Typical case 2

M.V XXXX was suspected of trespassing into the aquaculture area while she was sailing in the proximity of sea room in the north side of XXX, resulting in significant damage to aquaculture products. Aquaculture farmers claimed direct losses exceeding CNY2,800,000.00.

1) Claim amount: CNY2,204,197.56

2) Compensation amount: CNY1,100,000.00

After learning the whole situation, our surveyor checked the vessel’s trajectory, liaised with parties concerned, and headed for the captioned aquaculture area to investigate the cause and extent of damage. After the completion of the survey, the aquaculture farmers no longer pursued the initial claim of over CNY2,800,000.00 concerning the loss and instead asked for the compensation of about CNY2,200,000.00 by means of appointing surveyors for accounting the loss. Our surveyor held the opinion that the assessment by the aquaculture farmers’ surveyors is too high.

On the one hand, based on the survey, our surveyor had a high-efficiency communication with the parties concerned; furthermore, our surveyor tried his best to coordinate with both the insurer and insured, the aquaculture farmers’ representative as well as the aquaculture farmers’ lawyer, in order to prevent any arresting of the captioned vessel. Meantime, our surveyor provided the basis of our on-site survey and inspection to the involved parties and shared the results of local market price investigation. Upon the efforts our surveyor took, the parties concerned reached an agreement on the compensation amount.