ITC Clause
circumstances exceed the amount insured under this insurance in respect of
the Vessel.
12. Deductible
12.1. No claim arising from a peril insured against shall be payable under
this insurance unless the aggregate of all such claims arising out of each
separate accident or occurrence (including claims under Clause 8, 10 and
11) exceeds the deductible amount agreed in which case this sum shall be
deducted.
Nevertheless the expense of sighting the bottom after stranding, if
reasonably incurred specially for that purpose, shall be paid even if no
damage be found. This Clause 12 shall not apply to a claim for total loss
or constructive loss of the Vessel or, in the event of such a claim, to any
associated claim under Clause 11 arising from the same accident or
occurrence.
12.2. Claims for damage by heavy weather occurring during a single sea
passage between two successive ports shall be treated as being due to one
accident. In the case of such heavy weather extending over a period not
wholly covered by this insurance the deductible to be applied to the claim
recoverable hereunder shall be the proportion of the above deductible that
the number of days of such heavy weather falling within the period of this
insurance bears to the number of days of heavy weather during the single
sea passage. The expression «heavy weather» in this Clause 12.2. shall be
deemed to include contact with floating ice.
12.3. Excluding any interest comprised therein, recoveries against any
claim which is subject to the above deductible shall be credited to the
Underwriters in full to the extent of the sum by which the aggregate of the
claim unreduced by any recoveries exceeds the above deductible.
12.4. Interest comprised in recoveries shall be apportioned between the
Assured and the Underwriters, taking into account the sums paid by the
Underwriters and the dates when such payments were made, notwithstanding
that by the addition of interest the Underwriters may receive a larger sum
than they have paid.
13. Notice of Claim and Tenders
13.1. In the event of accident whereby loss or damage may result in a claim
under this insurance, notice must be given to the Underwriters promptly
after the date on which the Assured, Owners or Managers become or should
have become aware of the loss or damage and prior to survey so that a
surveyor may be appointed if the Underwriters so desire.
If notice is not given to the Underwriters within twelve months of that
date unless the Underwriters agree to the contrary in writing, the
Underwriters will be automatically discharged from liability for any claim
under this insurance in respect of or arising out of such accident or the
loss or damage.
13.2. The Underwriters shall be entitled to decide the port to which the
Vessel shall proceed for docking or repair (the actual additional expense
of the voyage arising from compliance with the Underwriters’ requirements
being refunded to the assured) and shall have a right of veto concerning a
place of repair or a repairing firm.
13.3. The Underwriters may also take tenders or may require further tenders
to be taken for the repair of the Vessel. Where such a tender has been
taken and a tender is accepted with the approval of the Underwriters, an
allowance shall be made at the rate of 30% per annum on the insured value
for the time lost between despatch of the invitations to tender required by
the Underwriters and the acceptance of a tender to the extent that such
time is lost solely as a result of tenders having been taken and provided
that the tender is accepted without delay after receipt of the
Underwriters’ approval.
Due credit shall be given against the allowance as above for any amounts
recovered in respect of fuel and store and wages and maintenance of the
Master Officers and Crew or any member thereof, including amounts allowed
in general average, and for any amounts recovered from third parties in
respect of damages for detention and/or loss of profit and/or running
expenses, for the period covered by the tender allowance or any part
thereof.
Where a part of the cost of the repair of damage other than a fixed
deductible is not recoverable from the Underwriters the allowance shall be
reduced by a similar proportion.
13.4. In the event of failure by the Assured to comply with the conditions
of Clauses 13.2. and/or 13.3. a deduction of 15% shall be made from the
amount of the ascertained claim.
14. New for Old
Claims payable without deduction new for old.
15. Bottom Treatment
In no case shall a claim be allowed in respect of scraping gritblasting and
/or other surface preparation or painting of the Vessel’s bottom except
that
15.1. gritblasting and/or other surface preparation of new bottom plates
ashore and supplying and applying any «shop» primer thereto,
15.2. gritblasting and/or other surface preparation of:
the butts or area of plating immediately adjacent to any renewed or
refitted plating damaged during the course of welding and/or repairs,
areas of plating damaged during the course of fairing, either in place
or ashore,
15.3. supplying and applying the first coat of primer/anti-corrosive to
those particular areas mentioned in 15.1. and 15.2. above,
shall be allowed as part of the reasonable cost of repairs in respect of
bottom plating damaged by an insured peril.
