls it, fall into three main categories: reverse siphoning resulting from errors in plumbing, insufficient bilge pumping or batter failure and failed hull fittings and hoses.

If you are thinking of purchasing a boat, you really need to make sure that you properly inspect the boat for any problems before hand. If you are already a boat owner, you need to make it your duty or responsibility to (every time) always check over your boat thoroughly before you take it out on the water. After all, the last thing you want is to have a problem or end up in “hot water” when you’re miles away from everything. It is also a good idea to make sure that you always wear your life vest for this reason as well as have a working radio and/or tell someone where you are planning on going for that day.

Business insurance is generally a package of insurance options all rolled into a single policy, taking the specific needs of the business owner into account. The primary subtypes of this kind of cover are

• Various kinds of professional liability insurance
• The business owners policy which bundles various forms of cover together to meet his/her specific needs

Construction insurance provides cover for the loss of or damage to property during the course of construction.

Credit insurance will pay all or part of a loan should the policy owner become unemployed, disabled or dies.

Startling statistics have revealed that as many as 70% of all businesses in South Africa will be affected by employee theft at some stage or another. It is therefore an imperative for all business owners to adequately protect themselves and their property from this unacceptable abuse by employees. This insurance cover compensates the business owner for the loss of money or property caused by theft by an employee. In some cases, any other act of fraud or dishonesty by an employee, is also covered.

Fire insurance covers the loss of or damage to a building and/or its contents due to fire.

Liability insurance is specifically designed to offer precise protection against claims by a third party. Payment is not usually made to the insured but to the person or party who has suffered the loss or damages.

marine insurance covers the loss of or damage to ships at sea and their cargo as well as terminals and any other transport or property used to transfer the cargo between the point of origin and the final destination.

Motor insurance protects the policy holder against financial loss in the event of an accident or in the case of theft. It offers three different types of cover that effectively covers all bases property, liability and medical cover

• The property cover pays for the damage to or the theft of the policy holders vehicle
• The liability cover pays for the policy holders legal responsibility to others in the case of injury or property damage or both
• Medical cover pays for all medical costs relating to the policy holder including rehabilitation and loss of earnings

Property insurance safeguards the physical property of the insured against fire, theft, adverse weather conditions or other disasters. It is a wise idea to opt for all-risks cover that effectively offers blanket protection against all perils, not only the ones itemised in the policy should you choose specific insurance coverage instead.

All travellers, whether taking a trip locally or abroad, are urged to take out adequate travel insurance. It offers cover for certain losses like medical expenses, travel delays, personal liabilities and the loss of expensive personal belongings.

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Among this collection are three nearly identical paintings of fifteen sunflowers, followed by two equally identical paintings of twelve sunflowers. These five paintings were done while he was living in Arles, a city located in the south of France, in August of 1888. The later similar paintings were done early in the following year.

The first of the paintings was created to serve as decoration in his friend Paul Gauguins home. Thus began the Sunflower series. The paintings depict sunflowers in all stages of life, from early bloom to nearly the end of the flowers existence, where the petals are depicted as wilting away.

These paintings were unique at the time because of their vivid yellow color. New pigments had just been invented which made the coloring possible. The brightness of the flowers was something that people hadnt seen, and thus made the paintings immediately valuable.

Van Gogh, in a letter he wrote to his brother, explained, The sunflower is mine in a way. He was speaking of the true uniqueness and innovation of the appearance of the painting relative to other paintings he and his contemporaries had done.

In March 1987, the true worth of these paintings was displayed when Japanese insurance magnate Yasuo Goto paid nearly $40 million for one of the paintings in the series. This was a new record for Van Gogh paintings. At the time, he may have made the purchase for himself or for the company he owned, which was called the Yasuda Fire and marine insurance company of Japan. Either way, the painting now rests in the Seiji Togo Yasuda Memorial Museum of Modern Art in Tokyo. Following the purchase was a brief scandal in which the painting was suspected to be a forgery; however, it was concluded to be genuine.

Van Gogh was struck by the inherent beauty in these simple flowers. He was inspired by their hope in the first bloom and their honesty in their wilting death. He was not alone in that opinion; his work was followed by many similar paintings. Even in modern contemporary art, we find a vast majority of still life paintings to be inspired by flowers in various stages of life and death.

The best way to make sure that you can recover the actual value of the goods damaged or lost whilst they are being transported is to arrange specialist goods in transit insurance. As with house and buildings insurance, you pay a premium and this will enable you to make a claim when you need to.

Its easy enough to find insurance for your house and contents we are constantly being bombarded with advertisements advising us to use comparison websites to get the best deal for all our personal insurance requirements. However, its not so easy with goods in transit insurance; in order to obtain the best kind of cover for your particular requirements, you need to find a broker who specialises in this type of insurance.

But this may not be a worthwhile option if you only have a small number of international shipments per year, or if you simply do not have time to do the research. That is when your freight forwarder can help you.

Many reputable shipping companies are able to offer goods in transit insurance on a per shipment basis using their own open cover policy. This usually means that you pay a small premium. The premium is based on the CIF (Cost Insurance and Freight) value of the goods and the risk profile of the geographical locations relevant to the movement. The CIF value is made up of the value of the goods, plus the freight plus ten per cent.

The shipping company can quote you for this when they give you a price for the freight movement. The Freight company will issue you with a Certificate of Insurance, which you will have to produce should you to need to make a claim. When marine insurance cover has been taken out, the cargo owner only needs to have evidence of loss to make a claim, whereas to make a liability claim against the carrier it must be proven that the carrier was at fault.

You will need to confirm your instruction to insure in writing prior to the import or export shipment commencing, but this can easily be done by email.

To summarise, its always advisable to ask shipping companies to quote for goods in transit insurance if you do not have your own annual goods in transit policy. In that way, you can claim for the full value of the goods and the value of the freight invoice if the goods have been lost, rather than settling for limited liability compensation.

The navigation territory defines where the owner may or may not take the insured boat. Navigation territory may be extremely limited or very broad within the following categories:

1. Port

a. Port Risk Ashore – the insured vessel is not in the water. For the duration of coverage with this navigation territory, the vessel may not be placed in the water. If the owner decides that he wants or needs to put the boat in the water, he must contact the underwriter and negotiate coverage for a different territory.

b. Port Risk Afloat – the insured vessel is in the water but it may not be navigated anywhere. If the owner decides to move the vessel, he must contact the underwriter in order to determine if coverage is affected. Whether the boat is towed away for maintenance or moved under its own power to a new mooring, it is essential to contact the underwriter before the move to work out any coverage issues. In general it can be assumed that moving the boat out of danger such as fire or collision, but prompt communication with the underwriter is always advisable.

2. Inland and coastal navigation

This navigation territory generally extends no more than 5 miles from land. In the event of a situation where the outmost island of a group is more than 5 miles from the continental coast, it would likely be acceptable to cruise the islands as long as no single transit from island to island puts the boat more than 5 miles from land. However, it would always be advisable to discuss such a situation with the underwriter before embarking.

3. Navigation not more than a specified distance offshore

This navigation territory is negotiated specifically for the type of boat covered. A bass boat with an outboard motor would have a different limit than a 50-foot cruising sailboat. The limit for a fully-equipped cruising sailboat with an experienced crew might be as much