CLASS II - GENERAL TRADE DISRUPTION INSURANCE

Port Authority

An Assured operated a port that had fairly restricted access during high water via a narrow dredged channel. Transmarine insured the Port for loss of earnings arising as a result of sea access to the port being blocked due to a number of named perils. A loaded vessel approached the port on a spring tide and strayed slightly from the dredged channel. By over-correcting the vessel ended up being heavily grounded by the stern, damaging her propeller and resting in a position across the navigation channel, such as to prevent other vessels moving in or out of the port. The vessel could not refloat herself and early attempts to pull the vessel free using tugs also failed. It was realised that the vessel would have to be lightened by discharging some of the cargo into barges in order to get the vessel afloat. However it was several days before this could be organised with barges and a floating crane being brought on station. The cargo transhipment itself took several more days due to weather conditions before the ship was light enough to make another re-floating attempt with tugs, which this time was successful. Transmarine compensated the Port for its loss of earnings during this period.