A small question regarding the consequences of force majeure
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Dear sea friends, in the event of force majeure that causes damage to projects that have been completed but not yet inspected, who is responsible for covering such losses?
I also have a small question: if an explosion occurs in the neighboring facility, causing shock and damage to the equipment, would this be considered damage resulting from force majeure? I hope someone knowledgeable can answer this.
Generally, force majeure represents unknown risks, and the project team is not held accountable for them. A force majeure clause is included in the contract, and the losses should be covered in part by the company or the client (by using management reserves or commercial insurance that provides risk transfer prior to the occurrence of such events). The specifics depend on the terms of the contract
Losses caused by force majeure are covered by the insurance company if there is insurance, otherwise they are borne by the owner. However, the recovery after the loss is the responsibility of the contractor.
Losses caused by force majeure are covered by the insurance company if there is insurance, otherwise they are borne by the owner. However, the contractor is responsible for restoring the project after the damage.
Not counted. The insurance company or the responsible party next door is liable for compensating for the losses.
Force majeure definitely refers to natural disasters; man-made disasters do not qualify
Force majeure definitely refers to natural disasters; man-made disasters do not qualify