According to Labor Daily, yesterday morning the Shanghai Maritime Court and the Shanghai Insurance Regulatory Bureau jointly held a press conference to launch, for the first time nationwide, maritime litigation preservation liability insurance and a recommended model text for letters of guarantee, and to brief attendees on the two parties' major measures to cooperate in promoting reform and innovation in the shipping insurance industry and in serving the development of Shanghai as an international shipping center and an international financial center.

　　It is understood that the two parties have established cooperation mechanisms covering innovation in the international shipping insurance system, collaboration in resolving shipping insurance disputes, and work communication and information sharing. In terms of institutional innovation in shipping insurance, the Shanghai Shipping Insurance Association developed and launched maritime litigation preservation liability insurance, which mainly covers direct economic losses suffered by respondents to maritime preservation measures or by third parties as a result of wrongful preservation. For this new type of liability insurance product, the Shanghai Maritime Court also introduced, for the first time nationwide, a recommended model text of a letter of guarantee for maritime litigation preservation, so as to reduce the time and economic costs borne by preservation applicants, improve the reliability of security for maritime litigation preservation, and broaden the channels for litigation preservation security.

　　In a financial loan contract dispute heard by the Shanghai Maritime Court, the plaintiff, AVIC International Leasing Co., Ltd., became the first "early adopter" of this innovative product.

Source: Eastday  2016-10-14