Manifest error is designed to respond in the event that the assured objectively considers it has suffered an injustice where it has been obliged to accept binding arbitration or the ruling of a Court where the law has not been applied based on facts:
A variation of the foregoing is where you deem the arbitration result to be satisfactory, however, the arbitration award is not paid, and the jurisdiction does not uphold the award. This exposure would be covered under a "Failure to Honour Arbitration Award Insurance".
Scope:
Situations when the assured has been forced to accept an arbitration clause without a well recognised jurisdiction and is concerned that the arbitration will not be objective.
Applies to:
Shipowners and operators trading in third world or rogue jurisdictions.
How it works:
Manifest error is designed to respond in the event that the assured objectively considers it has suffered an injustice where it has been obliged to accept binding arbitration or the ruling of a Court where the law has not been applied based on facts:
A variation of the foregoing is where you deem the arbitration result to be satisfactory, however, the arbitration award is not paid, and the jurisdiction does not uphold the award. This exposure would be covered under a "Failure to Honour Arbitration Award Insurance".
Markets:
Norway.
Price Range:
1.5 - 3%
Self Retention:
Minimum 10% co-insurance.
Time to market:
Minimum 60 days.
