The ‘International Group’ of P&I Clubs has added WAVE (The WAVE Network) to her list of approved systems. Earlier in 2019, Edox Online was approved as an electronic trading system, (see our article of July 16, 2019).
Like ‘Edox Online’, ‘WAVE’ uses blockchain technology for various coded supply chain documents and to sign them without using a central server or register. A legal framework supports the ‘WAVE’ system, which facilitates the transfer and approval of electronic Bills of Lading. This makes ‘WAVE’, alongside ‘Edox Online’, the second approved system that is fully decentralized. As a result, there is no administrator and every change in a document is visible to all participants. The ‘International Group’ of P&I Clubs has reviewed and approved ‘WAVE’s legal documents and terms of use.
The exclusions from coverage, determined by the ‘International Group’ of P&I Clubs, are the same for paper systems and digital systems. This includes the delivery of the product to a place other than agreed in the charterparty, ante dated documents or the delivery of cargo without associated Bill of Lading. These exclusions can also be read in article 16 of our insurance conditions.
In the event that you make use of these systems we invite you to contact us to share your experience.