16. Wages and Maintenance
No claim shall be allowed, other than in general average, for wages and
maintenance of the Master Officers and Crew or any member thereof, except
when incurred solely for the necessary removal of the Vessel from one port
to another for the repair of damage covered by the Underwriters, or for
trial trips for such repairs, and then only for such wages and maintenance
as are incurred whilst the Vessel is under way.
17. Agency Commission
In no case shall any sum be allowed under this insurance either by way of
remuneration of the Assured for time and trouble taken to obtain and supply
information or documents or in respect of the commission or charges of any
manager, agent, managing or agency company or the like, appointed by or on
behalf of the Assured to perform such services.
18. Unrepaired Damage
18.1. The measure of indemnity in respect of claims for unrepaired damage
shall be reasonable depreciation in the market value of the Vessel at the
time this insurance terminates arising from such unrepaired damage, but not
exceeding the reasonable cost of repairs.
18.2. In no case shall the Underwriters be liable for the unrepaired damage
in the event of a subsequent total loss (whether or not covered under this
insurance) sustained during the period covered by this insurance or any
extension thereof.
18..3. The Underwriters shall not be liable in respect of the unrepaired
damage for more than the insured value at the time this insurance
terminates.
19. Constructive Total Loss
19.1. In ascertaining whether the vessel is a constructive total loss, the
insured value shall be taken as the repaired value and nothing in respect
of the damage or break-up value of the Vessel or wreck shall be taken into
account.
19.2. No claim for constructive total loss based upon the cost of recovery
and/or repair of the Vessel shall be recoverable hereunder unless such cost
would exceed the insured value. In making this determination, only the cost
relating to a single accident or sequence of damages arising from the same
accident shall be taken into account.
20. Freight Waiver
In the event of total or constructive loss no claim to be made by the
Underwriters for freight whether notice of abandonment has been given or
not.
21. Assignment
No assignment of or interest in this insurance or in any moneys which may
be or become payable thereunder is to be binding on or recognised by the
Underwriters unless a dated notice of such assignment or interest signed by
the Assured, and by the assignor in the case of subsequent assignment, is
endorsed on the Policy and the Policy with such endorsement is produced
before payment of any claim or return of premium thereunder.
22. Disbursements Warranty
22.1. Additional insurances as follows are permitted:
22.1.1. Disbursements, Managers’ Commissions, Profits or Excess or
Increased Value of Hull and Machinery. A sum not exceeding 25% of the value
stated herein.
22.1.2. Freight, Chartered Freight or Anticipated Freight, insured for
time. A sum not exceeding 25 % of the value stated herein less any sum
insured, however described, under 22.1.1.
22.1.3. Freight or Hire, under contract for voyage. A sum not exceeding the
gross freight or hire for the current cargo passage and next succeeding
cargo passage (such insurance to include, if required, a preliminary and
intermediate ballast passage) plus the charges of insurance. In the case of
a voyage charter where payment is made on a time basis, the sum permitted
for insurance shall be calculated on the estimated duration of the voyage,
subject to the limitation of two cargo passages as laid down herein. Any
sum insured under 22.1.2. to be taken into account and only the excess
thereof may be insured, which excess shall be the gross amount so advanced
or earned.
22.1.4. Anticipated Freight if the Vessel sails in ballast and not under
Charter. A sum not exceeding the anticipated gross freight on next cargo
passage, such sum to be reasonably estimated on the basis of the current
rate of freight at time of insurance plus the charges of insurance. Any sum
insured under 22.1.2. to be taken into account and only the excess thereof
may be insured.
22.1.5. Time Charter Hire or Charter Hire for Series of Voyages. A sum not
exceeding 50% of the gross hire which is to be earned under the charter not
exceeding 18 months. Any sum insured under 22.1.2. to be taken into account
and only the excess thereof may be insured, which excess shall be reduced
as the hire is advanced or earned under the charter by 50% of the gross
amount so advanced or earned but the sum insured need not be reduced while
the total of the sums insured under 22.1.2. and 22.1.5. does not exceed 50%
of the gross hire still to be earned under the charter. An insurance under
this Section may begin on the signing of the Charter.
22.1.6. Premiums. A sum not exceeding the actual premiums of all interests
insured for a period not exceeding 12 months (excluding premiums insured
under the foregoing sections, but including, if required, the premiums or
estimated calls on any Club or War etc. Risk insurance) reducing pro rata
monthly.
22.1.7. Returns of Premium. A sum not exceeding the actual returns which
are allowable under any insurance but which would not be recoverable
thereunder in the event of a total loss of the Vessel whether by insured
perils or otherwise.
22.1.8. Insurance irrespective of amount against:
Any risk excluded by Clauses 24, 25, 26 and 27 below.
22.2. Warranted that no insurance on any interests enumerated in the
foregoing 22.1.1. to 22.1.7. in the excess of the amounts permitted therein
and no other insurance which includes the total loss of the Vessel P.P.I.,
F.I.A. or subject to any other like term, is or shall be effected to
operate during the currency of this insurance by or for account of the
Assured, Owners, Managers or Mortgagees. Provided always that a breach of
this warranty shall not afford the Underwriters any defence to a claim by a
Mortgagee who has accepted this insurance without knowledge of such breach.
23. Returns for Lay-up and Cancellation
23.1. To returns as follows:
23.1.1. pro rata net for each uncommenced month if this insurance be
cancelled by agreement,
23.1.2. for each period of 30 consecutive days the Vessel may be laid up in
a port or in a lay-up area provided such port or lay-up area is approved by
the Underwriters
(a) .............................................. per cent net not
under repair
(b) ............................................. per cent net under
repair.
23.1.3. The Vessel shall not be considered to be under repair when work is
undertaken in respect of ordinary wear and tear of the Vessel and/or
following recommendations in the Vessel’s Classification Society survey,
but any repairs following loss of or damage to the Vessel or involving
structural alterations, whether covered by this insurance or otherwise
shall be considered as under repair.
23.1.4. If the Vessel is under repair during part only of a period for
which a return is claimable, the return shall be calculated pro rata to the
number of days under 23.1.2. (a) and (b) respectively.
23.2. PROVIDED ALWAYS THAT
23.2.1. a total loss of the Vessel, whether by insured perils or otherwise,
has not occurred during the period covered by this insurance or any extent
thereof;
23.2.2. in no case shall a return be allowed when the Vessel is lying in
exposed or unprotected waters, or in a port or lay-up area not approved by
the Underwriters;
23.2.3. loading or discharging operations or the presence of cargo on board
shall not debar returns but no return shall be allowed for any period
during which the Vessel is being used for the storage of cargo or for
lightering purposes;
23.2.4. in the event of any amendment of the annual rate, the above rates
of returns shall be adjusted accordingly;
23.2.5. in the event of any return recoverable under this Clause 23 being
based on 30 consecutive days which fall on successive insurances effected
for the same Assured, this insurance shall only be liable for an amount
calculated at pro rata of the period rates 23.1.2. (a) and or (b) above for
the number of days which come within the period of this insurance and to
which a return is actually applicable. Such overlapping period shall run,
at the option of the Assured, either from the first day of a period of 30
consecutive days as provided under 23.1.2. (a) or (b) above.
The following clauses shall be paramount and shall override anything
contained in this insurance inconsistent therewith.
24. War Exclusion
In no case shall this insurance cover loss damage liability or expense
caused by
24.1. war civil war revolution rebellion insurrection, or civil strife
arising therefrom, or any hostile act by or against a belligerent power
24.2 capture seizure arrest restrain or detainment (barratry and piracy
excepted), and the consequences thereof or any attempt thereat
24.3. derelict mines torpedoes bombs or other derelict weapons of war.
25. Strikes Exclusion
In no case shall this insurance cover loss damage liability or expense
caused by
25.1. strikers, locked-out workmen, or persons taking part in labour
disturbances, riots or civil commotions
25.2. any terrorist or any person acting from a political motive
26. Malicious Acts Exclusion
In no case shall this insurance cover loss damage liability or expense
caused by
26.1 the detonation of an explosive
26.2. any weapon of war
and caused by any person acting maliciously or from a political motive.
27. Radioactive Contamination Exclusion Clause
In no case shall this insurance cover loss damage liability or expense
directly or indirectly caused by or contributed to by or arising from
27.1. ionising radiations from or contamination by radioactivity from any
nuclear fuel or from any nuclear waste or from the combustion of nuclear
fuel
27.2. the radioactive, toxic, explosive or other hazardous or contaminating
properties of any nuclear installation, reactor or other nuclear assembly
or nuclear component thereof
27.3 any weapon of war employing atomic or nuclear fission and/or fusion or
other like reaction or radioactive force or matter.
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