2023-11-02 14:45:18
1/10/83 - CL. 284
INSTITUTE TIME CLAUSES -HULLS
TOTAL LOSS, GENERAL AVERAGE AND 3/4THS COLLISION LIABILITY
(Including Salvage, Salvage Charges and Sue and Labour)
1 NAVIGATION
1.1 The Vessel is covered subject to the provisions of this insurance at all times and has leave to sail or navigate with or without pilots, to go on trial trips and to assist and tow vessels or craft in distress, but it is warranted that the Vessel shall not be towed, except as is customary or to the first safe port or place when in need of assistance, or undertake towage or salvage services under a contract previously arranged by the Assured and/or Owners and/or Managers and/or Charterers. This Clause 1.1 shall not exclude customary towage in connection with loading and discharging.
1.2 In the event of the Vessel being employed in trading operations which entail cargo loading or discharging at sea from or into another vessel (not being a harbour or inshore craft) no claimshall be recoverable under this insurance for loss of or damage to the Vessel from such loading or discharging operations, including whilst approaching, lying alongside and leaving, unless previous notice that the Vessel is to be employed in such operations has been given to the Underwriters and any amended terms of cover and any additional premium required by them have been agreed.
1.3 In the event of the Vessel sailing (with or without cargo) with an intention of being (a) broken up, or (b) sold for breaking up, any claim for loss of or damage to the Vessel occurring subsequent to such sailing shall be limited to the market value of the Vessel as scrap at the time when the loss or damage is sustained, unless previous notice has been given to the Underwriters and any amendments to the terms of cover, insured value and premium required by them have been agreed. Nothing in this Clause 1.3 shall affect claims under Clause 8 and/or 11.
2 CONTINUATION
Should the Vessel at the expiration of this insurance be at sea or in distress or at a port of refuge or of call, she shall, provided previous notice be given to the Underwriters, beheld covered at a pro-rata monthly premium to her port of destination.
3 BREACH OF WARRANTY
Held covered in case of any breach of warranty as to cargo, trade, locality, towage, salvage services or date of sailing, provided notice be given to the Underwriters immediately after receipt of advices and any amended terms of cover and any additional premium required by them be agreed.
4 TERMINATION
This Clause 4 shall prevail notwithstanding any provision whether written typed or printed in this insurance inconsistent therewith.
Unless the Underwriters agree to the contrary in writing, this insurance shall terminate automatically at the
time of
4.1 change of the Classification Society of the Vessel, or change, suspension, discontinuance, withdrawal or expiry of
her class therein, provided that if the Vessel is at sea such automatic termination shall be deferred until arrival at her next port. However where such change, suspension, discontinuance or withdrawal of her Class has resulted from loss or damage which would be covered by an insurance of the Vessel subject to current Institute Time Clauses Hulls or Institute War and Strikes Clauses Hulls-Time such automatic termination shall only operate should the Vessel sail from her next port without the prior approval of the Classification Society.
4.2 any change, voluntary or otherwise, in the ownership or flag, transfer to new management, or charter on a bareboat basis, or requisition for title or use of the Vessel, provided that, if the Vessel has cargo on board and has already sailed from her loading port or is at sea in ballast, such automatic termination shall if required be deferred, whilst the Vessel continues her planned voyage, until arrival at final port of discharge if with cargo or at port of destination if in ballast. However, in the event of requisition for title or use without the prior execution of a written agreement by the Assured, such automatic termination shall occur fifteen days after such requisition whether the Vessel is at sea or in port.
A pro-rata daily net return of premium shall be
made.
5 ASSIGNMENT
No assignment of or interest in this insurance or in any moneys which maybe 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.
