During a sea voyage, cargo was damaged as a result of adverse weather conditions on board a vessel owned by the client (one of the largest Russian sea carriers against which sanctions had been imposed). Pursuant to a maritime claim filed by the cargo owners the vessel was arrested in the port of Hong Kong.
Following negotiations conducted by KIAP Law Firm’s lawyers with the cargo owners and their insurers, the amount of the claims was reduced by more than 12 times, a settlement agreement was signed and the vessel was released from arrest within the shortest possible time. This enabled the shipowner to avoid significant custody costs and loss of freight, as well as costly litigation before a Hong Kong court.
Moreover, the client’s liability was covered under a P&I policy.
As a result of KIAP Law Firm’s actions in managing the loss adjustment process and coordinating with the P&I insurer, the client’s expenses for compensating the cargo owners and its legal costs were reimbursed by the insurer within the shortest possible timeframe.
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