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Absorption Clause

Arabic translation: مادة المساهمة في مطالبة صاحب السفينة المؤمن عليه/مادة الامتصاص

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:Absorption Clause
Arabic translation:مادة المساهمة في مطالبة صاحب السفينة المؤمن عليه/مادة الامتصاص
Entered by: Shazly
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23:30 Feb 18, 2008
English to Arabic translations [PRO]
Law/Patents - Transport / Transportation / Shipping / Insurance
English term or phrase: Absorption Clause
Context:
Insurance underwriters and average adjusters have welcomed the recent publication of BIMCO’s Standard General Average Absorption Clause. It is hoped that the initiative will help to promote a broad move away from declaring general average for small and uneconomic claims in all sectors of the industry. The Standard Absorption Clause is designed to be of benefit both to shipowners and insurers by avoiding the time and expense associated with pursuing small general average claims. The Clause is targeted for use in hull and machinery policies covering all types of vessels from container ships, bulk carriers, and tankers to cruise ships. BIMCO’s Deputy Secretary General, Søren Larsen, said that “it is not the first time that the marine insurance sector has looked to BIMCO for assistance in developing and promoting a standard clause for industry-wide use and we are delighted to have been able to continue the excellent working relationship on this occasion”. He continued “we have worked closely with insurance underwriters, average adjusters, shipowners and the International Group of P&I Clubs to ensure that the Standard Absorption Clause fairly represents the interests of all parties. This, we hope, will encourage the Clause’s widespread adoption”. Average adjusters are unequivocal in their support for the new Clause. Tim Madge, Chairman of the Association of Average Adjusters, said that the BIMCO Absorption Clause should “alleviate many of the problems that we encounter in practice due to a multitude of different wordings being included in policies”. He went on to say that his Association hoped that the Clause “is soon adopted as a standard clause world wide”. In the United States, Howard McCormack, President of the Average Adjusters Association of the United States has praised BIMCO’s initiative. He said that his Association had been following the development of the Absorption Clause with interest and that “BIMCO is to be congratulated on their hard work to come up with a clause that reflects the commercial resolution of a matter that has…caused some angst in the maritime industry, particularly among the container trades where there is intense competition”. McCormack added, “Due to the complexities of obtaining security for a general average declaration by the vessel owner, the owners and cargo interests have reached a reasonable commercial solution to this problem”. McCormack concluded, “The Absorption Clause is a practical method of dealing with what is a purely commercial issue. It should be understood that the clause does not involve any variation or change in the York-Antwerp Rules but is solely a commercial resolution to a practical problem”.
Arabella K-
Local time: 14:33
مادة المساهمة في مطالبة صاحب السفينة المؤمن عليه/مادة الامتصاص
Explanation:
A general average absorption clause is a provision inserted into a hull insurance policy. The clause requires the underwriters to “absorb” up to an agreed amount a claim in general average that the insured ship owner has against another party, most commonly cargo interests.
The ship owners are provided with a solid contractual mechanism to allow them to claim for the other parties’ contributions under their hull insurance policy. This mechanism is usually referred to as an “absorption clause”.
Selected response from:

Shazly
Egypt
Local time: 13:33
Grading comment
All the answers were helpful however this one provided a good definition too. Thanks
4 KudoZ points were awarded for this answer

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Summary of answers provided
4فقرة تأمين صاحب السفينة (من تعويض خسائر الشاحن)ـ
hanysalah
4بند المشاركة في تحمل الخسائر
Mohsin Alabdali
4مادة المساهمة في مطالبة صاحب السفينة المؤمن عليه/مادة الامتصاص
Shazly
3فقرة/ بند استيعاب النثريات في التأمين
A-E-D


  

Answers


2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
absorption clause
فقرة/ بند استيعاب النثريات في التأمين


Explanation:
:)

A-E-D
United Kingdom
Local time: 12:33
Works in field
Native speaker of: Native in ArabicArabic
Login to enter a peer comment (or grade)

5 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
absorption clause
مادة المساهمة في مطالبة صاحب السفينة المؤمن عليه/مادة الامتصاص


Explanation:
A general average absorption clause is a provision inserted into a hull insurance policy. The clause requires the underwriters to “absorb” up to an agreed amount a claim in general average that the insured ship owner has against another party, most commonly cargo interests.
The ship owners are provided with a solid contractual mechanism to allow them to claim for the other parties’ contributions under their hull insurance policy. This mechanism is usually referred to as an “absorption clause”.


Shazly
Egypt
Local time: 13:33
Native speaker of: Native in ArabicArabic
PRO pts in category: 16
Grading comment
All the answers were helpful however this one provided a good definition too. Thanks
Login to enter a peer comment (or grade)

7 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
absorption clause
بند المشاركة في تحمل الخسائر


Explanation:
.

Mohsin Alabdali
Saudi Arabia
Local time: 14:33
Native speaker of: Native in ArabicArabic
Login to enter a peer comment (or grade)

20 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
absorption clause
فقرة تأمين صاحب السفينة (من تعويض خسائر الشاحن)ـ


Explanation:
عقد تأمين بحري

hanysalah
Egypt
Local time: 13:33
Works in field
Native speaker of: Native in ArabicArabic
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Changes made by editors
Feb 26, 2008 - Changes made by Shazly:
Edited KOG entry<a href="/profile/122455">Arabella K-'s</a> old entry - "Absorption Clause" » "مادة المساهمة في مطالبة صاحب السفينة المؤمن عليه/مادة الامتصاص "


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