6 PERILS
6.1 This insurance covers total loss (actual or constructive) of the subject-matter insured caused by
6.1.1 perils of theseas rivers lakes or other navigable
6.1.2 | waters fire, explosion |
6.1.3 | violent theft by persons from outside the |
6.1.4 | Vessel jettison |
6.1.5 | piracy |
6.1.6 | breakdown of or accident to nuclear installations or reactors |
6.1.7 | contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbour equipment or installation |
6.1.8 | earthquake volcanic eruption or lightning |
6.2 This insurance covers total loss (actual or constructive) of the subject-matter insured caused by
6.2.1 accidents in loading discharging or shifting cargo or fuel
6.2.2 bursting of boilers breakage of shafts or any latent defect in the machinery or
6.2.3 hull negligence of Master Officers Crew or Pilots
6.2.4 negligence of repairers or charterers provided such repairers or charterers are not an Assured
6.2.5 hereunder barratry of Master Officers or Crew,
provided such loss or damage has not resulted from want of due diligence by the Assured, Owners or Managers
6.3 Master Officers Crew or Pilots not to be considered Owners within the meaning of this Clause 6 should they hold shares in the Vessel.
7 POLLUTION HAZARD
This insurance covers total loss (actual or constructive) of the Vessel caused by any governmental authority acting under the powers vested in it to prevent or mitigate a pollution hazard, or threat thereof, resulting directly from damage to the Vessel caused by a peril covered by this insurance, provided such act of governmental authority has not resulted from want of due diligence by the Assured, the Owners, or Managers of the Vessel or any of them to prevent or mitigate such hazard or threat. Master, Officers, Crew or Pilots not to be considered Owners within the meaning of this Clause 7 should they hold shares in the Vessel.
8 3/4THS COLLISION LIABILITY
8.1 The Underwriters agree to indemnify the Assured for three-fourths of any sum or sums paid by the Assured to any other person or persons by reason of the Assured becoming legally liable by way of damages for
8.1.1 loss of or damage to any other vessel or property on any other
8.1.2 vessel delay to or loss of use of any such other vessel or property
8.1.3 thereon
general average of, salvage of, or salvage under contract of, any such other vessel or property thereon,
where such payment by the Assured is in consequence of the Vessel hereby insured coming into collision
with any other vessel.
8.2 The indemnity provided by this Clause 8 shall be in addition to the indemnity provided by the other terms and conditions of this insurance and shall be subject to the following provisions:
8.2.1 where the insured Vessel is in collisions with another vessel and both vessels are to blame then, unless
the liability of one or both vessels becomes limited by law, the indemnity under this Clause 8 shall be calculated on the principle of cross-liabilities as if the respective Owners had been compelled to pay to each other such proportion of each other’s damages as may have been properly allowed in ascertaining the balance or sum payable by or to the Assured in consequence of the collision
8.2.2 In no caseshall the Underwriters total liability under Clauses 8.1 and 8.2 exceed their proportionate part of
three-
fourths of the Insured value of the Vessel hereby insured in respect of any one
collision.
8.3 The Underwriters will also pay three-fourths of the legal costs incurred by the Assured or which the Assured
maybe compelled to pay in contesting liability or taking proceedings to limit liability, with the prior written
consent of the Underwriters.
EXLUSIONS
8.4 Provided always that this Clause 8 shall in no case extend to any sum which the Assured shall pay for or in respect of 8.4.1 removal or disposal of obstructions, wrecks, cargoes or any other thing whatsoever
8.4.2 any real or personal property or thing whatsoever except other vessels or property on other vessels
8.4.3 the cargo or other property on or the engagements of, the insured Vessel
8.4.4 loss of life, personal injury or illness
8.4.5 pollution or contamination of any real or personal property or thing whatsoever (except other vessels with
which the insured Vessels is in collision or property on such other vessels)
9 SISTERSHIP
Should be Vessel hereby come into collision with or receive salvage services from another vessel belonging wholly or in part the same Owners or under the same management, the Assured shall have the same rights under this insurance as they would
have were the other vessel entirely the property of Owners not interested in the Vessel hereby insured; but in such cases the liability for the collision or the amount payable for the services rendered shall be referred to a sole arbitrator to be agreed upon between the Underwriters and the Assured
10 NOTICE OF CLAIM
In the event of accident whereby loss or damage may result in a claim under this insurance, notice shall be given to the Underwriters prior to survey and also, if the Vessel is abroad, to the nearest Lloyd’s Agent so that a surveyor maybe appointed to represent the Underwriters should they so desire.
11 GENERAL AVERAGE AND SALVAGE
11.1 This insurance covers the Vessel’s proportion of salvage, salvage charges and/or general average, reduced in respect of any
under-
insurance
11.2 This insurance does not cover partial loss of and/or damage to the Vessel except for any proportion of general average
loss or damage which maybe recoverable under Clause 11.1 above
11.3 Adjustment to be according to the law and practice obtaining at the place where the adventure ends, as if the contract
of affreightment contained no special terms upon the subject; but where the contract of affreightment so provides the adjustmentshall be according to be York-Antwerp Rules.
11.4 When the Vessel sails in ballast, not under charter, the provisions of the York-Antwerp Rules, 1974(excluding Rules
XX and XXI) shall be applicable, and the voyage for this purpose shall be deemed to continue from the port or place of departure until the arrival of the Vessel at the first port or place thereafter other than a port or place of refuge or a port or place of call for bunkering only. If at any such intermediate port or place there is an abandonment of the adventure originally contemplated the voyageshall thereupon be deemed to be terminated.
11.5 No claim under this Clause 11 shall in any case be allowed where the loss was not incurred to avoid or in
connection with the avoidance of a peril insured against
12 DEDUCTIBLE
12.1 No claim arising from aperil 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 and 13) exceeds ………………….. in
which case this sum shall be deducted. This Clause 12.1 shall not apply to a claim for total or constructive total loss of the Vessel or, in the event of such a claim, to any associated claim under Clause 13 arising from the same accident or occurrence.
12.2 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.
12.3 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 additional of interest the Underwriters may receive a larger sum than they have paid.
13 DUTY OF ASSURED (SUE AND LABOUR)
13.1 In case of any loss or misfortune it is the duty of the Assured and their servants and agents to take such measures as
may be
reasonable for the purpose of averting or minimisinga loss which would be recoverable under this insurance.
13.2 Subject to the provisions below the Underwriters will contribute to charges properly and reasonably incurred by the
Assured their servants or agents for such measures. General average, salvage charges and collision defence or attack costs are not recoverable under this Clause 11.
13.3 Measures taken by the Assured or the Underwriters with the object of saving, protecting or recovering the subject-matter
insuredshall not be considered as a waiver or acceptance of abandonment or otherwise prejudice the rights of either party.
13.4 When expenses are incurred pursuant to this Clause 11 the liability under this insurance shall not exceed the proportion
of such expenses that the amount insured hereunder bears to the value of the Vessel as stated herein, or to the sound value of the Vessel at the time of the occurrence giving rise to the expenditure if the sound value exceeds that value. Where the Underwriters have admitted a claim for total loss and property insured by this insurance is saved, the foregoing provisions shall not apply unless the expenses of suing and labouring exceed the value of such property saved and then shall apply only to the amount of the expenses which is in excess of such value.
13.5 When a claim for total loss of the Vessel is admitted under this insurance and expenses have been reasonably incurred in or attempting to save the Vessel and other property and there are no proceeds, or the expenses exceed the proceeds, then this insurance shall bear its pro-rata share of such proportion of the expenses, or of the expenses in excess of the proceeds, as the case may be, as may reasonably be regarded as having been incurred in respect of the Vessel; but if the Vessel be
insured for less than its sound value at the time of the occurrence giving rise to the expenditure, the amount recoverable under this clauseshall be reduced in proportion to the under-insurance.
13.6 The sum recoverable under this Clause 11 shall be in addition to the loss otherwise recoverable under this insurance
but shall in no circumstances exceed the amount insured under this insurance in respect of the Vessel.
14 NEW FOR OLD
General Average payable without deductible new old
15 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
16 CONSTRUCTIVE TOTAL LOSS
16.1. 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 damaged or break -up value of the Vessel or wreckshall betaken into account
16.1 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 accidentshall betaken into account.
17 FREIGHT WAIVER
In the event of total or constructive total loss no claim to be made by the Underwriters for freight whether notice of abandonment has been given or not.
18 DISBURSEMENTS WARRANTY
81.1 Additional insurances as follows are permitted:
18.1.1 Disbursements, Managers’ Commissions, Profits or Excess or Increased Value of Hull and Machinery. A sum
not exceeding 25% of the value stated herein.
18.1.2 Freight, Chartered Freight or Anticipated Freight, insured for time. A sum not exceeding 25% of the value as
stated herein less any sum insured, however described, under 18.1.1.
18.1.3 Freight or Hire, under contracts 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 an 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 18.1.2 to be taken into account and only the excess thereof maybe insured, which excess shall be reduced as the freight or hire is advanced or earned by the gross amount so advanced or earned.
18.1.4 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 18.1.2 to be taken into account and only the excess thereof maybe insured.
18.1.5 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 in a period not exceeding 18 months. Any sum insured under 18.1.2 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 18.1.2 and 18.1.5 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.
18.1.6 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 premium or estimated calls on any Club or War etc. Risk insurance) reducing pro-rata monthly.
18.1.7 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.
18.1.8 Insurance irrespective of amount against:
Any risks excluded by Clauses 20,21, 22 and 23 below.
18.2 Warranted that no insurance on any interests enumerated in the foregoing 18.1.1 to 18.1.7 in excess of the amounts
permitted therein and no other insurance which includes total loss of the Vessel P.P.I. , F.I.A., or subject to any other like terms, 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.
19 RETURNS FOR LAY-UP AND CANCELLATION
19.1 To return as follows:
19.1.1 Pro-rata monthly net for each uncommenced month if this insurance be cancelled by agreement.
19.1.2 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 (with special liberties as hereinafter allowed)
(a) ……… … …… … …… … ….. per cent net not under
(b) ……… … …… … …… … ….. repair percent net under
repair
If the Vessel is under repair during part only of a period for which a return is claimable, the return shall
19.2 PROVIDED ALWAYS THAT
19.2.1 a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period covered
by this insurance or any extension thereof
19.2.2 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 but, provided the Underwriters agree that such non - approved lay- up area is deemed to be within the vicinity of the approved port or lay-up area, days during which the Vessel is laid up in such non-approved lay-up area may be added to days in the approved port or lay-up area to calculate a period of 30 consecutive days and a return shall be allowed for the proportion of such period during which the Vessel is actually laid up in the approved port or lay-up area
19.2.3 loading or discharging operations or the presence of cargo onboard shall not debar returns but no return
shall be
19.2.4 in the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly
19.2.5 in the event of any return recoverable under this Clause 19 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 period rates 19.1.2(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 on which the Vessel is laid up or the first day of a period of 30 consecutive days as provided under 19.1.2(a) or (b), or 19.2.2 above.
The following clauses shall be paramount and shall override anything contained in this insurance inconsistent therewith.
20 WAR EXCLUSION
In no caseshall this insurance cover loss damage liability or expense caused by
20.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or
against a belligerent power
20.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
20.3 derelict mines torpedoes bombs or other derelict weapons of war
21 STRIKES EXCLUSION
In no caseshall this insurance cover loss damage liability or expense caused
21.1 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
22.2 any terrorist or any person acting from a political motive.
22 MALICIOUS ACTS EXCLUSION
In no caseshall this insurance cover loss damage liability or expense arising from
22.1 the detonation of an explosive
22.2 any weapon of war
And caused by any person acting maliciously or from a political motive
NUCLEAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from 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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Joint Excess Loss CommitteeRoom358, Lloyd’s, One Lime StreetLondon EC3M 7DQTel: (+44) 020 7327 3333 Fax: (+44) 020 7327 4443 Enquiries to: Neil Roberts Direct Dial: 0207 327 8375neil.roberts@lmalloyds.comJX2011/0017th November 2011 Sanction Limitation and Exclusion Clause Members will be aware that following the release of the Joint Hull Committee Clause, other areas of the market adopted the wording with their particular class reference. Members of the reconstituted Joint Excess Loss Committee have agreed that the wording should be circulated and made available under a JX reference for use where appropriate within the marine reinsurance market. A copy of the clause, referenced as JX2011/001, is attached and is available for immediate use. It should be recognised that in some cases, for instance Cuba, use of the clause could contravene EU blocking or similar legislation. Neil RobertsSecretarySanction Limitation and Exclusion Clause No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.
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Sr. No.Name of the Non-IG Insurance Companies 1QBE Insurance (Europe) Limited represented by British Marine, UK2Korea Ship Owner Mutual Protection and Indemnity Association, South Korea3Royal & Sun Alliance Insurance with underwriting agency Lodestar Marine Limited, UK4Ingrosstrakh Insurance Company, Russia5Navigators Insurance Company , USA6Institute of Qeshm International Trust Alliance Mutual Club, Iran 8 Hydor AS, OSLO, Norway9Great American Insurance Company, Singapore Branch10Mitsui Sumitomo Insurance Co., Ltd, Japan11M/s MS Amlin Insurance SE. with underwriting agency MS Amlin Marine NV, Belgium 12Aspen Insurance UK Limited with underwriting agency Lodestar Marine Limited, United Kingdom13Swiss Re International SE with underwriting agency EF Marine Pte Ltd. Luxembourg 14M/s. American International Group UK Limited represented by Thomas Miller Specialty Underwriting Agency Ltd. 15M/s. AIG Europe S.A. represented by Thomas Miller Specialty Underwriting Agency Ltd. 16Alandia Forsakring ABP, Finland
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INSTITUTE PROTECTION AND INDEMNITY CLAUSESHULLS - TIMEThis insurance is subject to English law and practice1 PROTECTION AND INDEMNITY1.1 The Underwriters agree to indemnify the Assured for any sum or sums paid by the Assured to any other person or persons by reason of the Assured becoming legally liable, as owner of the Vessel, for any claim, demand, damages and/or expenses, where such liability is in consequence of any of the following matters or things and arises from an accident or occurrence during the period of this insurance:1.1.1 loss of or damage to any fixed or movable object or property or other thing or interest whatsoever, other than the Vessel, arising from any cause whatsoever in so far as such loss or damage is not covered by Clause 8 of the Institute Time Clauses Hulls 1/10/83 with 4/4ths substituted for 3/4ths.1.1.2 any attempted or actual raising, removal or destruction of any fixed or movable object or property or other thing, including the wreck of the Vessel, or any neglect or failure to raise, remove or destroy the same1.1.3 liability assumed by the Assured under contracts of customary towage for the purpose of entering or leaving port or manoeuvring within the port during the ordinary course of trading1.1.4 loss of life, personal injury, illness or payments made for life salvage1.1.5 liability under Clause 1(a) of the current Lloyd's Standard Form of Salvage Agreement in respect of unsuccessful, partially successful, or uncompleted services if and to the extent that the salvor's expenses plus the increment exceed any amount otherwise recoverable under the Agreement.1.2 The Underwriters agree to indemnify the Assured for any of the following arising from an accident or occurrence during the period of this insurance:1.2.1 the additional cost of fuel, insurance, wages, stores, provisions and port charges reasonably incurred solely for the purpose of landing from the Vessel sick or injured persons or stowaways, refugees, or persons saved at sea1.2.2 additional expenses brought about by the outbreak of infectious disease on board the Vessel or ashore1.2.3 fines imposed on the Vessel, on the Assured, or on any Master Officer crew member or agent of the Vessel who is reimbursed by the Assured, for any act or neglect or breach of any statute or regulation relating to the operation of the Vessel, provided that the Underwriters shall not be liable to indemnify the Assured for any fines which result from any act neglect failure or default of the Assured their agents or servants other than Master Officer or crew member1.2.4 the expenses of the removal of the wreck of the Vessel from any place owned, leased or occupied by the Assured1.2.5 legal costs incurred by the Assured, or which the Assured may be compelled to pay, in avoiding, minimising or contesting liability with the prior written consent of the Underwriters.EXCLUSIONS1.3 Notwithstanding the provisions of Clauses 1.1 and 1.2 this Clause 1 does not cover any liability cost or expense arising in respect of:1.3.1 any direct or indirect payment by the Assured under workmen's compensation or employers' liability acts and any other statutory or common law, general maritime law or other liability whatsoever in respect of accidents to or illness of workmen or any other persons employed in any capacity whatsoever by the Assured or others in on or about or in connection with the Vessel or her cargo materials or repairs1.3.2 liability assumed by the Assured under agreement expressed or implied in respect of death or illness of or injury to any persons