"It
is a truism known to all of us that without claims,
we would have no business. It is the occurrence of claims
that gives meaning to our business and it is largely
in our response to claims and the way in which we deal
with them that our efficiency is judged".
Average Adjusting Division of J.B. Boda Co. Pvt. Ltd.,
is engaged in rendering average adjusting services and
marine claims consultancy to the maritime industry.
The division caters to the shipping and marine insurance
community for over 20 years. Click here for details
of our products and services.
Salient Features:
Full
range of adjusting services right from the outset
of a serious casualty until successful settlement
of claims.
Adjusting
services provided by team of qualified Average Adjusters.
Prompt,
efficient and cost effective handling of all types
of marine claims.
Ready
access to in - house technical team comprising of
Master Mariners, Chief Engineers, Naval Architects
etc. Click here for technical services provided.
Network
of offices in India as well as globally ensures that
prompt and appropriate measures are taken following
a casualty.
Long
standing business relationship with Shipowners as
well as Underwriters based on mutual trust and confidence.
We
handle claims large and small, simple and complex
on a wide-ranging variety of vessels and crafts
insured under many different types of insurance
contracts and clauses.
We
are fully equipped to deal with all types of
marine insurance claims such as:
Total
Loss - Actual and Constructive
Particular
Average i.e. Partial Loss
General
Average/Salvage and Sue & Labour
Collision
Liability
Ship
Builder's and Ship Repairer's Claim
Our
qualified Average Adjusters with their unequalled
blend of knowledge of Maritime Law, Insurance
as well as Maintenance and Operation of vessel
interpret marine hull claims not only in relation
to the terms and conditions of the insurance
policy but also with regard to relevant law
and prevalent practice. This usually leads to
swift, speedy and amicable settlement of claims.
Our
job is to ensure that the shipowner or assured
has minimal cash flow problems by making speedy
"Payment On-Account" recommendations,
which enable insurers to settle claims speedily
and correctly.
J.
B. Boda Group has ready access to expertise of Master
Mariners, Marine Engineers, Naval Architects, etc.,
who provide technical support and advice to our
clients.
These
experts provide valuable information and database
on different types of vessels, which they have gathered
over a period of time with their varied experience
in sailing as well as offshore handling of claims.
Their claims handling experience range from dealing
with complex machinery damage to serious collision
damage or grounding and salvage of vessels. The
database available with them forms an essential
tool in future analysis of cases.
Timely
assistance is given in cases where it is required
to establish the proximate cause of damage or of
operation of insured peril.
General
Average is an internationally recognised system,
whereby extraordinary sacrifices and expenses
that are deliberately and intentionally made/incurred
at the time of marine casualty to preserve the
property involved in the common maritime adventure
are contributed by various interest such as ship,
cargo, freight, bunkers etc.
Our
job as General Average Adjuster is to:
Identify
the General Average situation and advise the
parties on all the steps that need to be taken.
Arrange
the collection of General Average / Salvage
security and General Average guarantee from
the various contributing interests and their
underwriters. Click here for General Average
Agreement and General Average Guarantee
Ensure
that the General Average adjustment is prepared
in accordance with the relevant terms of either
the contract of affreightment or the charter
party or the bill of lading, and the applicable
York Antwerp Rules.
Advise
shipowners on special General Average Absorption
Clauses to be included in Hull & Machinery
policies in order to save time and labour in
calculating claims on other contributing interest
as also the hassle of collecting General Average
documents in minor claims.
In
case salvage assistance is required we help
in locating competent Salvors and advising on
terms of various salvage contract including
Lloyd's Open Form "LOF".
Assist
in calculating salved value of ship and cargo
by working closely with the legal representatives
of the interests involved
When
two or more vessels collide, the Shipowners of
these vessels face many complex issues for ascertaining
liability attaching to each of these. In such
cases we;
From
the time of casualty, work in close liaison
with the Shipowners, Surveyors, Underwriters,
P&I Clubs, Solicitors etc., in order to
negotiate the degree of blame and settlement
of collision liabilities.
Assist
in appointment of Solicitors to expedite the
process of establishing the quantum of liability.
When
necessary advice the Shipowners to carryout
"Without Prejudice" survey and "speed
and angle of blow" to determine the degree
of blame.
