The Maritime and Commercial Court recently examined whether the theft of tobacco products was covered under the cargo policy agreed between a wholesaler and a carrier and whether the wholesaler's insurer was liable. It is clear from the judgment that cargo insurance coverage under the Danish Extended Conditions requires that the transport of insured goods commences immediately after loading onto the means of transport has taken place.
Project financing has historically been a popular investment scheme and source of capital in Norway for shipping projects. However, the Norwegian regulatory authorities recently published guidelines regarding the application of the alternative investment fund (AIF) regime to project finance entities. Issuers, advisers, arrangers and investors in shipping projects must be aware of the pitfalls of being captured by the wide definition of an 'AIF' and the steps that they can take in order to adapt to the regulations.
A recent High Court decision provided guidance on the rules of interpretation when construing guarantees that display characteristics of both on-demand and true guarantees. The case concerned a charterer guarantee, which was described as a parent company guarantee and had characteristics of both an on-demand guarantee and a true guarantee.