employed under a contract of service or apprenticeship by the other party to such agreement1.3.3 punitive or exemplary damages, however described1.3.4 cargo or other property carried, to be carried or which has been carried on board the Vessel but this Clause 1.3.4 shall not exclude any claim in respect of the extra cost of removing cargo from the wreck of the Vessel1.3.5 property, owned by builders or repairers or for which they are responsible, which is on board the Vessel1.3.6 liability arising under a contract or indemnity in respect of containers, equipment, fuel or other property on board the Vessel and which is owned or leased by the Assured1.3.7 cash, negotiable instruments, precious metals or stones, valuables or objects of a rare or precious nature, belonging to persons on board the Vessel, or non-essential personal effects of any Master, Officer or crew member1.3.8 fuel, insurance, wages, stores, provisions and port charges arising from delay to the Vessel while awaiting a substitute for any Master, Officer or crew member1.3.9 fines or penalties arising from overloading or illegal fishing1.3.10 pollution or contamination of any real or personal property or thing whatsoever (This Clause 1.3.10 shall not exclude any amount recoverable under Clause 1.1.5).1.3.11 general average, sue and labour and salvage charges, salvage, and/or collision liability to any extent that they are not recoverable by reason of the agreed value and/or the amount insured in respect of the Vessel being inadequate1.3.12 earthquake or volcanic eruption.1.4 PROVIDED ALWAYS THAT1.4.1 prompt notice must be given to the Underwriters of every casualty event or claim upon the Assured which may give rise to a claim hereunder and of every event or matter which may cause the Assured to incur liability costs or expense for which he may be insured hereunder1.4.2 the Assured shall not admit liability for or settle any claim for which he may be insured hereunder without the prior written consent of the Underwriters.2 LIMITS2.1 Where the Assured or the Underwriters may or could have limited their liability the indemnity under this insurance in respect of such liability shall not exceed Underwriters' proportionate part of the amount of such limitation.2.2 In no case shall the Underwriters' liability under this insurance exceed their proportionate part of the amount insured hereunder in respect of each separate accident or occurrence or series of accidents arising out of the same event.3 DEDUCTIBLE3.1 Notwithstanding the provisions of Clause 1 no claim shall be payable under this insurance unless such claim, or the aggregate of all such claims arising out of each separate accident or occurrence, exceeds {Response} in which case this sum shall be deducted.3.2 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.3.3 Interest 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 that they have paid.4 NAVIGATIONThe Vessel has leave to dock and undock, to go into graving dock, to sail or navigate with or without pilots, to go on trial trips and to assist and tow vessels or craft in distress, but it is warranted that the Vessel shall not be towed, except as is customary or when in need of assistance, or undertake towage or salvage services under a contract previously arranged by the Assured and/or Owners and/or Managers and/or Charterers without the prior written agreement of the Underwriters. This Clause 4 shall not exclude customary towage in connection with loading and discharging.5 TERMINATIONThis Clause 5 shall prevail notwithstanding any provision whether written typed or printed in this insurance inconsistent therewith.Unless Underwriters agree to the contrary in writing, this insurance shall terminate automatically at the time of5.1 change of the Classification Society of the Vessel, or change, suspension, discontinuance, withdrawal or expiry of her Class therein. However where such change, suspension, discontinuance or withdrawal of her Class has resulted from loss or damage covered by Clause 6 of the Institute Time Clauses - Hulls 1/10/83 or which would be covered by an insurance of the Vessel subject to current lnstitute War and Strikes Clauses Hulls - Time such automatic termination shall not operate5.2 any change, voluntary or otherwise, in the ownership or flag, transfer to new management, or charter on a bareboat basis, or requisition for title or use of the Vessel. However, in the event of requisition for title or use without the prior execution of a written agreement by the Assured, such automatic termination shall occur fifteen days after such requisition whether the Vessel is in port or at sea.6 BREACH OF WARRANTYHeld covered in case of