28 June 2023

Underinsurance occurs when the value of the property insured exceeds the amounts insured for. Marine Insurance policies can be either valued or unvalued. The difference between these two is that the valued policies specify the agreed value of the subject-matter insured whereas in the unvalued policies, the insurable value is determined at a later date. In the case of underinsurance, the insured would either be considered as self-insuring for the values above the amounts insured for and participating in the risk or would be sharing in the risk pro-rata on the basis of the concept of average.

In this webinar Dr Jennifer Lavelle, Associate (Marine Claims and Policy Specialist) at Clyde & Co discussed the key issues to consider with regard to underinsurance in cargo policies. The presentation was complemented by Andrew Corton, Project Cargo Underwriter at Starr Insurance Companies, who provided the insurance perspective.

Click here to download the webinar slides. The recording is available here.