Adjust
collision claims on:
Cross
Liability basis
Single
Liability basis where Liability is limited
Recovery
from opponent vessel including costs and
Apportionment of Recovery between Shipowners
and Underwriter.
1)
What is Average Adjusting? Average
Adjusting is a highly skilled profession dealing
with marine claims.
2)
What do you mean by Average Adjusting? The
term "Average" is derived from Italian
& Greek mongrel word "Averia" meaning
"loss" and "Adjusting" here
means preparation & presentation of shipowners'
claim to their Hull Underwriters in order to facilitate
settlement.
3)
What do the Average Adjusters do? An
Average Adjuster is an independent and impartial
person who collects and collates information /
documents relevant to the claim under marine insurance
policies which generally involve loss or damage
to marine craft, their cargo and/or freight. Based
upon this information he prepares statements of
claim, generally known as "Average Adjustment
Reports" recommending payment from the hull
underwriters. Occasionally, they are also called
upon to prepare claim against third parties and
to deal with division of recovery from third parties.
4)
What is the difference in the role of a Surveyor
or Loss Adjuster & Average Adjuster i)
Surveyor or Loss Adjuster generally carry out
the physical survey of loss and prepare a survey
report stating the cause, nature and extent of
damage i.e. they quantify the damage in technical
as well as financial terms. However, an Average
Adjuster does not require to physically verify
the loss or visit the casualty site but he is
more concerned with the aspect of liability under
the policy, accounting, apportionment of loss
between various interests and maritime law and
practice.
ii)
A Loss Adjuster or a Surveyor is a generalist
dealing with all types of claims i.e. Fire, Motor,
Marine etc. Whereas an Average Adjuster is a specialist
who deals with marine claims only.
iii)
The Underwriters generally appoint Loss Adjusters
or Surveyors whereas Average Adjusters are generally
appointed by the Shipowners.
5) What is the need for Average Adjusters? Ship
operates in a hostile environment where accidents
regrettably can and do happen. Incidents often
involve interest from several countries, each
bringing in its own legal/technical system to
bear upon the casualty. The Shipowners or the
Underwriters neither have the technical or legal
expertise nor are they equipped to deal with such
complex marine claims involving different interests.
Average Adjusters with their unequalled blend
of knowledge of maritime law, insurance as well
as maintenance and operation of vessel are able
to interpret the claim not only in relation to
the terms and conditions of the insurance policy
but also with regard to relevant maritime law
and practice. Further, the independent and impartial
nature of the profession ensures that the Shipowner
or the Cargo Owner recovers all to which he is
entitled under the terms of the insurance policy;
simultaneously care is taken that Underwriters
pay only to the extent of their liability and
nothing more.
6)
What are the different types of claims that an
Average Adjuster deals with? All
types of claims whether large or small, simple
or complex on a wide-ranging variety of vessels
and crafts insured under different types of insurance
clauses and conditions are dealt with by an Adjuster.
It may be in any one or more of the following
forms depending on the type of loss: -
General
Average
Particular
Average
Collision
Liability
Sue
& Labour Charges
Salvage
Charges
Constructive
Total Loss / Total Loss
Collision
recoveries including legal costs
Claim on Ship Builder's All Risk Policy / Repairer's
Liability
7)
How does one qualify to be an Average Adjuster? Associations
of Average Adjusters both in UK & USA are
for many years conducting rigorous examination
and only by successfully passing this examination
can one qualify as a Fellow Member or Full Member
of the Association of Average Adjusters, UK or
USA.
8) Is it compulsory for the shipowners to
appoint Average Adjusters? It
is not compulsory for the Shipowners to appoint
Average Adjuster, however, it is an established
and recognised practice in marine community.
9)
Is the statement prepared by the Average Adjusters
legally binding? A
statement of Average Adjustment is not legally
binding, however, since it is prepared by an independent
party it is readily accepted by all concerned.
Though Adjustment reports are not legally binding
they are rarely ever challenged in the Court of
Law.
10)
Who pays the fees of the Average Adjuster? Though the Average Adjusters are appointed
by the Shipowners, the fees are paid by the Insurance
Company as it forms part of the claim. Even though
the fees are paid by the Underwriters the Adjusters
maintain impartiality and does not favour either
the Shipowner or the Underwriters.