any breach of warranty as to cargo, trade, locality, towage, salvage services or date of sailing, provided notice be given to the Underwriters immediately after receipt of advices and any amended terms of cover and any additional premium required by them be agreed.7 ASSIGNMENTNo 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 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.8 DUTY OF ASSUREDIt is a condition of this insurance that the Assured and their servants and agents take such measures as may be reasonable for the purpose of averting or minimising a loss which would be recoverable under this insurance.9 RETURNS FOR CANCELLATIONTo return pro rata monthly net for each uncommenced month if this insurance be cancelled either by agreement or by the operation of Clause 5 provided that a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period of this insurance or any extension thereof.10 WAR, STRIKES, MALICIOUS ACTS AND NUCLEAR RISKS PARAMOUNT EXCLUSIONIn no case shall this insurance cover liability cost or expense arising as a result of the operation of one or more of the following perils:10.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power10.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or any attempt thereat10.3 derelict mines torpedoes bombs or other derelict weapons of war10.4 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions10.5 any terrorist or any person acting from a political motive10.6 the use of any weapon of war, or the detonation of an explosive, by any person acting maliciously or from a political motive10.7 any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.20/7/87CL344 © Copyright The Institute of London Underwriters
驳船为佳，菲律宾内贸船舶为佳
SETTLEMENT AGREEMENT This Settlement Agreement (the “Agreement”) is made on this ___ day of April 2023. BY AND BETWEEN:(1) The Owners of the vessel “AAAAAA (hereinafter referred to as “the Shipowners”); and (2) BBBBBBBBBBB (hereinafter referred to as the “Receivers”); and Each, a “Party” and together the “Parties”. WHEREAS: A. The Receivers hereby warrant and confirm that they are the holder of the first original, second original, third original, negotiable copy and non-negotiable copy of the Bill of Lading bearing No. RC-KDL-18A.B. The Receivers claimed that 1000 MT of Cargo under Bill of Lading No. RC-KDL-18A was not delivered to them despite presentation of the Original Bill of Lading No. RC-KDL-18A. The Receivers approached the High Court of Gujarat and filed Admiralty Suit No. 6/2023 for alleged misdelivery/non-delivery of 1000 MT of Cargo and claimed a sum of USD 450,000.00 plus interest as compensation and costs (the “Receiver’s Claim”). The Hon’ble High Court of Gujarat by order dated 01.04.2023 passed and order of arrest of the Vessel, towards security for the Receivers Claim. C. While the Vessel remained under arrest and Admiralty Suit was pending, pursuant to various without prejudice discussions between the Shipowners and the Receivers, the Parties have agreed to amicably settle their disputes on a without prejudice, without admission of liability basis and finalized a settlement sum totalling to US$ 210,000.00______________ (United States Dollars Two hundred and ten thousand only________________) in lump sum as full and final settlement of the Receiver’s allegedClaims. IN CONSIDERATION FOR THE MUTUAL OBLIGATIONS AND PROMISES HEREIN AFTER CONTAINED IT IS HEREBY AGREED AS FOLLOWS:(1) In full and final settlement of the Receiver’s Claims, including all interest and all legal costs relating thereto, the Shipowners agree to pay the Receivers the sum of US$ 210,000.00______________ (United States Dollars Two hundred and ten thousand only________________) (the “Settlement Proceeds”). (2) 50% of the Settlement Proceeds shall be made immediately up on execution of the Settlement Agreement and the remaining 50% shall be made within three (3) working___ days from the date of obtaining order of release of the Vessel from the High Court of Gujarat. (3) The Receiver delivery the original Bill of loading to ship-owner via their lawyer : xxxxxx to ship-owner within 1 day when they received the total sum of USD 210,000.00 .