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The Swedish Club may be able to reduce its payout costs
The Swedish Club may yet be able to reduce its payout costs following the fire in pos. 26 49.1 N 34 38 E on Aug 23, 2012 that led to the "Renos" being declared a constructive total loss (CTL). The insurer has argued that it was only liable for a partial loss claim in the case. The blaze severely damaged the engine room, required steel replacement and involved a Lloyd's Open Form (LOF) salvage operation, with the special compensation protection-and-indemnity (P&I) clause (Scopic) provision aimed at minimising environmental damage also invoked. The cost of repairing the damage to the vessel includes expenditure already incurred before the service of notice of abandonment. The Swedish Club's appeal was dismissed on this point. The "Renos" was sold for demolition for 3.5 million in 2013 to breakers in Pakistan.
beached
beached at Gadani 05/2013
Sold to breakers
Sold for $355/LDT $3.2M to INDIA/PAKISTAN breakers after FIRE DAMAGE, UNDER TOW
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