The Insurance Companies - Who is Going to Pay?

Stronghold Insurance Company, Inc (SICI)
Security Bank Center,17th Floor
6776 Ayala Avenue, Makati City
Telephone 63-2-891 1329-37
www.strongholdinsurance.com.ph

BOARD OF DIRECTORS
David C. Mercado, Chairman and SICI President
Amiel M. Mercado, Director and SICI Sr. Vice President
Rodolfo E. Mendoza, Director and SICI Sr. Vice President & Corporate Secretary
Romulo I. Delos Reyes, Jr., Director and SICI Executive Vice President & General Manager
Jose M. Sakdalan, Director and SICI Vice President
Corazon M. Fermin, Directo and SICI Sr. Vice Presiddent & Treasurer
Cornelio T. Rivera, Director

SICI cancelled the hull and machineries insurance policy of Solar 1 after the tanker's owners, Sunshine Maritime Development Corp. (SMDC), failed to settle the premium. SICI executive vice-president Romulo de los Reyes said SMDC took a hull and machineries policy worth P20 million for the Solar 1 last February. He added that SMDC failed to settle its premium worth P211,990. "We have to have payment for the policy so it will be in effect," he sa

Shipowners’ Mutual Protection and Indemnity Association Luxenbourg
99 Grand-Rue
L-1661 Luxenbourg

Manager - F.W. F. Tombs
The Shipowner's Protection Limited
St. Clare House
30-33 Minories
London EC3N 1BP
Telephone 44 (0) 20 7488-0911
Fax 44 (0) 20 7480-5806
www.shipownersclub.com
www.sopfast.com

BOARD OF DIRECTORS
R.D.M. Lenthall, Chairman, London
D.A. MacLeod, Vice-Chairman, Halifax, Nova Scotia
A.D.W. Allan, Edinburgh
C.A. Askins, Cape Town
M.C. Barraclough, London
A.H. Briggs, Cairns QLD
W.D Everard, London
R. Frising, Luxenbourg
Dr. D.C.S. Ho, Hong Kong
D.C.M. Jamieson, London
G.T. Kailis, Perth WA
J. Mudde, Rotterdam
Ong Kok Wah, Singapore
P.D.T. Roberts, London
Mme C. Rosso, Marseille
C.L. Van Meerbeeck, Antwerp

An insurance claim worth $301 million could also be rejected after SMDC violated one of the insurance company's rules on exclusions. The rule states that "there shall be no right of recovery of any claim from the Association if it arises out of willful misconduct on the part of the insured."