(4) Payment of the Settlement Proceeds will be made to the Receivers, to the account mentioned below [please provide]: Beneficiary: Bank: Current Account number: SWIFT: IFSC: Branch: Bank Address: (5) All Parties and signatories hereby confirm that they have all requisites and necessary corporate powers and resolutions and have full authority to execute this Agreement. This Agreement may be signed and exchanged by fax or as attachment of email and shall be binding as such. (6) The Agreement is in full and final settlement of the Receiver’s Claims and any claim arising out of or in connection with the Bills of Lading and in consideration of the Settlement Proceeds, the Receivers and/or their cargo insurers irrevocably agree upon receipt of the Settlement Proceeds to: i) immediately produce this Agreement before the High Court of Gujarat, obtain an order of release of the Vessel and withdraw the Admiralty Suit, unconditionally and no later than 24 hours from the receipt of 50% of the Settlement Proceeds; ii) Immediately handover the first original, second original, third original, negotiable copy and non-negotiable copy of the Bill of Lading bearing No. RC-KDL-18A and provide anundertakeing in writing stating that the Bills of Lading isare the original Bills of Lading with respect to 1000 MT of theCargo and no other Bills of lading in respect of theCargo are in circulation. iii) immediately and forever release and discharge the Shipowners, their managers, operators, charterers, agents, master, crewmembers, correspondents, insurers, P&I clubs, sister ships, associated ships and/or any other party interested in the M.V. "AAAA" from any liability for any and all losses, expenses, costs, legal proceedings and/or others arising from and/or in connection with the Cargo carried under bills of lading bearing number XXXXXXXXXXXXX dated 03.09.2022 from any other party including but not limited toother B/L notify party and/or their cargo underwriters.. iv) indemnify the Shipowners, their directors, officers, employees, agents, correspondents, insurers, managers, subsidiaries, affiliates, successors and assignees and all financial entities or other organizations or persons having financial interest in the said Vessel, her charterers, managers, operators and all other persons, firms or corporations having any interest therein or connected therewith and hold them free and harmless for all claims, actions, proceedings, suits, obligations, damages, sum of money, and/or demands of every kind and nature, past, present and future whether arising out of the Bills of Lading bearing number XXXXXXX dated 03.09.2022 or contract or law or in equity or in tort or in bailment that the Receivers or any other party may bring against the vessel M.V “AAAAA 2”, her sister ships, associated ships, the Shipowners, managers, all financial entities or other organizations or persons having financial interest in the said Vessel, her charterers, managers, operators and all other persons, firms or corporations having any interest therein or connected therewith. (7) In consideration of the Settlement Proceeds, the Receivers further irrevocably agree to refrain from arresting and/or detaining M.V. AAAAA or her sister ships or associates ships or any other property in the same ownership or management or control, in connection with the Receiver’s Claims or any claim arising out of or in connection with Bills of Lading bearing number XXXXXXXXXXXX dated 03.09.2022 or from initiating Suit or any legal proceedings in any jurisdiction in the world. (8) In consideration of the receipt of the Settlement Proceeds, the Receivers further confirm that they will not seek indemnity and/or reimbursement from their cargo insurers which could trigger recovery proceedings against the vessel M.V “AAAAA”, her Owners, managers, all financial entities or other organizations or persons having financial interest in the said Vessel, her charterers, managers, operators and all other persons, firms or corporations having any interest therein or connected therewith; The Parties expressly recognise that the Settlement Proceeds are to be retained by way of commercial settlement and in no way, constitute any admission of liability on behalf of the Parties.(9) The parties shall each bear their own legal costs in relation to this Agreement. (10) The Agreement contains the entire agreement between the Parties and supersedes any previous undertaking, commitment, agreement or oral or written representation whatsoever, in respect of the subject matter hereof. (11) This Settlement Agreement shall be executed in 2 (two) originals, one set for each party, but all the counterparts shall together constitute one and the same instrument. (12) The Agreement is to be governed by and constructed in accordance with English Law, and any dispute arising hereunder shall be referred to the exclusive jurisdiction of the English High Court at London. IN WITNESS WHEREOF the parties have each by their duly authorized representatives executed this Agreement on the date first above written: Signed………………………………..For and on behalf of ShipownersName:Designation: Signed……………………………….For and on behalf of Receivers Name:Designation:
