American Club initiative encourages due diligence on counterparties

JULY 19, 2017 — The OW Bunkers collapse and the bankruptcy of Hanjin Shipping underscore the fact that vessel operators are sometimes exposed to the financial failures of their business counterparties.

To help protect members against these and other challenges, such as cyber fraud, the American Club has retained two asset investigation companies to provide members with due diligence inquiries services into potential charterparty or other contract partners at flexible – and discounted – rates.

Members entered for Class I (P & I) and/or Class II (FD & D) cover can take advantage of the services which are being provided by LSR Services Limited of Hong Kong and Roxburgh Forensics of Newcastle-upon-Tyne, United Kingdom.

For a trial period, which will extend for the remainder of this policy year (i.e. until February 20, 2018), the Club will bear the expense of some reports

Details HERE

 

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