- Transportation Legal Liabilities
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In the case of an export shipment, Roanoke Trade can assist in helping you find a surveyor nearest the site of the loss.
General Average proceedings can actually take as long as two years or more to be finalized. Therefore, posting security to get cargo released is critical.
A General Average is a loss that must be borne proportionally by ALL interests in the voyage. If the master of the ship voluntarily sacrifices cargo, equipment or funds to save the voyage, all parties involved with the voyage (cargo owners/vessel owner) are required to make a proportional contribution to cover the costs incurred.
General Average is typically declared by the vessel owner or master when any of the following occur:
To carry out settlement of a General Average claim, all freight must be held/detained and then the following takes place:
|Sample Calculation of how the Required Security Amount is Determined on a General Average Claim|
|$50 million vessel value and $50 million of cargo on vessel yields a $100 million voyage value.|
|If a shipper has $1 million of cargo on the vessel, they are a 1/100, or 1% participant, in the event of a General Average claim.|
|It is determined that $5 million of the vessel’s cargo (none of which was the shipper’s) was jettisoned to float the vessel off of a sand bar after grounding.|
|The shipper is responsible for posting 1% of $5 million ($50,000) as a security deposit.|
Subrogation is one of the most important parts of the claim process. A successful approach to subrogation can make a big difference to the bottom line – and making subrogation a priority rather than a postscript is important to Roanoke Claims Services. Our dedicated team has developed an effective and efficient recovery process. Take a look at some recent recoveries.
The subrogation process begins with the identification of potential recovery as soon as a new claim is reported. Once the claim information is received, research and investigation procedures begin.
The recovery team has the expertise to identify third-party liability when applicable and actively pursues at-fault carriers, demanding reimbursement for not only the claim payment but also any deductible incurred by our assureds.
Our comprehensive focus on subrogation is to ensure systematic pursuit of all at-fault carriers; identifying all possible subrogation opportunities in addition to recognizing maximum recoveries.
Attention to detail and unrelenting persistence are our claims service team’s strengths.