This policy covers the vessel’s hull and machinery during their operation within the specified trading limits.
The covers include:
- Institute Time Clauses (Hull) covering Partial Loss and Total Loss of the vessel insured.
Institute Time Clauses (Total Loss only) covering Total Loss (Actual Total Loss and Constructive Total Loss) of the vessel insured caused by the following perils:
- Perils of the seas river lakes or other navigable waters
- Fire, explosion
- Violent theft by persons from outside the vessel
- Breakdown of or accident to nuclear installations or reactors
- Contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbour equipment or installation
- Earthquake, volcanic eruption or lighting
- And provided such loss or damage has not resulted from want of due diligence by the Assured, Owners or Managers
- Accident in loading, discharging or shifting cargo or fuel
- Bursting of boiler breakage of shafts or any latent defects in the machinery or hull
- Negligence of Master, Officers, Crew or Pilots
- Negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
- Barratry of Master, Officers or Crew
The following are some of the Major Exclusions in the Policy:
- War, Strikes, Malicious Acts Exclusion (this may be extended subject to an additional premium to be agreed)
- Nuclear Exclusion
- Radioactive Contamination, Chemical, Biological, Bio-Chemical and Electromagnetic Weapon
Note: This list is non-exhaustive. Please refer to the sample policy contract for the full list of exclusions under this policy.
For detailed information, please refer to: