Hull Insurance Clause Book
No clauses contained in this “Hull Insurance Clause Book” shall be applicable,
unless the reference to such clauses is specifically made as applicable in the
Policy or Endorsement.

Head Office Tokyo, Japan

M6037-1

2023.3 (改)(121)

CONTENTS(1) TIME RISKS ........................................................................................................................... 1
INSTITUTE TIME CLAUSES HULLS........................................................................................................ 1
REPLACED CLAUSE FOR CLAUSE 8 .................................................................................................... 8
INSTITUTE TIME CLAUSES-HULLS DISBURSEMENTS AND INCREASED VALUE (TOTAL LOSSONLY, INCLUDING EXCESS LIABILITIES) .............................................................................................. 9
REPLACED CLAUSE FOR CLAUSE 6.4.3 ............................................................................................ 12
INSTITUTE TIME CLAUSES HULLS AMENDED FOR JAPANESE CLAUSES CLASS NO.5 (4/90) ...... 13
INSTITUTE TIME CLAUSES HULLS AMENDED FOR JAPANESE CLAUSES CLASS NO.6 (4/93) ...... 20
INSTITUTE TIME CLAUSES－HULLS TOTAL LOSS ONLY (INCLUDING SALVAGE, SALVAGECHARGES AND SUE AND LABOUR) AMENDED FOR JAPANESE CLAUSES CLASS NO.2 (4/90) ..... 28
COLLISION LIABILITY CLAUSES (4/90) ............................................................................................... 33
INSTITUTE TIME CLAUSES-HULLS DISBURSEMENTS AND INCREASED VALUE (TOTAL LOSSONLY, INCLUDING EXCESS LIABILITIES) AMENDED FOR JAPANESE CLAUSES CLASS NO.5
(4/90) ...................................................................................................................................................... 33
INSTITUTE TIME CLAUSES-HULLS DISBURSEMENTS AND INCREASED VALUE (TOTAL LOSSONLY, INCLUDING EXCESS LIABILITIES) AMENDED FOR JAPANESE CLAUSES CLASS NO.6
(4/90) ...................................................................................................................................................... 37
INSTITUTE PROTECTION AND INDEMNITY CLAUSES HULLS-TIME AMENDED(1/06) ..................... 41
AMERICAN INSTITUTE HULL CLAUSES (JUNE 2,1977) ................................................................... 45
AMERICAN INSTITUTE INCREASED VALUE AND EXCESS LIABILITIES CLAUSES(NOVEMBER 3,1977)............................................................................................................................. 52
INSTITUTE ADDITIONAL PERILS CLAUSES‐HULLS (FOR USE ONLY WITH THE INSTITUTE
TIME CLAUSES‐HULLS 1/10/83) ........................................................................................................ 57
INSTITUTE ADDITIONAL PERILS CLAUSES‐HULLS AMENDED (4/93) (FOR USE ONLY WITH
THE INSTITUTE TIME CLAUSES‐HULLS1/10/83＊) ............................................................................ 57
VIOLENT THEFT, PIRACY AND BARRATRY EXCLUSION - FOR USE WITH INSTITUTE TIME
CLAUSES HULLS 1/10/83 ..................................................................................................................... 57
VIOLENT THEFT, PIRACY AND BARRATRY EXCLUSION - FOR USE WITH INSTITUTE TIME
CLAUSES HULLS DISBURSEMENTS AND INCREASED VALUE (TOTAL LOSS ONLY,
INCLUDING EXCESS LIABILITIES) 1/10/83 .......................................................................................... 58
BERING SEA TRANSIT CLAUSE AMENDED ........................................................................................ 59
BERING SEA TRANSIT CLAUSES (FOR I.T.C. AMENDED) .................................................................. 59
INSTITUTE MACHINERY DAMAGE ADDITIONAL DEDUCTIBLE CLAUSE (FOR USE ONLY
WITH THE INSTITUTE TIME CLAUSES-HULLS 1/10/83) ..................................................................... 60
EXCESS COLLISION LIABILITY CLAUSE (A-2) (FOR 3/4THS COLLISION LIABILITY) ....................... 60
EXCESS COLLISION LIABILITY CLAUSE (B-2) (FOR 3/4THS COLLISION LIABILITY) ....................... 60
EXCESS COLLISION LIABILITY CLAUSE (A-2) (FOR 4/4THS COLLISION LIABILITY) ....................... 61
EXCESS COLLISION LIABILITY CLAUSE (B-2) (FOR 4/4THS COLLISION LIABILITY) ....................... 61
SMALL GENERAL AVERAGE CLAUSES ............................................................................................... 62
FISHING GEAR CLAUSES .................................................................................................................... 62
G.A. ETC. CONTRIBUTION CLAUSE .................................................................................................... 62
SCRAP VOYAGE CLAUSES .................................................................................................................. 62
SCRAP VOYAGE CLAUSES (FOR AMENDED NO.2) ........................................................................... 63
SCRAP VOYAGE CLAUSES (FOR USE WITH AMERICAN INSTITUTE HULL CLAUSES 2/6/77) ..... 64
TERMINATION CLAUSE ........................................................................................................................ 64
DISBURSEMENTS WARRANTY CLAUSE (A) ....................................................................................... 65
DISBURSEMENTS WARRANTY CLAUSE (B) ....................................................................................... 65

LAID UP RETURN CLAUSES (HULLS) ................................................................................................. 65
LAID UP RETURN CLAUSES (DISBURSEMENTS) .............................................................................. 66
ICE CLAUSE (A) .................................................................................................................................... 67
3/4THS COLLISION LIABILITY CLAUSE (A) ......................................................................................... 67
3/4THS COLLISION LIABILITY CLAUSE (B) ......................................................................................... 68
SPECIAL CLAUSE FOR SUBJECT-MATTER INSURED ....................................................................... 68
NECESSARY REPAIR CLAUSE ............................................................................................................ 68
FISHING VESSEL CLAUSE (NO.6) ....................................................................................................... 68
EXPENSE OF SIGHTING THE BOTTOM CLAUSE ............................................................................... 68
DEDUCTIBLE CLAUSES (A) ................................................................................................................. 68
DEDUCTIBLE CLAUSES (B) ................................................................................................................. 69
DEDUCTIBLE CLAUSES (C) ................................................................................................................. 69
DEDUCTIBLE CLAUSES (D) ................................................................................................................. 70
DEDUCTIBLE CLAUSES (A) (FOR 3/4THS COLLISION LIABILITY) ..................................................... 70
DEDUCTIBLE CLAUSES (C) (FOR 3/4THS COLLISION LIABILITY) ..................................................... 71
DEDUCTIBLE CLAUSES (FOR WORK BOAT ETC. AMENDED NO.5) ................................................. 72
DEDUCTIBLE CLAUSES (G) (FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES-HULLSAMENDED FOR JAPANESE CLAUSES CLASS NO.6 4/93) ................................................................. 72
DEDUCTIBLE CLAUSES (G) (FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES-HULLS
1/10/83) .................................................................................................................................................. 72
DEDUCTIBLE CLAUSES (H) (FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES-HULLSAMENDED FOR JAPANESE CLAUSES CLASS NO.5 4/90) ................................................................. 73
AMERICAN HULL INSURANCE SYNDICATE LINER NEGLIGENCE CLAUSE FOR ATTACHMENTTO AMERICAN INSTITUTE HULL CLAUSES (JANUARY 18, 1970) ...................................................... 73
LINER NEGLIGENCE CLAUSE (LONDON FORM)................................................................................ 74
MACHINERY DAMAGE CO-INSURANCE CLAUSE FOR USE WITH AMERICAN INSTITUTE
HULL CLAUSES..................................................................................................................................... 74
MACHINERY DAMAGE CO-INSURANCE CLAUSE FOR USE WITH AMERICAN INSTITUTE
HULL CLAUSES (AMENDMENT)........................................................................................................... 74
GENERAL AVERAGE EXTENDED COVERAGE ................................................................................... 74(2) LOSS OF TIME/HIRE ........................................................................................................... 76
LOSS OF CHARTER HIRE INSURANCE INCLUDING WAR (ABS 1/10/83 WORDING)........................ 76
LOSS OF CHARTER HIRE INSURANCE EXCLUDING WAR (ABS 1/10/83 WORDING) ...................... 78
FULL PREMIUM IF CLAIM CLAUSES (FOR LOSS OF CHARTER HIRE INSURANCEINCLUDING WAR ABS 1/10/83 WORDING) .......................................................................................... 80
FULL PREMIUM IF CLAIM CLAUSES (FOR LOSS OF CHARTER HIRE INSURANCE
EXCLUDING WAR ABS 1/10/83 WORDING) ......................................................................................... 80
LAID UP RETURN CLAUSES (LOH)...................................................................................................... 80(3) WAR AND STRIKES ............................................................................................................. 82
INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME .................................................................... 82
INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME (AMENDED TO COVER DISB’TS
INCLUDING EXCESS LIABILITIES)....................................................................................................... 83
INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME AMENDED (1/4/97) .................................... 85
INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME AMENDED TO COVERDISBURSEMENTS ETC. AGAINST T.L.O. (4/96) ................................................................................... 87
WAR RISK PROTECTION AND INDEMNITY CLAUSES (HULLS) ......................................................... 88
WAR RISK PROTECTION AND INDEMNITY CLAUSES (HULLS) (FOR USE WITH INSTITUTEWAR AND STRIKES CLAUSES HULLS-TIME 1/10/83 AMENDED (4/93))............................................. 89

WAR RISK PROTECTION AND INDEMNITY CLAUSES (DISBURSEMENTS) ................................... 90
WAR RISK PROTECTION AND INDEMNITY CLAUSES (DISBURSEMENTS) (FOR USE WITH
INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME 1/10/83 AMENDED (4/93)) ......................... 90
WAR RISK PROTECTION AND INDEMNITY CLAUSES (CREW LIABILITY) ...................................... 90
BLOCKING AND TRAPPING ETC. WORDING (LOSS OF HIRE/LOSS OF TIME)(1/4/2013) ....... 91
VIOLENT THEFT, PIRACY AND BARRATRY EXTENSION-FOR USE WITH THE INSTITUTE WAR& STRIKES CLAUSES HULLS-TIME 1/10/83 ........................................................................................ 93
VIOLENT THEFT, PIRACY AND BARRATRY EXTENSION-FOR USE WITH THE INSTITUTE WAR& STRIKES CLAUSES HULLS-TIME (AMENDED TO COVER DISBURSEMENTS INCLUDINGEXCESS LIABILITIES) 1/10/83 .............................................................................................................. 93“WAR ETC.” P. AND I. CLAUSE ............................................................................................................. 94
LONDON BLOCKING AND TRAPPING ADDENDUM (FOR USE WITH INSTITUTE WAR ANDSTRIKES CLAUSES HULLS (1/10/83)) .................................................................................................. 94
LONDON BLOCKING AND TRAPPING ADDENDUM (FOR USE WITH INSTITUTE WAR ANDSTRIKES CLAUSES HULLS 1/10/83 AMENDED (1/4/97) ...................................................................... 95
HULL WAR SPECIAL CLAUSE IN RESPECT OF FISHING OR REEFER BOAT ................................... 95
PREMIUM CLAUSES (ADDITIONAL PREMIUM FOR WAR RISKS DEVIATION) .................................. 95
INSTITUTE NOTICE OF CANCELLATION AUTOMATIC TERMINATION OF COVER AND WAR
AND NUCLEAR EXCLUSIONS CLAUSE-HULLS, ETC. AMENDED ...................................................... 95
INSTITUTE NOTICE OF CANCELLATION AUTOMATIC TERMINATION OF COVER AND WAR
AND NUCLEAR EXCLUSIONS CLAUSE-HULLS, ETC. (FOR I.W.S.C. AMENDED ETC.) .................... 96
INCORPORATION CLAUSE .................................................................................................................. 97
PREMIUM PAYMENT CLAUSE (LSW3000 AMENDED) ........................................................................ 98(4) BUILDERS’ RISKS ............................................................................................................... 99
INSTITUTE CLAUSES FOR BUILDERS’ RISKS AMENDED (4/96) ....................................................... 99
INSTITUTE CLAUSES FOR BUILDERS’ RISKS AMENDED (4/96) (REPAIRING RISKSINSURANCE) ....................................................................................................................................... 106
INSTITUTE CLAUSES FOR BUILDERS’ RISKS AMENDED (4/96) (SHIPREPAIRERS’ RISKSINSURANCE) ....................................................................................................................................... 113
INSTITUTE WAR CLAUSES BUILDERS’ RISKS AMENDED (4/2023) ................................................. 120
INSTITUTE STRIKES CLAUSES BUILDERS’ RISKS AMENDED (4/96) .............................................. 121
EARTHQUAKE RISKS CLAUSE .......................................................................................................... 122
PROCEEDING CLAUSE ...................................................................................................................... 122
REPAIR CLAUSES (FOR I.B.C. AMENDED (4/2010)) ......................................................................... 123
CONSTRUCTIVE TOTAL LOSS CLAUSE (FOR REPAIRING RISKS INSURANCE)............................ 123
CONSTRUCTIVE TOTAL LOSS CLAUSE (FOR SHIPREPAIRERS’ RISKS INSURANCE) .................. 123
SUBJECT-MATTER INSURED CLAUSE (FOR BUILDERS’ RISKS INSURANCE) .............................. 124
SUBJECT-MATTER INSURED CLAUSE (FOR REPAIRING RISKS INSURANCE) ........................... 124
SUBJECT-MATTER INSURED CLAUSE (FOR SHIPREPAIRERS’ RISKS INSURANCE) .................... 124
INSURED VALUE CLAUSES(FOR BUILDERS’ RISKS INSURANCE)............................................ 124
PERILS CLAUSE (EARTHQUAKE RISKS ONLY) ................................................................................ 125(5) OTHERS............................................................................................................................. 126
PREMIUM CLAUSES (A-2) .................................................................................................................. 126
PREMIUM CLAUSES (B-2) .................................................................................................................. 126
PREMIUM CLAUSES (A-3) .................................................................................................................. 127
PREMIUM CLAUSES (B-3) .................................................................................................................. 128
FULL PREMIUM IF LOST CLAUSES ................................................................................................... 130
CO-INSURERS CLAUSES ................................................................................................................... 130

INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIO-CHEMICAL AND
ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE .................................................................. 131
MARINE HULL COMPUTER AND SOFTWARE DATE RECOGNITION EXCLUSION CLAUSE ........... 131
LAW AND PRACTICE CLAUSES ......................................................................................................... 132
DUTY OF ASSURED AND RIGHTS OF INSURER CLAUSES ............................................................. 132
LIEN CLAUSES.................................................................................................................................... 132
CANCELLATION AND PREMIUM RETURN CLAUSES ....................................................................... 133
JURISDICTION CLAUSE ..................................................................................................................... 133
SANCTION LIMITATION AND EXCLUSION CLAUSE .......................................................................... 134
IRANIAN OIL EXCLUSION CLAUSE.................................................................................................... 134
RUSSIAN OIL EXCLUSION CLAUSE (FOR OIL PRICE CAP EXCEPTION)........................................ 134
CLASSIFICATION CLAUSE ................................................................................................................. 134
MARINE CYBER ENDORSEMENT - LMA5403 ................................................................................... 134
INSTITUTE CYBER ATTACK EXCLUSION CLAUSE - CL380 ............................................................. 135
LOSS PAYABLE CLAUSE (A) .............................................................................................................. 135
LOSS PAYABLE CLAUSE (B) .............................................................................................................. 135
ASSURED CLAUSE ............................................................................................................................. 136
LEASED EQUIPMENT CLAUSE .......................................................................................................... 136
WAGES AND MAINTENANCE RECOVERABLE IN PARTICULAR AVERAGE..................................... 136
FIRE AND POLLUTION HAZARD CLAUSES (A) ................................................................................. 136
FIRE AND POLLUTION HAZARD CLAUSES (B) ................................................................................. 137
TANK CLEANING AND/OR GAS-FREEING CLAUSE .......................................................................... 137
REPAIR CLAUSES............................................................................................................................... 138
RIGHTS AND DUTIES ON THE VESSEL CLAUSES ........................................................................... 138
RIGHT OF CLAIM FOR COMPENSATION AGAINST A THIRD PARTY CLAUSE ................................ 139
SPECIAL NAVIGATION CLAUSE ......................................................................................................... 139
BOTTOM PAINTING CLAUSES (A) ..................................................................................................... 139
BOTTOM PAINTING CLAUSES (B) ..................................................................................................... 141
BOTTOM TREATMENT CLAUSE ......................................................................................................... 142
SPECIAL CLAUSE FOR YORK-ANTWERP RULES (FOR AMENDED CLAUSES).............................. 143
JHC COMMUNICABLE DISEASE EXCLUSION................................................................................... 143(6) TRADING WARRANTIES ................................................................................................... 145
INSTITUTE WARRANTIES .................................................................................................................. 145
VOYAGE WARRANTY “WORLD WIDE”............................................................................................... 145
BREACH OF NAVIGATING LIMIT REQUIREMENTS CLAUSE ............................................................ 146
AMERICAN INSTITUTE TRADE WARRANTIES .................................................................................. 147
AMENDMENT FOR AMERICAN INSTITUTE TRADE WARRANTIES .................................................. 147

(1) TIME RISKS
1/10/83

INSTITUTE TIME CLAUSES
HULLSThis insurance is subject to English law and practice

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 withor 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/orManagers and/or Charterers. This Clause 1.1 shall not exclude customary towage in connection with loading anddischarging.
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 claim shall be recoverable under thisinsurance for loss of or damage to the Vessel or liability to any other vessel arising from such loading ordischarging 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 ofcover 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 forbreaking 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 Clauses 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, be held covered at a pro rata monthly premium to her port ofdestination.
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 andany additional premium required by them be agreed.
4 TERMINATIONThis 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 expiryof her Class therein, provided that if the Vessel is at sea such automatic termination shall be deferred until arrivalat her next port. However where such change, suspension, discontinuance or withdrawal of her Class has resulted
from loss or damage covered by Clause 6 of this insurance or which would be covered by an insurance of theVessel subject to current 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 abareboat 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 bedeferred, whilst the Vessel continues her planned voyage, until arrival at final port of discharge if with cargo or1

at port of destination if in ballast. However, in the event of requisition for title or use without the prior executionof 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 may be or become payable thereunder is to bebinding 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 suchendorsement is produced before payment of any claim or return of premium thereunder.
6 PERILS
6.1 This insurance covers loss of or damage to the subject-matter insured caused by
6.1.1
perils of the seas rivers lakes or other navigable waters
6.1.2
fire, explosion
6.1.3
violent theft by persons from outside the Vessel
6.1.4
jettison
6.1.5
piracy6.1.6
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 loss of or damage to the subject-matter insured caused by
6.2.1
accidents in loading discharging or shifting cargo or fuel6.2.2
bursting of boilers breakage of shafts or any latent defect in the machinery or hull
6.2.3
negligence of Master Officers Crew or Pilots
6.2.4
negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
6.2.5
barratry of Master Officers or Crew,
provided such loss or damage has not resulted from want of due diligence by the Assured, Owners orManagers.
6.3 Master Officers Crew or Pilots not to be considered Owners within the meaning of this Clause 6 should theyhold shares in the Vessel.
7 POLLUTION HAZARD
This insurance covers loss of or damage to 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 forwhich the Underwriters are liable under 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 toany 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 vessel
8.1.2
delay to or loss of use of any such other vessel or property thereon
8.1.3
general average of, salvage of, or salvage under contract of, any such other vessel or property thereon, wheresuch payment by the Assured is in consequence of the Vessel hereby insured coming into collision with anyother vessel.
2

8.2

The indemnity provided by this Clause 8 shall be in addition to the indemnity provided by the other terms andconditions of this insurance and shall be subject to the following provisions:
8.2.1
Where the insured Vessel is in collision with another vessel and both vessels are to blame then, unless theliability of one or both vessels becomes limited by law, the indemnity under this Clause 8 shall be calculatedon the principle of cross-liabilities as if the respective Owners had been compelled to pay to each other suchproportion 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 case shall the Underwriters’ total liability under Clauses 8.1 and 8.2 exceed their proportionate part ofthree-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
may be compelled to pay in contesting liability or taking proceedings to limit liability, with the prior writtenconsent of the Underwriters.
EXCLUSIONS
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 withwhich the insured Vessel is in collision or property on such other vessels).
9 SISTERSHIP
Should the Vessel hereby insured come into collision with or receive salvage services from another vessel belonging
wholly or in part to the same Owners or under the same management, the Assured shall have the same rights under thisinsurance 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 AND TENDERS
10.1 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 Agent* so that a surveyor may
be appointed to represent the Underwriters should they so desire.
10.2 The Underwriters shall be entitled to decide the port to which the Vessel shall proceed for docking or repair (theactual 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.
10.3 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 allowanceshall be made at the rate of 30% per annum on the insured value for time lost between the despatch of theinvitations to tender required by Underwriters and the acceptance of a tender to the extent that such time is lost
solely as the 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 storesand 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 theUnderwriters the allowance shall be reduced by a similar proportion.
10.4 In the event of failure to comply with the conditions of this Clause 10 a deduction of 15% shall be made from3the amount of the ascertained claim.
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, but in case of general average sacrifice of the Vessel the Assured may recover inrespect of the whole loss without first enforcing their right of contribution from other parties.
11.2 Adjustment to be according to the law and practice obtaining at the place where the adventure ends, as if thecontract of affreightment contained no special terms upon the subject; but where the contract of affreightment
so provides the adjustment shall be according to the York-Antwerp Rules.
11.3 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 theport or place of departure until the arrival of the Vessel at the first port or place thereafter other than a port orplace of refuge or a port or place of call for bunkering only. If at any such intermediate port or place there is anabandonment of the adventure originally contemplated the voyage shall thereupon be deemed to be terminated.
11.4 No claim under this Clause 11 shall in any case be allowed where the loss was not incurred to avoid or inconnection with the avoidance of a peril insured against.
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 Clauses 8, 11 and 13)
exceeds(as specified in the POLICY)
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 12.1 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 thesame accident or occurrence.
12.2 Claims for damage by heavy weather occurring during a single sea passage between two successive ports shallbe 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 proportionof 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” inthis 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 thatby the addition 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 minimising a loss which would be recoverable under thisinsurance.
13.2 Subject to the provisions below and to Clause 12 the Underwriters will contribute to charges properly andreasonably incurred by the Assured their servants or agents for such measures. General average, salvage charges(except as provided for in Clause 13.5) and collision defence or attack costs are not recoverable under this Clause13.
13.3 Measures taken by the Assured or the Underwriters with the object of saving, protecting or recovering the
subject-matter insured shall 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 13 the liability under this insurance shall not exceed the4

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 thisinsurance 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 ofsuch value.
13.5 When a claim for total loss of the Vessel is admitted under this insurance and expenses have been reasonably
incurred in saving 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 theexpenses in excess of the proceeds, as the case may be, as may reasonably be regarded as having been incurredin 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 clause shall be reduced in proportion to theunder-insurance.
13.6 The sum recoverable under this Clause 13 shall be in addition to the loss otherwise recoverable under thisinsurance but shall in no circumstances exceed the amount insured under this insurance in respect of the Vessel.
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 that15.1 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 courseof 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 and15.2 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 anotherfor 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 andtrouble 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 the reasonable depreciation in themarket value of the Vessel at the time this insurance terminates arising from such unrepaired damage, but notexceeding the reasonable cost of repairs.
18.2 In no case shall the Underwriters be liable for 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 unrepaired damage for more than the insured value at the time5

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 damaged 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 berecoverable hereunder unless such cost would exceed the insured value. In making this determination, only thecost 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 total loss no claim to be made by the Underwriters for freight whether notice ofabandonment has been given or not.
21 DISBURSEMENTS WARRANTY
21.1 Additional insurances as follows are permitted:
21.1.1
Disbursements, Managers’ Commissions, Profits or Excess or Increased Value of Hull and Machinery. A sum
not exceeding 25% of the value stated herein.
21.1.2
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 21.1.1.
21.1.3
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 andan 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 thevoyage, subject to the limitation of two cargo passages as laid down herein. Any sum insured under 21.1.2 tobe taken into account and only the excess thereof may be insured, which excess shall be reduced as the freightor hire is advanced or earned by the gross amount so advanced or earned.
21.1.4
Anticipated Freight if the Vessel sails in ballast and not under Charter. A sum not exceeding the anticipatedgross 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 21.1.2 to be taken into
account and only the excess thereof may be insured.
21.1.5Time Charter Hire or Charter Hire for Series of Voyages. A sum not exceeding 50% of the gross hire whichis to be earned under the charter in a period not exceeding 18 months. Any sum insured under 21.1.2 to betaken into account and only the excess thereof may be insured, which excess shall be reduced as the hire isadvanced 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 21.1.2 and 21.1.5 does not exceed 50% of thegross hire still to be earned under the charter. An insurance under this Section may begin on the signing of
the charter.
21.1.6Premiums. A sum not exceeding the actual premiums of all interests insured for a period not exceeding 12months (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.
21.1.7Returns 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.
21.1.8Insurance irrespective of amount against:
Any risks excluded by Clauses 23, 24, 25 and 26 below.
21.2 Warranted that no insurance on any interests enumerated in the foregoing 21.1.1 to 21.1.7 in excess of theamounts 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 term, is or shall be effected to operate during the currency of this insurance by or for accountof the Assured, Owners, Managers or Mortgagees. Provided always that a breach of this warranty shall not afford
6the Underwriters any defence to a claim by a Mortgagee who has accepted this insurance without knowledge ofsuch breach.
22 RETURNS FOR LAY-UP AND CANCELLATION
22.1 To return as follows:
22.1.1
Pro rata monthly net for each uncommenced month if this insurance be cancelled by agreement.
22.1.2For 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)(as arranged)
per cent net not under repair(b)(as arranged)
per cent net under repair.
If the Vessel is under repair during part only of a period for which a return is claimable, the return shall becalculated pro rata to the number of days under (a) and (b) respectively.
22.2 PROVIDED ALWAYS THAT
22.2.1a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period coveredby this insurance or any extension thereof
22.2.2in 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
22.2.3loading or discharging operations or the presence of cargo on board shall not debar returns but no return shallbe allowed for any period during which the Vessel is being used for the storage of cargo or for lightering
purposes
22.2.4in the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly
22.2.5in the event of any return recoverable under this Clause 22 being based on 30 consecutive days which fall on
successive insurances effected for the same Assured, this insurance shall only be liable for an amountcalculated at pro rata of the period rates 22.1.2(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 periodof 30 consecutive days as provided under 22.1.2(a) or (b), or 22.2.2 above.
The following clauses shall be paramount and shall override anything contained in this insurance inconsistent therewith.
23 WAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
23.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
23.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
23.3 derelict mines torpedoes bombs or other derelict weapons of war.
24 STRIKES EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
24.1 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
24.2 any terrorist or any person acting from a political motive.
25 MALICIOUS ACTS EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from25.1 the detonation of an explosive
25.2 any weapon of war
7and caused by any person acting maliciously or from a political motive.
26 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.
*of the Company

1/10/83

REPLACED CLAUSE FOR CLAUSE 8
Clause 8 of the Institute Time Clauses-Hulls Time 1/10/83
shall be hereby deleted and replaced by the following.

8 4/4THS COLLISION LIABILITY
8.1 The Underwriters agree to indemnify the Assured for three-fourths* of any sum or sums paid by the Assured toany 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 vessel
8.1.2
delay to or loss of use of any such other vessel or property thereon
8.1.3
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 othervessel.
8.2 The indemnity provided by this Clause 8 shall be in addition to the indemnity provided by the other terms andconditions of this insurance and shall be subject to the following provisions:
8.2.1
Where the insured Vessel is in collision with another vessel and both vessels are to blame then, unless theliability of one or both vessels becomes limited by law, the indemnity under this Clause 8 shall be calculatedon the principle of cross-liabilities as if the respective Owners had been compelled to pay to each other suchproportion 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 case shall the Underwriters’ total liability under Clauses 8.1 and 8.2 exceed their proportionate part ofthree-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
may be compelled to pay in contesting liability or taking proceedings to limit liability, with the prior writtenconsent of the Underwriters.
EXCLUSIONS
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 withwhich the insured Vessel is in collision or property on such other vessels).
*four-fourths

8INSTITUTE TIME CLAUSES-HULLSDISBURSEMENTS AND INCREASED VALUE(TOTAL LOSS ONLY, INCLUDING EXCESS LIABILITIES)This insurance is subject to English law and practice

1 NAVIGATION
1.1 The subject-matter insured is covered subject to the provisions of this insurance at all times and the Vessel 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 whenin 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 claim shall be recoverable under thisinsurance in respect of loss of or damage to the subject-matter insured or for liability to any other vessel arisingfrom such loading or discharging operations, including whilst approaching, lying alongside and leaving, unlessprevious 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 forbreaking up, no claim shall be recoverable under this insurance in respect of loss or damage to the Vessel
occurring subsequent to such sailing unless previous notice has been given to the Underwriters and any
amendments to the terms of cover, amount insured and premium required by them have been agreed.
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, the subjectmatter insured shall, provided previous notice be given to the Underwriters, be held 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, locality, trade, 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 andany additional premium required by them be agreed.
4 TERMINATIONThis Clause 4 shall prevail notwithstanding any provision whether written typed or printed in this insuranceinconsistent 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 expiryof her Class therein, provided that if the Vessel is at sea such automatic termination shall be deferred until arrivalat 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 operateshould 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 abareboat 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 bedeferred, whilst the Vessel continues her planned voyage, until arrival at final port of discharge if with cargo orat port of destination if in ballast. However, in the event of requisition for title or use without the prior executionof a written agreement by the Assured, such automatic termination shall occur fifteen days after such requisition9

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 may be or become payable thereunder is to bebinding 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 suchendorsement 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 the seas rivers lakes or other navigable waters
6.1.2
fire, explosion
6.1.3
violent theft by persons from outside the Vessel
6.1.4
jettison
6.1.5
piracy6.1.6
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 fuel6.2.2
bursting of boilers breakage of shafts or any latent defect in the machinery or hull
6.2.3
negligence of Master Officers Crew or Pilots
6.2.4
negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
6.2.5
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 theyhold shares in the Vessel.
6.4 This insurance covers:
6.4.1
General Average, Salvage and Salvage Charges not recoverable in full under the insurances on hull andmachinery by reason of the difference between the insured value of the Vessel as stated therein (or any
reduced value arising from the deduction therefrom in process of adjustment of any claim which law orpractice or the terms of the insurances covering hull and machinery may have required) and the value of theVessel adopted for the purpose of contribution to general average, salvage or salvage charges, the liability
under this insurance being for such proportion of the amount not recoverable as the amount insured hereunderbears to the said difference or to the total sum insured against excess liabilities if it exceed such difference.
6.4.2
Sue and Labour Charges not recoverable in full under the insurances on hull and machinery by reason of
the difference between the insured value of the Vessel as stated therein and the value of the Vessel adopted
for the purpose of ascertaining the amount recoverable under the insurances on hull and machinery, theliability under this insurance being for such proportion of the amount not recoverable as the amount insured
hereunder bears to the said difference or to the total sum insured against excess liabilities if it exceed suchdifference.
6.4.3
Collision Liability (three-fourths) not recoverable in full under the Institute 3/4ths Collision Liability andSistership Clauses in the insurances on hull and machinery by reason of such three-fourths liability exceeding
three-fourths of the insured value of the Vessel as stated therein, in which case the amount recoverable under
this insurance shall be such proportion of the difference so arising as the amount insured hereunder bears to
the total sum insured against excess liabilities.
6.5 The Underwriters’ liability under 6.4.1, 6.4.2 and 6.4.3 separately, in respect of any one claim, shall not exceed
the amount insured hereunder.
10

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 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 theUnderwriters prior to survey and also, if the Vessel is abroad, to the nearest Agent* so that a surveyor may be appointed
to represent the Underwriters should they so desire.
9 CONSTRUCTIVE TOTAL LOSS
9.1 In ascertaining whether the Vessel is a constructive total loss, the insured value in the insurances on hull andmachinery shall be taken as the repaired value and nothing in respect of the damaged or break-up value of theVessel or wreck shall be taken into account.
9.2 No claim for constructive total loss based upon the cost of recovery and/or repair of the Vessel shall berecoverable hereunder unless such cost would exceed the insured value in the insurances on hull and machinery.
In making this determination, only the cost relating to a single accident or sequence of damages arising from thesame accident shall be taken into account.
9.3 Provided that the Constructive Total Loss Clause in the current Institute Time Clauses Hulls or a clause having
a similar effect is contained in the insurances on hull and machinery, the settlement of a claim for constructive
total loss thereunder shall be accepted as proof of the constructive total loss of the Vessel.
9.4 Should the Vessel be a constructive total loss but the claim on the insurances on hull and machinery be settled
as a claim for partial loss, no payment shall be due under this Clause 9.
10 COMPROMISED TOTAL LOSSIn the event of a claim for total loss or constructive total loss being settled on the insurances on hull and machinery as
a compromised total loss the amount payable hereunder shall be the same percentage of the amount insured as is paidon the said insurances.
11 RETURNS FOR LAY-UP AND CANCELLATION
11.1 To return as follows:
11.1.1
Pro rata monthly net for each uncommenced month if this insurance be cancelled by agreement.
11.1.2For 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)(as arranged)
per cent net not under repair(b)(as arranged)
per cent net under repair.
If the Vessel is under repair during part only of a period for which a return is claimable, the return shall becalculated pro rata to the number of days under (a) and (b) respectively.
11.2 PROVIDED ALWAYS THAT
11.2.1a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period coveredby this insurance or any extension thereof
11.2.2in 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 area11

11.2.3

11.2.411.2.5loading or discharging operations or the presence of cargo on board shall not debar returns but no return shallbe allowed for any period during which the Vessel is being used for the storage of cargo or for lightering
purposesin the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly
in the event of any return recoverable under this Clause 11 being based on 30 consecutive days which fall on
successive insurances effected for the same Assured, this insurance shall only be liable for an amountcalculated at pro rata of the period rates 11.1.2 (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 periodof 30 consecutive days as provided under 11.1.2 (a) or (b), or 11.2.2 above.

The following clauses shall be paramount and shall override anything contained in this insurance inconsistent
therewith.
12 WAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
12.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
12.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
12.3 derelict mines torpedoes bombs or other derelict weapons of war.
13 STRIKES EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
13.1 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
13.2 any terrorist or any person acting from a political motive.
14 MALICIOUS ACTS EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from
14.1 the detonation of an explosive
14.2 any weapon of war
and caused by any person acting maliciously or from a political motive.
15 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.

*of the Company

REPLACED CLAUSE FOR CLAUSE 6.4.3
Clause 6.4.3 of the Institute Time Clauses-Hulls Disbursements andIncreased Value (Total Loss only, including Excess Liabilities) 1/10/83
shall be hereby deleted and replaced by the following.

6.4.3

Collision Liability (three-fourths*1) not recoverable in full under the Institute 3/ 4ths*2 Collision Liability
and Sistership Clauses in the insurances on hull and machinery by reason of such three-fourths*1 liability
exceeding three-fourths*1 of the insured value of the Vessel as stated therein, in which case the amountrecoverable under this insurance shall be such proportion of the difference so arising as the amount insured
12hereunder bears to the total sum insured against excess liabilities.
*1*2

four-fourths
4/4ths

1/10/83

INSTITUTE TIME CLAUSES
HULLSAMENDED FOR JAPANESE CLAUSES CLASS NO.5 (4/90)
This insurance is subject to English law and practice

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 withor 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/orManagers and/or Charterers. This Clause 1.1 shall not exclude customary towage in connection with loading anddischarging.
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 claim shall be recoverable under thisinsurance for loss of or damage to the Vessel or liability to any other vessel arising from such loading ordischarging 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 ofcover 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 forbreaking 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 Clauses 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, be held covered at a pro rata monthly premium to her port ofdestination.
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 andany additional premium required by them be agreed.
4 TERMINATIONThis 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 expiryof her Class therein, provided that if the Vessel is at sea such automatic termination shall be deferred until arrivalat her next port. However where such change, suspension, discontinuance or withdrawal of her Class has resulted
from loss or damage covered by Clause 6 of this insurance or which would be covered by an insurance of the

13

4.2

Vessel subject to current 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,any change, voluntary or otherwise, in the ownership or flag, transfer to new management, or charter on abareboat 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 bedeferred, whilst the Vessel continues her planned voyage, until arrival at final port of discharge if with cargo orat port of destination if in ballast. However, in the event of requisition for title or use without the prior executionof 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 may be or become payable thereunder is to bebinding 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 suchendorsement is produced before payment of any claim or return of premium thereunder.
6 PERILS
6.1 This insurance covers loss of or damage to the subject-matter insured caused by
6.1.1
perils of the seas rivers lakes or other navigable waters
6.1.2
fire, explosion
6.1.3
violent theft by persons from outside the Vessel
6.1.4
jettison
6.1.5
piracy6.1.6
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 loss of or damage to the subject-matter insured caused by
6.2.1
accidents in loading discharging or shifting cargo or fuel6.2.2
bursting of boilers breakage of shafts or any latent defect in the machinery or hull*1
6.2.3
negligence of Master Officers Crew or Pilots
6.2.4
negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
6.2.5
barratry of Master Officers or Crew,
provided such loss or damage has not resulted from want of due diligence by the Assured, Owners orManagers.
6.3 Master Officers Crew or Pilots not to be considered Owners within the meaning of this Clause 6 should theyhold shares in the Vessel.
*2
6.4
7 POLLUTION HAZARD
This insurance covers loss of or damage to 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 forwhich the Underwriters are liable under 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.

14

8 3/4 THS*3 COLLISION LIABILITY
8.1 The Underwriters agree to indemnify the Assured for three-fourths*3 of any sum or sums paid by the Assured toany other person or persons by reason of the Assured becoming legally liable*4 by way of damages for
8.1.1
loss of or damage to any other vessel or property on any other vessel
8.1.2
delay to or loss of use of any such other vessel or property thereon
8.1.3
general average of, salvage of, or salvage under contract of, any such other vessel or property thereon, wheresuch payment by the Assured is in consequence of the Vessel hereby insured coming into collision with anyother vessel.
8.2 The indemnity provided by this Clause 8 shall be in addition to the indemnity provided by the other terms andconditions of this insurance and shall be subject to the following provisions:
8.2.1
Where the insured Vessel is in collision with another vessel and both vessels are to blame then, unless theliability of one or both vessels becomes limited by law, the indemnity under this Clause 8 shall be calculatedon the principle of cross-liabilities as if the respective Owners had been compelled to pay to each other suchproportion 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 case shall the Underwriters’ total liability under Clauses 8.1 and 8.2 exceed their proportionate part ofthree-fourths*3 of the insured value of the Vessel hereby insured in respect of any one collision.
8.3 The Underwriters will also pay three-fourths*3 of the legal costs incurred by the Assured or which the Assured
may be compelled to pay in contesting liability or taking proceedings to limit liability, with the prior writtenconsent of the Underwriters.
EXCLUSIONS
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 withwhich the insured Vessel is in collision or property on such other vessels).
9 SISTERSHIP
Should the Vessel hereby insured come into collision with or receive salvage services from another vessel belonging
wholly or in part to the same Owners or under the same management, the Assured shall have the same rights under thisinsurance 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 AND TENDERS
10.1 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*5 so that asurveyor may be appointed to represent the Underwriters should they so desire.
10.2 The Underwriters shall be entitled to decide the port to which the Vessel shall proceed for docking or repair (theactual 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.
10.3 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 allowanceshall be made at the rate of 30% per annum on the insured value for time lost between the despatch of theinvitations to tender required by Underwriters and the acceptance of a tender to the extent that such time is lost
solely as the result of tenders having been taken and provided that the tender is accepted without delay after15

receipt of the Underwriters’ approval.
Due credit shall be given against the allowance as above for any amounts recovered in respect of fuel and storesand 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 theUnderwriters the allowance shall be reduced by a similar proportion.
10.4 In the event of failure to comply with the conditions of this Clause 10 a deduction of 15% shall be made fromthe amount of the ascertained claim.
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, but in case of general average sacrifice of the Vessel the Assured may recover inrespect of the whole loss without first enforcing their right of contribution from other parties.
11.2 Adjustment to be according to the law and practice obtaining at the place where the adventure ends, as if thecontract of affreightment contained no special terms upon the subject; but where the contract of affreightment
so provides the adjustment shall be according to the York-Antwerp Rules.
11.3 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 theport or place of departure until the arrival of the Vessel at the first port or place thereafter other than a port orplace of refuge or a port or place of call for bunkering only. If at any such intermediate port or place there is anabandonment of the adventure originally contemplated the voyage shall thereupon be deemed to be terminated.
11.4 No claim under this Clause 11 shall in any case be allowed where the loss was not incurred to avoid or inconnection with the avoidance of a peril insured against.
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 Clauses 8, 11 and 13)
exceeds(as specified in the POLICY)
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 12.1 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 thesame accident or occurrence.
12.2 Claims for damage by heavy weather occurring during a single sea passage between two successive ports shallbe 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 proportionof 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” inthis 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 thatby the addition 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 minimising a loss which would be recoverable under thisinsurance.
1613.2 Subject to the provisions below and to Clause 12 the Underwriters will contribute to charges properly andreasonably incurred by the Assured their servants or agents for such measures. General average, salvage charges(except as provided for in Clause 13.5) and collision defence or attack costs are not recoverable under this Clause13.
13.3 Measures taken by the Assured or the Underwriters with the object of saving, protecting or recovering the
subject-matter insured shall 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 13 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 thisinsurance 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 ofsuch value.
13.5 When a claim for total loss of the Vessel is admitted under this insurance and expenses have been reasonably
incurred in saving 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 theexpenses in excess of the proceeds, as the case may be, as may reasonably be regarded as having been incurredin 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 clause shall be reduced in proportion to theunder-insurance.
13.6 The sum recoverable under this Clause 13 shall be in addition to the loss otherwise recoverable under thisinsurance but shall in no circumstances exceed the amount insured under this insurance in respect of the Vessel.
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 that15.1 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 courseof 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 and15.2 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 anotherfor 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 andtrouble 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.

17

18 UNREPAIRED DAMAGE
18.1 The measure of indemnity in respect of claims for unrepaired damage shall be the reasonable depreciation in themarket value of the Vessel at the time this insurance terminates arising from such unrepaired damage, but notexceeding the reasonable cost of repairs.
18.2 In no case shall the Underwriters be liable for 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 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 damaged 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 berecoverable hereunder unless such cost would exceed the insured value. In making this determination, only thecost 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 total loss no claim to be made by the Underwriters for freight whether notice ofabandonment has been given or not.
21 DISBURSEMENTS WARRANTY
21.1 Additional insurances as follows are permitted:
21.1.1
Disbursements, Managers’ Commissions, Profits or Excess or Increased Value of Hull and Machinery. A sum
not exceeding 25% of the value stated herein.
21.1.2
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 21.1.1.
21.1.3
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 andan 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 thevoyage, subject to the limitation of two cargo passages as laid down herein. Any sum insured under 21.1.2 tobe taken into account and only the excess thereof may be insured, which excess shall be reduced as the freightor hire is advanced or earned by the gross amount so advanced or earned.
21.1.4
Anticipated Freight if the Vessel sails in ballast and not under Charter. A sum not exceeding the anticipatedgross 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 21.1.2 to be taken into
account and only the excess thereof may be insured.
21.1.5Time Charter Hire or Charter Hire for Series of Voyages. A sum not exceeding 50% of the gross hire whichis to be earned under the charter in a period not exceeding 18 months. Any sum insured under 21.1.2 to betaken into account and only the excess thereof may be insured, which excess shall be reduced as the hire isadvanced 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 21.1.2 and 21.1.5 does not exceed 50% of thegross hire still to be earned under the charter. An insurance under this Section may begin on the signing of
the charter.
21.1.6Premiums. A sum not exceeding the actual premiums of all interests insured for a period not exceeding 12months (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.
21.1.7Returns of Premium. A sum not exceeding the actual returns which are allowable under any insurance but
18which would not be recoverable thereunder in the event of a total loss of the Vessel whether by insured perils
or otherwise.
21.1.8Insurance irrespective of amount against:
Any risks excluded by Clauses 23, 24, 25 and 26 below.
21.2 Warranted that no insurance on any interests enumerated in the foregoing 21.1.1 to 21.1.7 in excess of theamounts 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 term, is or shall be effected to operate during the currency of this insurance by or for accountof 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 ofsuch breach.
22 RETURNS FOR LAY-UP AND CANCELLATION
22.1 To return as follows:
22.1.1
Pro rata monthly net for each uncommenced month if this insurance be cancelled by agreement.
22.1.2For 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)(as arranged)
per cent net not under repair(b)(as arranged)
per cent net under repair.
If the Vessel is under repair during part only of a period for which a return is claimable, the return shall becalculated pro rata to the number of days under (a) and (b) respectively.
22.2 PROVIDED ALWAYS THAT
22.2.1a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period coveredby this insurance or any extension thereof
22.2.2in 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
22.2.3loading or discharging operations or the presence of cargo on board shall not debar returns but no return shallbe allowed for any period during which the Vessel is being used for the storage of cargo or for lightering
purposes
22.2.4in the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly
22.2.5in the event of any return recoverable under this Clause 22 being based on 30 consecutive days which fall on
successive insurances effected for the same Assured, this insurance shall only be liable for an amountcalculated at pro rata of the period rates 22.1.2(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 periodof 30 consecutive days as provided under 22.1.2(a) or (b), or 22.2.2 above.
The following clauses shall be paramount and shall override anything contained in this insurance inconsistent
therewith.
23 WAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
23.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
23.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
23.3 derelict mines torpedoes bombs or other derelict weapons of war
1923.4*6
24 STRIKES EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
24.1 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
24.2 any terrorist or any person acting from a political motive.
25 MALICIOUS ACTS EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from25.1 the detonation of an explosive
25.2 any weapon of war
and caused by any person acting maliciously or from a political motive.
26 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.

*1

except any accident to painting only including such accident arising from the cause mentioned in 6.2.4 below.
Notwithstanding any provision herein no claim under this Clause 6 shall in any case be allowed in respect of particularaverage unless caused by the Vessel sinking, stranding, grounding, burning, being on fire, explosion or in collision orcontact with any external substance other than water.
*3four-fourths*4which the Assured become legally liable to pay to any other person or persons*5of the Company
*2

*6

23.4

violent theft by persons from outside the Vessel or piracy.

1/10/83

INSTITUTE TIME CLAUSES
HULLSAMENDED FOR JAPANESE CLAUSES CLASS NO.6 (4/93)
This insurance is subject to English law and practice

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 withor 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/orManagers and/or Charterers. This Clause 1.1 shall not exclude customary towage in connection with loading anddischarging.
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 claim shall be recoverable under thisinsurance for loss of or damage to the Vessel or liability to any other vessel arising from such loading ordischarging 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 ofcover 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 forbreaking up, any claim for loss of or damage to the Vessel occurring subsequent to such sailing shall be limited20

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 Clauses 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, be held covered at a pro rata monthly premium to her port ofdestination.
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 andany additional premium required by them be agreed.
4 TERMINATIONThis 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 expiryof her Class therein, provided that if the Vessel is at sea such automatic termination shall be deferred until arrivalat her next port. However where such change, suspension, discontinuance or withdrawal of her Class has resulted
from loss or damage covered by Clause 6 of this insurance or which would be covered by an insurance of theVessel subject to current 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 abareboat 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 bedeferred, whilst the Vessel continues her planned voyage, until arrival at final port of discharge if with cargo orat port of destination if in ballast. However, in the event of requisition for title or use without the prior executionof 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 may be or become payable thereunder is to bebinding 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 suchendorsement is produced before payment of any claim or return of premium thereunder.
6 PERILS
6.1 This insurance covers loss of or damage to the subject-matter insured caused by
6.1.1
perils of the seas rivers lakes or other navigable waters
6.1.2
fire, explosion
6.1.3
violent theft by persons from outside the Vessel
6.1.4
jettison
6.1.5
piracy6.1.6
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

21

6.1.8earthquake volcanic eruption or lightning.
6.2 This insurance covers loss of or damage to the subject-matter insured caused by
6.2.1
accidents in loading discharging or shifting cargo or fuel6.2.2
bursting of boilers breakage of shafts or any latent defect in the machinery or hull*1
6.2.3
negligence of Master Officers Crew or Pilots
6.2.4
negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
6.2.5
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 theyhold shares in the Vessel.

7 POLLUTION HAZARD
This insurance covers loss of or damage to 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 forwhich the Underwriters are liable under 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 3/4 THS*2 COLLISION LIABILITY
8.1 The Underwriters agree to indemnify the Assured for three-fourths*2 of any sum or sums paid by the Assured toany other person or persons by reason of the Assured becoming legally liable*3 by way of damages for
8.1.1
loss of or damage to any other vessel or property on any other vessel
8.1.2
delay to or loss of use of any such other vessel or property thereon
8.1.3
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 othervessel.
8.2 The indemnity provided by this Clause 8 shall be in addition to the indemnity provided by the other terms andconditions of this insurance and shall be subject to the following provisions:
8.2.1
Where the insured Vessel is in collision with another vessel and both vessels are to blame then, unless theliability of one or both vessels becomes limited by law, the indemnity under this Clause 8 shall be calculatedon the principle of cross-liabilities as if the respective Owners had been compelled to pay to each other suchproportion 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 case shall the Underwriters’ total liability under Clauses 8.1 and 8.2 exceed their proportionate part ofthree-fourths*2 of the insured value of the Vessel hereby insured in respect of any one collision.
8.3 The Underwriters will also pay three-fourths*2 of the legal costs incurred by the Assured or which the Assured
may be compelled to pay in contesting liability or taking proceedings to limit liability, with the prior writtenconsent of the Underwriters.

EXCLUSIONS
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 with22

which the insured Vessel is in collision or property on such other vessels).
9 SISTERSHIP
Should the Vessel hereby insured come into collision with or receive salvage services from another vessel belonging
wholly or in part to the same Owners or under the same management, the Assured shall have the same rights under thisinsurance 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 AND TENDERS
10.1 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*4 so that asurveyor may be appointed to represent the Underwriters should they so desire.
10.2 The Underwriters shall be entitled to decide the port to which the Vessel shall proceed for docking or repair (theactual 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.
10.3 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 allowanceshall be made at the rate of 30% per annum on the insured value for time lost between the despatch of theinvitations to tender required by Underwriters and the acceptance of a tender to the extent that such time is lost
solely as the 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 storesand 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 theUnderwriters the allowance shall be reduced by a similar proportion.
10.4 In the event of failure to comply with the conditions of this Clause 10 a deduction of 15% shall be made fromthe amount of the ascertained claim.
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, but in case of general average sacrifice of the Vessel the Assured may recover inrespect of the whole loss without first enforcing their right of contribution from other parties.
11.2 Adjustment to be according to the law and practice obtaining at the place where the adventure ends, as if thecontract of affreightment contained no special terms upon the subject; but where the contract of affreightment
so provides the adjustment shall be according to the York-Antwerp Rules.
11.3 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 theport or place of departure until the arrival of the Vessel at the first port or place thereafter other than a port orplace of refuge or a port or place of call for bunkering only. If at any such intermediate port or place there is anabandonment of the adventure originally contemplated the voyage shall thereupon be deemed to be terminated.
11.4 No claim under this Clause 11 shall in any case be allowed where the loss was not incurred to avoid or inconnection with the avoidance of a peril insured against.
12 DEDUCTIBLE
12.1 No claim arising from a peril insured against*5 shall be payable under this insurance unless the aggregate of all
such claims arising out of each separate accident or occurrence (including claims under Clauses 8, 11 and 13)
exceeds(the amount specified in the POLICY)
in which case this sum shall be deducted.
23

Nevertheless the expense of sighting the bottom after stranding*6, if reasonably incurred specially for that
purpose, shall be paid even if no damage be found. This Clause 12.1 shall not apply to a claim for total orconstructive 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 Claims for damage by heavy weather occurring during a single sea passage between two successive ports shallbe 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 proportionof 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” inthis 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 thatby the addition 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 minimising a loss which would be recoverable under thisinsurance.
13.2 Subject to the provisions below and to Clause 12 the Underwriters will contribute to charges properly andreasonably incurred by the Assured their servants or agents for such measures. General average, salvage charges(except as provided for in Clause 13.5) and collision defence or attack costs are not recoverable under this Clause13.
13.3 Measures taken by the Assured or the Underwriters with the object of saving, protecting or recovering the
subject-matter insured shall 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 13 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 thisinsurance 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 ofsuch value.
13.5 When a claim for total loss of the Vessel is admitted under this insurance and expenses have been reasonably
incurred in saving 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 theexpenses in excess of the proceeds, as the case may be, as may reasonably be regarded as having been incurredin 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 clause shall be reduced in proportion to theunder-insurance.
13.6 The sum recoverable under this Clause 13 shall be in addition to the loss otherwise recoverable under thisinsurance but shall in no circumstances exceed the amount insured under this insurance in respect of the Vessel.
14 NEW FOR OLD
Claims payable without deduction new for old.

24

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 that15.1 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 courseof 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 and15.2 above, shall be allowed as part of the reasonable cost of repairs in respect of bottom plating damaged by aninsured 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 anotherfor 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 andtrouble 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 the reasonable depreciation in themarket value of the Vessel at the time this insurance terminates arising from such unrepaired damage, but notexceeding the reasonable cost of repairs.
18.2 In no case shall the Underwriters be liable for 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 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 damaged 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 berecoverable hereunder unless such cost would exceed the insured value. In making this determination, only thecost 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 total loss no claim to be made by the Underwriters for freight whether notice ofabandonment has been given or not.
21 DISBURSEMENTS WARRANTY
21.1 Additional insurances as follows are permitted:
21.1.1
Disbursements, Managers’ Commissions, Profits or Excess or Increased Value of Hull and Machinery. A sum
not exceeding 25% of the value stated herein.
21.1.2
Freight, Chartered Freight or Anticipated Freight, insured for time. A sum not exceeding 25% of the value25

as stated herein less any sum insured, however described, under 21.1.1.
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 andan 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 thevoyage, subject to the limitation of two cargo passages as laid down herein. Any sum insured under 21.1.2 tobe taken into account and only the excess thereof may be insured, which excess shall be reduced as the freightor hire is advanced or earned by the gross amount so advanced or earned.
21.1.4
Anticipated Freight if the Vessel sails in ballast and not under Charter. A sum not exceeding the anticipatedgross 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 21.1.2 to be taken into
account and only the excess thereof may be insured.
21.1.5Time Charter Hire or Charter Hire for Series of Voyages. A sum not exceeding 50% of the gross hire whichis to be earned under the charter in a period not exceeding 18 months. Any sum insured under 21.1.2 to betaken into account and only the excess thereof may be insured, which excess shall be reduced as the hire isadvanced 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 21.1.2 and 21.1.5 does not exceed 50% of thegross hire still to be earned under the charter. An insurance under this Section may begin on the signing of
the charter.
21.1.6Premiums. A sum not exceeding the actual premiums of all interests insured for a period not exceeding 12months (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.
21.1.7Returns 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.
21.1.8Insurance irrespective of amount against:
Any risks excluded by Clauses 23, 24, 25 and 26 below.
21.2 Warranted that no insurance on any interests enumerated in the foregoing 21.1.1 to 21.1.7 in excess of theamounts 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 term, is or shall be effected to operate during the currency of this insurance by or for accountof 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 ofsuch breach.
21.1.322 RETURNS FOR LAY-UP AND CANCELLATION
22.1 To return as follows:
22.1.1
Pro rata monthly net for each uncommenced month if this insurance be cancelled by agreement.
22.1.2For 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)(as arranged)
per cent net not under repair(b)(as arranged)
per cent net under repair.
If the Vessel is under repair during part only of a period for which a return is claimable, the return shall becalculated pro rata to the number of days under (a) and (b) respectively.
22.2 PROVIDED ALWAYS THAT
22.2.1a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period coveredby this insurance or any extension thereof
22.2.2in 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 the26

22.2.3

22.2.422.2.5Vessel 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 arealoading or discharging operations or the presence of cargo on board shall not debar returns but no return shallbe allowed for any period during which the Vessel is being used for the storage of cargo or for lightering
purposesin the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly
in the event of any return recoverable under this Clause 22 being based on 30 consecutive days which fall on
successive insurances effected for the same Assured, this insurance shall only be liable for an amountcalculated at pro rata of the period rates 22.1.2(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 periodof 30 consecutive days as provided under 22.1.2(a) or (b), or 22.2.2 above.

The following clauses shall be paramount and shall override anything contained in this insurance inconsistent
therewith.
23 WAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
23.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
23.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
23.3 derelict mines torpedoes bombs or other derelict weapons of war
23.4*724 STRIKES EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
24.1 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
24.2 any terrorist or any person acting from a political motive.
25 MALICIOUS ACTS EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from25.1 the detonation of an explosive
25.2 any weapon of war
and caused by any person acting maliciously or from a political motive.
26 NUCLEAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from any weapon of war*8 employing
atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.

*1

bursting of boilers breakage of shafts or any latent defect in the machinery or hull except any accident to painting
only(including such accident arising from the cause mentioned in 6.2.4.below)*2four-fourths*3which the Assured become legally liable to pay to any other person or persons*4of the Company*5for the cost of repairs arising from perils enumerated in Clause 6.1.6, 6.2.1, 6.2.2, 6.2.3, 6.2.4, 6.2.5 and heavy weather
and perils enumerated in the Institute Additional Perils Clauses-Hulls 1/10/83 Amended (4/93)*6of the Vessel, with the consent of the Company, immediately after her stranding, grounding, collision or contact with27

any external object other than water
23.4 violent theft by persons from outside the Vessel or piracy.
*8
war (including nuclear reactor installed in war vessel)*7

1/10/83

INSTITUTE TIME CLAUSES－HULLSTOTAL LOSS ONLY(INCLUDING SALVAGE, SALVAGE CHARGES AND SUE AND LABOUR)
AMENDED FOR JAPANESE CLAUSES CLASS NO.2 (4/90)
This insurance is subject to English law and practice

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 withor 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/orManagers and/or Charterers. This Clause 1.1 shall not exclude customary towage in connection with loading anddischarging.
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 claim shall be recoverable under thisinsurance 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 suchoperations 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 forbreaking 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 9.
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, be held covered at a pro rata monthly premium to her port ofdestination.
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 andany additional premium required by them be agreed.
4 TERMINATIONThis 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 expiryof her Class therein, provided that if the Vessel is at sea such automatic termination shall be deferred until arrivalat 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 Time28

Clauses Hulls or Institute War and Strikes Clauses Hulls-Time such automatic termination shall only operateshould 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 abareboat 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 bedeferred, whilst the Vessel continues her planned voyage, until arrival at final port of discharge if with cargo orat port of destination if in ballast. However, in the event of requisition for title or use without the prior executionof 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 may be or become payable thereunder is to bebinding 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 suchendorsement 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 the seas rivers lakes or other navigable waters
6.1.2
fire, explosion
6.1.3
violent theft by persons from outside the Vessel
6.1.4
jettison
6.1.5
piracy6.1.6
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 fuel6.2.2
bursting of boilers breakage of shafts or any latent defect in the machinery or hull
6.2.3
negligence of Master Officers Crew or Pilots
6.2.4
negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
6.2.5
barratry of Master Officers or Crew.
provided such loss or damage has not resulted from want of due diligence by the Assured, Owners orManagers.
6.3 Master Officers Crew or Pilots not to be considered Owners within the meaning of this Clause 6 should theyhold 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 NOTICE OF CLAIM
8.1 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*1 so that a29

surveyor may be appointed to represent the Underwriters should they so desire.
9 SALVAGE
9.1 This insurance covers the Vessel’s proportion of salvage and salvage charges, reduced in respect of any underinsurance.
9.2 No claim under this Clause 9 shall in any case be allowed where the loss was not incurred to avoid or inconnection with the avoidance of a peril insured against.
10 SISTERSHIP
Should the Vessel hereby insured receive salvage services from another vessel belonging wholly or in part to the same
Owners or under the same management, the Assured shall have the same rights under this insurance as they would havewere the other vessel entirely the property of Owners not interested in the Vessel hereby insured; but in such cases theamount payable for the services rendered shall be referred to a sole arbitrator to be agreed upon between the
Underwriters and the Assured.
11 DUTY OF ASSURED (SUE AND LABOUR)
11.1 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 minimising a loss which would be recoverable under thisinsurance.
11.2 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.
11.3 Measures taken by the Assured or the Underwriters with the object of saving, protecting or recovering the
subject-matter insured shall not be considered as a waiver or acceptance of abandonment or otherwise prejudice
the rights of either party.
11.4 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 thisinsurance 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 ofsuch value.
11.5 When a claim for total loss of the Vessel is admitted under this insurance and expenses have been reasonably
incurred in saving 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 theexpenses in excess of the proceeds, as the case may be, as may reasonably be regarded as having been incurredin 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 clause shall be reduced in proportion to theunder insurance.
11.6 The sum recoverable under this Clause 11 shall be in addition to the loss otherwise recoverable under thisinsurance but shall in no circumstances exceed the amount insured under this insurance in respect of the Vessel.
12 CONSTRUCTIVE TOTAL LOSS
12.1 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 wreck shall be taken into account.
12.2 No claim for constructive total loss based upon the cost of recovery and/or repair of the Vessel shall berecoverable hereunder unless such cost would exceed the insured value. In making this determination, only thecost relating to a single accident or sequence of damages arising from the same accident shall be taken into
account.

30

13 FREIGHT WAIVER
In the event of total or constructive total loss no claim to be made by the Underwriters for freight whether notice ofabandonment has been given or not.
14 DISBURSEMENTS WARRANTY
14.1 Additional insurances as follows are permitted:
14.1.1
Disbursements, Managers’ Commissions, Profits or Excess or Increased Value of Hull and Machinery. A sum
not exceeding 25% of the value stated herein.
14.1.2
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 14.1.1.
14.1.3
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 andan 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 thevoyage, subject to the limitation of two cargo passages as laid down herein. Any sum insured under 14.1.2 tobe taken into account and only the excess thereof may be insured, which excess shall be reduced as the freightor hire is advanced or earned by the gross amount so advanced or earned.
14.1.4
Anticipated Freight if the Vessel sails in ballast and not under Charter. A sum not exceeding the anticipatedgross 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 14.1.2 to be taken into
account and only the excess thereof may be insured.
14.1.5Time Charter Hire or Charter Hire for Series of Voyages. A sum not exceeding 50% of the gross hire whichis to be earned under the charter in a period not exceeding 18 months. Any sum insured under 14.1.2 to betaken into account and only the excess thereof may be insured, which excess shall be reduced as the hire isadvanced 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 14.1.2 and 14.1.5 does not exceed 50% of thegross hire still to be earned under the charter. An insurance under this Section may begin on the signing of
the charter.
14.1.6Premiums. A sum not exceeding the actual premiums of all interests insured for a period not exceeding 12months (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.
14.1.7Returns 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.
14.1.8Insurance irrespective of amount against:
Any risks excluded by Clauses 16, 17, 18 and 19 below.
14.2 Warranted that no insurance on any interests enumerated in the foregoing 14.1.1 to 14.1.7 in excess of theamounts 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 term, is or shall be effected to operate during the currency of this insurance by or for accountof 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 ofsuch breach.
15 RETURNS FOR LAY-UP AND CANCELLATION
15.1 To return as follows:
15.1.1
Pro rata monthly net for each uncommenced month if this insurance be cancelled by agreement.
15.1.2For 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 repair(b)
per cent net under repair.
31

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 (a) and (b) respectively.
15.2 PROVIDED ALWAYS THAT
15.2.1a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period coveredby this insurance or any extension thereof
15.2.2in 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
15.2.3loading or discharging operations or the presence of cargo on board shall not debar returns but no return shallbe allowed for any period during which the Vessel is being used for the storage of cargo or for lightering
purposes
15.2.4in the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly
15.2.5in the event of any return recoverable under this Clause 15 being based on 30 consecutive days which fall on
successive insurances effected for the same Assured, this insurance shall only be liable for an amountcalculated at pro rata of the period rates 15.1.2 (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 periodof 30 consecutive days as provided under 15.1.2 (a) or (b),or 15.2.2 above.
The following clauses shall be paramount and shall override anything contained in this insurance inconsistent
therewith.
16 WAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
16.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
16.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
16.3 derelict mines torpedoes bombs or other derelict weapons of war.
17 STRIKES EXCLUSION*2
In no case shall this insurance cover loss damage liability or expense caused by
17.1 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
17.2 any terrorist or any person acting from a political motive.
18 MALICIOUS ACTS EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from
18.1 the detonation of an explosive
18.2 any weapon of war
and caused by any person acting maliciously or from a political motive.
19 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.
*1*2of the Company
violent theft by persons from outside the Vessel or piracy
32

COLLISION LIABILITY CLAUSES (4/90)
1. Subject to the terms and conditions of this insurance, the Company agrees to indemnify the Assured for four-fourths ofany sum or sums which the Assured becomes legally liable to pay to any other person or persons by way of damagesfor1.1 loss of or damage to any other vessel or property on any other vessel
1.2 delay to or loss of use of any such other vessel
1.3 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 anyother vessel.
2. The indemnity provided by these clauses shall be in addition to the indemnity provided by the other terms andconditions of this insurance and shall be subject to the following provisions:
2.1 Where the insured Vessel is in collision with another vessel and both vessels are to blame then, unless the liabilityof one or both vessels becomes limited by law, the indemnity under these clauses shall be calculated on theprinciple of cross-liabilities as if the respective Owners had been compelled to pay to each other such proportionof 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.
2.2 In no case shall the Company’s total liability under Clauses 1 and 2 exceed their proportionate part of fourfourths of the insured value of the Vessel hereby insured in respect of any one collision.
3. The Company will also pay four-fourths of the legal costs incurred by the Assured or which the Assured may becompelled to pay in contesting liability or taking proceedings to limit liability, with the prior written consent of theCompany.
4. Should the Vessel hereby insured come into collision with another vessel belonging wholly or in part to the same
Owners or under the same management, the Assured shall have the same rights under these clauses as they would havewere the other vessel entirely the property of Owners not interested in the Vessel hereby insured; but in such cases theliability for the collision shall be referred to a sole arbitrator to be agreed upon between the Company and the Assured.
5. Provided always that these clauses shall in no case extend to any sum which the Assured shall pay for or in respect of
5.1 removal or disposal of obstructions, wrecks, cargoes or any other thing whatsoever
5.2 any real or personal property or thing whatsoever except other vessels or property on other vessels
5.3 the cargo or other property on, or the engagements of, the insured Vessel
5.4 loss of life, personal injury or illness
5.5 pollution or contamination of any real or personal property or thing whatsoever (except other vessels with which
the insured Vessel is in collision or property on such other vessels).

1/10/83

INSTITUTE TIME CLAUSES-HULLSDISBURSEMENTS AND INCREASED VALUE(TOTAL LOSS ONLY, INCLUDING EXCESS LIABILITIES)AMENDED FOR JAPANESE CLAUSES CLASS NO.5 (4/90)
This insurance is subject to English law and practice

1 NAVIGATION
1.1 The subject-matter insured is covered subject to the provisions of this insurance at all times and the Vessel 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
33

1.2

1.3

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.
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 claim shall be recoverable under thisinsurance in respect of loss of or damage to the subject-matter insured or for liability to any other vessel arisingfrom such loading or discharging operations, including whilst approaching, lying alongside and leaving, unlessprevious 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.
In the event of the Vessel sailing (with or without cargo) with an intention of being (a) broken up, or (b) sold forbreaking up, no claim shall be recoverable under this insurance in respect of loss or damage to the Vessel
occurring subsequent to such sailing unless previous notice has been given to the Underwriters and any
amendments to the terms of cover, amount insured and premium required by them have been agreed.

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, the subjectmatter insured shall, provided previous notice be given to the Underwriters, be held 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, locality, trade, 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 andany additional premium required by them be agreed.
4 TERMINATIONThis Clause 4 shall prevail notwithstanding any provision whether written typed or printed in this insuranceinconsistent 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 expiryof her Class therein, provided that if the Vessel is at sea such automatic termination shall be deferred until arrivalat 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 operateshould 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 abareboat 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 bedeferred, whilst the Vessel continues her planned voyage, until arrival at final port of discharge if with cargo orat port of destination if in ballast. However, in the event of requisition for title or use without the prior executionof 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 may be or become payable thereunder is to bebinding 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 suchendorsement is produced before payment of any claim or return of premium thereunder.

34

6 PERILS
6.1 This insurance covers total loss (actual or constructive) of the subject-matter insured caused by
6.1.1
perils of the seas rivers lakes or other navigable waters
6.1.2
fire, explosion
6.1.3
violent theft by persons from outside the Vessel
6.1.4
jettison
6.1.5
piracy6.1.6
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 fuel6.2.2
bursting of boilers breakage of shafts or any latent defect in the machinery or hull
6.2.3
negligence of Master Officers Crew or Pilots
6.2.4
negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
6.2.5
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 theyhold shares in the Vessel.
6.4 This insurance covers:
6.4.1
General Average, Salvage and Salvage Charges not recoverable in full under the insurances on hull andmachinery by reason of the difference between the insured value of the Vessel as stated therein (or any
reduced value arising from the deduction therefrom in process of adjustment of any claim which law orpractice or the terms of the insurances covering hull and machinery may have required) and the value of theVessel adopted for the purpose of contribution to general average, salvage or salvage charges, the liability
under this insurance being for such proportion of the amount not recoverable as the amount insured hereunderbears to the said difference or to the total sum insured against excess liabilities if it exceed such difference.
6.4.2
Sue and Labour Charges not recoverable in full under the insurances on hull and machinery by reason of
the difference between the insured value of the Vessel as stated therein and the value of the Vessel adopted
for the purpose of ascertaining the amount recoverable under the insurances on hull and machinery, theliability under this insurance being for such proportion of the amount not recoverable as the amount insured
hereunder bears to the said difference or to the total sum insured against excess liabilities if it exceed suchdifference.
6.4.3
Collision Liability (three-fourths*1) not recoverable in full under the Institute 3/ 4ths*1 Collision Liability
and Sistership Clauses in the insurances on hull and machinery by reason of such three-fourths*1 liability
exceeding three-fourths*1 of the insured value of the Vessel as stated therein, in which case the amountrecoverable under this insurance shall be such proportion of the difference so arising as the amount insured
hereunder bears to the total sum insured against excess liabilities.
6.5 The Underwriters’ liability under 6.4.1, 6.4.2 and 6.4.3 separately, in respect of any one claim, shall not exceed
the amount insured hereunder.

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 Clause35

7 should they hold shares in the Vessel.
8 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 theUnderwriters prior to survey and also, if the Vessel is abroad, to the nearest Lloyd’s Agent*2 so that a surveyor may be
appointed to represent the Underwriters should they so desire.

9 CONSTRUCTIVE TOTAL LOSS
9.1 In ascertaining whether the Vessel is a constructive total loss, the insured value in the insurances on hull andmachinery shall be taken as the repaired value and nothing in respect of the damaged or break-up value of theVessel or wreck shall be taken into account.
9.2 No claim for constructive total loss based upon the cost of recovery and/or repair of the Vessel shall berecoverable hereunder unless such cost would exceed the insured value in the insurances on hull and machinery.
In making this determination, only the cost relating to a single accident or sequence of damages arising from thesame accident shall be taken into account.
9.3 Provided that the Constructive Total Loss Clause in the current Institute Time Clauses Hulls or a clause having
a similar effect is contained in the insurances on hull and machinery, the settlement of a claim for constructive
total loss thereunder shall be accepted as proof of the constructive total loss of the Vessel.
9.4 Should the Vessel be a constructive total loss but the claim on the insurances on hull and machinery be settled
as a claim for partial loss, no payment shall be due under this Clause 9.
10 COMPROMISED TOTAL LOSSIn the event of a claim for total loss or constructive total loss being settled on the insurances on hull and machinery as
a compromised total loss the amount payable hereunder shall be the same percentage of the amount insured as is paidon the said insurances.
11 RETURNS FOR LAY-UP AND CANCELLATION
11.1 To return as follows:
11.1.1
Pro rata monthly net for each uncommenced month if this insurance be cancelled by agreement.
11.1.2For 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)(as arranged)
per cent net not under repair(b)(as arranged)
per cent net under repair.
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 (a) and (b) respectively.
11.2 PROVIDED ALWAYS THAT
11.2.1a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period coveredby this insurance or any extension thereof
11.2.2in 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
11.2.3loading or discharging operations or the presence of cargo on board shall not debar returns but no return shallbe allowed for any period during which the Vessel is being used for the storage of cargo or for lightering
purposes
11.2.4in the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly
11.2.5in the event of any return recoverable under this Clause 11 being based on 30 consecutive days which fall on
36

successive insurances effected for the same Assured, this insurance shall only be liable for an amountcalculated at pro rata of the period rates 11.1.2 (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 periodof 30 consecutive days as provided under 11.1.2 (a) or (b), or 11.2.2 above.
The following clauses shall be paramount and shall override anything contained in this insurance inconsistent
therewith.
12 WAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
12.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
12.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
12.3 derelict mines torpedoes bombs or other derelict weapons of war.
12.4*313 STRIKES EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
13.1 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
13.2 any terrorist or any person acting from a political motive.
14 MALICIOUS ACTS EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from
14.1 the detonation of an explosive
14.2 any weapon of war
and caused by any person acting maliciously or from a political motive.
15 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.

*1four-fourthsof the Company*3
12.4 violent theft by persons from outside the Vessel or piracy*2

1/10/83

INSTITUTE TIME CLAUSES-HULLSDISBURSEMENTS AND INCREASED VALUE(TOTAL LOSS ONLY, INCLUDING EXCESS LIABILITIES)AMENDED FOR JAPANESE CLAUSES CLASS NO.6 (4/90)
This insurance is subject to English law and practice

1 NAVIGATION
1.1 The subject-matter insured is covered subject to the provisions of this insurance at all times and the Vessel 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
37

1.2

1.3

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.
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 claim shall be recoverable under thisinsurance in respect of loss of or damage to the subject-matter insured or for liability to any other vessel arisingfrom such loading or discharging operations, including whilst approaching, lying alongside and leaving, unlessprevious 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.
In the event of the Vessel sailing (with or without cargo) with an intention of being (a) broken up, or (b) sold forbreaking up, no claim shall be recoverable under this insurance in respect of loss or damage to the Vessel
occurring subsequent to such sailing unless previous notice has been given to the Underwriters and any
amendments to the terms of cover, amount insured and premium required by them have been agreed.

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, the subjectmatter insured shall, provided previous notice be given to the Underwriters, be held 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, locality, trade, 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 andany additional premium required by them be agreed.
4 TERMINATIONThis Clause 4 shall prevail notwithstanding any provision whether written typed or printed in this insuranceinconsistent 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 expiryof her Class therein, provided that if the Vessel is at sea such automatic termination shall be deferred until arrivalat 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 operateshould 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 abareboat 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 bedeferred, whilst the Vessel continues her planned voyage, until arrival at final port of discharge if with cargo orat port of destination if in ballast. However, in the event of requisition for title or use without the prior executionof 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 may be or become payable thereunder is to bebinding 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 suchendorsement is produced before payment of any claim or return of premium thereunder.

38

6 PERILS
6.1 This insurance covers total loss (actual or constructive) of the subject-matter insured caused by
6.1.1
perils of the seas rivers lakes or other navigable waters
6.1.2
fire, explosion
6.1.3
violent theft by persons from outside the Vessel
6.1.4
jettison
6.1.5
piracy6.1.6
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 fuel6.2.2
bursting of boilers breakage of shafts or any latent defect in the machinery or hull
6.2.3
negligence of Master Officers Crew or Pilots
6.2.4
negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
6.2.5
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 theyhold shares in the Vessel.
6.4 This insurance covers:
6.4.1
General Average, Salvage and Salvage Charges not recoverable in full under the insurances on hull andmachinery by reason of the difference between the insured value of the Vessel as stated therein (or any
reduced value arising from the deduction therefrom in process of adjustment of any claim which law orpractice or the terms of the insurances covering hull and machinery may have required) and the value of theVessel adopted for the purpose of contribution to general average, salvage or salvage charges, the liability
under this insurance being for such proportion of the amount not recoverable as the amount insured hereunderbears to the said difference or to the total sum insured against excess liabilities if it exceed such difference.
6.4.2
Sue and Labour Charges not recoverable in full under the insurances on hull and machinery by reason of
the difference between the insured value of the Vessel as stated therein and the value of the Vessel adopted
for the purpose of ascertaining the amount recoverable under the insurances on hull and machinery, theliability under this insurance being for such proportion of the amount not recoverable as the amount insured
hereunder bears to the said difference or to the total sum insured against excess liabilities if it exceed suchdifference.
6.4.3
Collision Liability (three-fourths*1) not recoverable in full under the Institute 3/ 4ths*1 Collision Liability
and Sistership Clauses in the insurances on hull and machinery by reason of such three-fourths*1 liability
exceeding three-fourths*1 of the insured value of the Vessel as stated therein, in which case the amountrecoverable under this insurance shall be such proportion of the difference so arising as the amount insured
hereunder bears to the total sum insured against excess liabilities.
6.5 The Underwriters’ liability under 6.4.1, 6.4.2 and 6.4.3 separately, in respect of any one claim, shall not exceed
the amount insured hereunder.
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.

39

8 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 theUnderwriters prior to survey and also, if the Vessel is abroad, to the nearest Lloyd’s Agent*2 so that a surveyor may be
appointed to represent the Underwriters should they so desire.
9 CONSTRUCTIVE TOTAL LOSS
9.1 In ascertaining whether the Vessel is a constructive total loss, the insured value in the insurances on hull andmachinery shall be taken as the repaired value and nothing in respect of the damaged or break-up value of theVessel or wreck shall be taken into account.
9.2 No claim for constructive total loss based upon the cost of recovery and/or repair of the Vessel shall berecoverable hereunder unless such cost would exceed the insured value in the insurances on hull and machinery.
In making this determination, only the cost relating to a single accident or sequence of damages arising from thesame accident shall be taken into account.
9.3 Provided that the Constructive Total Loss Clause in the current Institute Time Clauses Hulls or a clause having
a similar effect is contained in the insurances on hull and machinery, the settlement of a claim for constructive
total loss thereunder shall be accepted as proof of the constructive total loss of the Vessel.
9.4 Should the Vessel be a constructive total loss but the claim on the insurances on hull and machinery be settled
as a claim for partial loss, no payment shall be due under this Clause 9.
10 COMPROMISED TOTAL LOSSIn the event of a claim for total loss or constructive total loss being settled on the insurances on hull and machinery as
a compromised total loss the amount payable hereunder shall be the same percentage of the amount insured as is paidon the said insurances.
11 RETURNS FOR LAY-UP AND CANCELLATION
11.1 To return as follows:
11.1.1
Pro rata monthly net for each uncommenced month if this insurance be cancelled by agreement.
11.1.2For 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)(as arranged)
per cent net not under repair(b)(as arranged)
per cent net under repair.
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 (a) and (b) respectively.
11.2 PROVIDED ALWAYS THAT
11.2.1a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period coveredby this insurance or any extension thereof
11.2.2in 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
11.2.3loading or discharging operations or the presence of cargo on board shall not debar returns but no return shallbe allowed for any period during which the Vessel is being used for the storage of cargo or for lightering
purposes
11.2.4in the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly
11.2.5in the event of any return recoverable under this Clause 11 being based on 30 consecutive days which fall on
successive insurances effected for the same Assured, this insurance shall only be liable for an amountcalculated at pro rata of the period rates 11.1.2 (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,40

at the option of the Assured, either from the first day on which the Vessel is laid up or the first day of a periodof 30 consecutive days as provided under 11.1.2 (a) or (b), or 11.2.2 above.
The following clauses shall be paramount and shall override anything contained in this insurance inconsistent
therewith.
12 WAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
12.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
12.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
12.3 derelict mines torpedoes bombs or other derelict weapons of war.
*3
12.4
13 STRIKES EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
13.1 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
13.2 any terrorist or any person acting from a political motive.
14 MALICIOUS ACTS EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from
14.1 the detonation of an explosive
14.2 any weapon of war
and caused by any person acting maliciously or from a political motive.
15 NUCLEAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from any weapon of war*4 employing
atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.

*1four-fourthsof the Company*3
12.4 violent theft by persons from outside the Vessel or piracy*4war (including nuclear reactor installed in war vessel)*2

INSTITUTE PROTECTION AND INDEMNITY CLAUSESHULLS-TIME AMENDED(1/06)
This insurance is subject to English law and practice

1. PROTECTION AND INDEMNITY
1.1 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 andarises 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 thanthe 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 other41

1.1.3
1.1.4
1.1.5

thing, including the wreck of the Vessel, or any neglect or failure to raise, remove or destroy the same
liability assumed by the Assured under contracts*1 of customary towage for the purpose of entering or leaving
port or manoeuvring within the port during the ordinary course of trading
loss of life, personal injury, illness or payments made for life salvage
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.

*2

1.1.6
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 ashore
1.2.3
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 theoperation 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 thanMaster Officer or crew member
1.2.4
the expenses of the removal of the wreck of the Vessel*3 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, minimisingor contesting liability with the prior written consent of the Underwriters.
*4
1.2.6
*5
1.2.7
*6
1.2.8
EXCLUSIONS
1.3 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 ofaccidents 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 repairs
1.3.2
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 suchagreement
1.3.3
punitive or exemplary damages, however described
1.3.4
cargo or other property carried, to be carried or which has been carried on board the Vessel*7 but this Clause
1.3.4 shall not exclude any claim in respect of*8 the extra cost of removing cargo from the wreck of the Vessel
1.3.5
property, owned by builders or repairers or for which they are responsible, which is on board the Vessel
1.3.6
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 Assured
1.3.7
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
member
1.3.8
fuel, insurance, wages, stores, provisions and port charges arising from delay to the Vessel while awaiting asubstitute for any Master, Officer or crew member
1.3.9
fines or penalties arising from overloading or illegal fishing42

1.3.101.3.11

pollution or contamination of any real or personal property or thing whatsoever*9 (This Clause 1.3.10 shallnot exclude any amount recoverable under Clause 1.1.5)
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
inadequate
earthquake or volcanic eruption.

1.3.12
1.3.13*11
1.3.14*12
1.3.15*13
1.3.16
1.4 PROVIDED ALWAYS THAT
1.4.1
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 hereunder.
1.4.2
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.
*10

2. LIMITS
2.1 Where the Assured or the Underwriters may or could have limited their liability the indemnity under thisinsurance 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 amountinsured hereunder in respect of each separate accident or occurrence or series of accidents arising out of the same
event.
3. DEDUCTIBLE
3.1 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
the amount specified in the Schedule

3.2

3.3

in which case this sum shall be deducted.
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.
Interest in recoveries shall be apportioned between the Assured and the Underwriters, taking into account thesums paid by the Underwriters and the dates when such payments were made, notwithstanding that by theaddition of interest the Underwriters may receive a larger sum than 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 to theUnderwriters. 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 insuranceinconsistent therewith.
Unless Underwriters agree to the contrary in writing, this insurance shall terminate automatically at the time of
5.1 change of the Classification Society of the Vessel, or change, suspension, discontinuance, withdrawal or expiryof her Class therein. However where such change, suspension, discontinuance or withdrawal of her Class has

43

5.2

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 Institute War and Strikes Clauses Hulls-Time suchautomatic termination shall not operate.
any change, voluntary or otherwise, in the ownership or flag, transfer to new management, or charter on abareboat 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 fifteendays after such requisition whether the Vessel is in port or at sea.

6. 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 andany additional premium required by them be agreed.
7. ASSIGNMENT
No assignment of or interest in this insurance or in any moneys which may be or become payable thereunder is to bebinding 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 ASSURED
It 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 EXCLUSION
In no case shall this insurance cover liability cost or expense arising as a result of the operation of one or more of thefollowing perils:
10.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
10.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
10.3 derelict mines torpedoes bombs or other derelict weapons of war
10.4 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
10.5 any terrorist or any person acting from a political motive
10.6 the use of any weapon of war, or the detonation of an explosive, by any person acting maliciously or from a
political motive
10.7 any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force
or matter.

*1

for the customary towage of the Vessel
1.1.6 liabilities, costs and expense incurred by the other Vessel as set out in Clause 1.2.7 and/or 1.2.8*3or her cargo*4
1.2.6 reasonable costs incurred by the Assured in respect of saving of the life*5
1.2.7 liability of the Assured to pay special compensation to a salvor of the Vessel in respect of work done ormeasures taken to prevent or minimize damage to the environment, but only to the extent that such liability is*2

44imposed on the Assured pursuant to Article 14 of the International Convention on Salvage, 1989 or theequivalent terms of a standard form of Salvage Agreement approved by the Underwriters*6
1.2.8 liability of the Assured to pay special compensation to a salvor of the Vessel under the terms of the Special
Compensation P&I Clubs Clause(SCOPIC) of Lloyd’s Standard Form of Salvage Agreement or the similarterms of a standard form of Salvage Agreement approved by the Underwriters*7
or property in the care, custody or control of the Assured or as to which the Assured is for any purpose exercisingphysical control*8
the expenses of the removal of the wreck of the cargo*9(This Clause 1.3.10 shall not exclude any amount recoverable under Clause 1.1.6, 1.2.7 and 1.2.8)*10
1.3.13
passenger on board the Vessel*11
1.3.14
when the Vessel is towing another vessel or object, liability for losses to any other person or persons causedby such vessel or object*12
1.3.15liability assumed by the Assured under any contract or agreement excluding the case in Clause 1.1.3*13
1.3.16 any direct or indirect payment by the Assured under the Workmen’s Accident Compensation Insurance
Law, the Seamen’s Insurance Law and other ordinance of Japan or any other country, in respect of accident
to or illness of workmen or any other persons employed in any capacity whatsoever by the Assured in on
or about or in connection with the Vessel or her cargo materials or repairs

AMERICAN INSTITUTE HULL CLAUSES(JUNE 2,1977)

To be attached to and form a part of Policy No.

of the*

The terms and conditions of the following clauses are to be regarded as substituted for those of the policy form
to which they are attached, the latter being hereby waived, except provisions required by law to be inserted in the
Policy. All captions are inserted only for purposes of reference and shall not be used to interpret the clauses to which
they apply.
ASSURED
This Policy insures*
hereinafter referred to as the Assured.
If claim is made under this Policy by anyone other than the Owner of the Vessel, such person shall not be entitled torecover to a greater extent than would the Owner, had claim been made by the Owner as an Assured named in this Policy.
Underwriters waive any right of subrogation against affiliated subsidiary or interrelated companies of the Assured,
provided that such waiver shall not apply in the event of a collision between the Vessel and any vessel owned, demisechartered or otherwise controlled by any of the aforesaid companies, or with respect to any loss, damage or expense against
which such companies are insured.
LOSS PAYEE
Loss, if any, payable to*or order.
Provided, however, Underwriters shall pay claims to others as set forth in the Collision Liability clause and may makedirect payment to persons providing security for the release of the Vessel in Salvage cases.
VESSELThe Subject Matter of this insurance is the Vessel called the*or by whatsoever name or names the said Vessel is or shallbe called, which for purposes of this insurance shall consist of and be limited to her hull, launches, lifeboats, rafts, furniture,bunkers, stores, supplies, tackle, fittings, equipment, apparatus, machinery, boilers, refrigerating machinery, insulation,
motor generators and other electrical machinery.

45

In the event any equipment or apparatus not owned by the Assured is installed for use on board the Vessel and theAssured has assumed responsibility therefor, it shall also be considered part of the Subject Matter and the aggregate value
thereof shall be included in the Agreed Value.
Notwithstanding the foregoing, cargo containers, barges and lighters shall not be considered a part of the Subject Matterof this insurance.
DURATION OF RISK
From theday of20*
time
to theday of20
time.
Should the Vessel at the expiration of this Policy 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, be held covered at a pro rata monthly premium to her port ofdestination.
In the event of payment by the Underwriters for Total Loss of the Vessel this Policy shall thereupon automaticallyterminate.
AGREED VALUE
The Vessel, for so much as concerns the Assured, by agreement between the Assured and the Underwriters in thisPolicy, is and shall be valued at*
Dollars.
AMOUNT INSURED HEREUNDER*

Dollars.

DEDUCTIBLE
Notwithstanding anything in this Policy to the contrary, there shall be deducted from the aggregate of all claims(including claims under the Sue and Labor clause and claims under the Collision Liability clause) arising out of eachseparate accident, the sum of $ as specified in the policy, unless the accident results in a Total Loss of the Vessel in whichcase this clause shall not apply. A recovery from other interests, however, shall not operate to exclude claims under thisPolicy provided the aggregate of such claims arising out of one separate accident if unreduced by such recovery exceedsthat sum. For the purpose of this clause each accident shall be treated separately, but it is agreed that (a) a sequence ofdamages arising from the same accident shall be treated as due to that accident and (b); all heavy weather damage, or
damage caused by contact with floating ice, which occurs during a single sea passage between two successive ports shallbe treated as though due to one accident.
PREMIUM
The Underwriters to be paid in consideration of this insurance *Dollars being at the annual rate of
per cent., which premium shall be due on attachment if the Vessel is insured under this Policy for a period of less than
one year at pro rata of the annual rate, full annual premium shall be considered earned and immediately due and payablein the event of Total Loss of the Vessel.
RETURNS OF PREMIUM
Premium returnable as follows:
Pro rata daily net in the event of termination-under the Change of Ownership clause;
Pro rata monthly net for each uncommenced month if it be mutually agreed to cancel this Policy;
For each period of 30 consecutive days the Vessel may be laid up in port for account of the Assured,
cents per cent. net not under repair, or(as arranged)
cents per cent. net under repair;
provided always that:(a) a Total Loss of the Vessel has not occurred during the currency of this Policy;46

(b) in no case shall a return for lay-up be allowed when the Vessel is lying in exposed or unprotected waters or in
any location not approved by the Underwriters;(c) in the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly;(d) in no case shall a return be allowed when the Vessel is used as a storage ship or for lightering purposes.
If the Vessel is laid up for a period of 30 consecutive days, a part only of which attaches under this Policy, theUnderwriters shall pay such proportion of the return due in respect of a full period of 30 days as the number of days
attaching hereto bears to 30. Should the lay-up period exceed 30 consecutive days, the Assured shall have the option toelect the period of 30 consecutive days for which a return is recoverable.
NON PAYMENT OF PREMIUM
In event of non-payment of premium 30 days after attachment, or of any additional premium when due, this Policy may
be cancelled by the Underwriters upon 10 days written or telegraphic notice sent to the Assured at his last known address
or in care of the broker who negotiated this Policy. Such proportion of the premium, however, as shall have been earned
up to the time of cancellation shall be payable. In the event of Total Loss of the Vessel occurring prior to any cancellationor termination of this Policy full annual premium shall be considered earned.
ADVENTURE
Beginning the adventure upon the Vessel, as above, and so shall continue and endure during the period aforesaid as
employment may offer, in port or at sea, in docks and graving docks, and on ways, gridirons and pontoons, at all times, inall places, and on all occasions, services and trades; with 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 the Vessel may not be towed, except as is customary or when in needof assistance, not shall the Vessel render assistance nor undertake towage or salvage services under contract previously
arranged by the Assured, the Owners, the Managers or the Charterers of the Vessel, nor shall the Vessel, in the course of
trading operations, engage in loading or discharging cargo at sea, from or into another vessel other than a barge lighter orsimilar craft used principally in harbors or inland waters. The phrase “engage in loading or discharging cargo at sea” shall
include while approaching, leaving or alongside, or while another vessel is approaching, leaving or alongside the Vessel.
The Vessel is held covered in case of any breach of conditions as to cargo trade locality, towage or salvage activities,
or date of sailing, or loading or discharging cargo at sea, provided (a) notice is given to the Underwriters immediately
following receipt of knowledge thereof by the Assured, and (b) any amended terms of cover and any additional premium
required by the Underwriters are agreed to by the Assured.
PERILS
Touching the Adventures and Perils which the Underwriters are contented to bear and take upon themselves, they areof the Seas, Men-of-War, Fire, Lightning, Earthquake, Enemies, Pirates, Rovers, Assailing Thieves, Jettisons, Letters ofMart and Counter-Mart, Surprisals, Takings at Sea, Arrests, Restraints and Detainments of all Kings, Princes and Peoples,of what nation, condition or quality soever, Barratry of the Master and Mariners and of all other like Perils, Losses andMisfortunes that have or shall come to the Hurt, Detriment or Damage of the Vessel or any part thereof, excepting, however,such of the foregoing perils as may be excluded by provisions elsewhere in the Policy or by endorsement thereon.
ADDITIONAL PERILS (INCHMAREE)
Subject to the conditions of this Policy, this insurance also covers loss of or damage to the Vessel directly caused by
the following:
Accidents in loading, discharging or handling cargo, or in bunkering;
Accidents in going on or off, or while on drydocks, graving docks, ways, gridirons or pontoons;
Explosions on shipboard or elsewhere;
Breakdown of motor generators or other electrical machinery and electrical connections thereto, bursting of boilers,
breakage of shafts, or any latent defect in the machinery or hull, (excluding the cost and expense of replacing or
repairing the defective part);
Breakdown of or accidents to nuclear installations or reactors not on board the insured Vessel;
Contact with aircraft, rockets or similar missiles, or with any land conveyance;47

Negligence of Charterers and/or Repairers, provided such Charterers and/or Repairers are not an Assured hereunder;
Negligence of Masters, Officers, Crew or Pilots;
provided such loss or damage has not resulted from want of due diligence by the Assured, the Owners or Managers of theVessel, or any of them.
Masters, Officers, Crew or Pilots are not to be considered Owners within the meaning of this clause should they hold sharesin the Vessel.
DELIBERATE DAMAGE (POLLUTION HAZARD)
Subject to the conditions of this Policy, this insurance also covers loss of or damage to the Vessel directly caused bygovernmental authorities acting for the public welfare to prevent or mitigate a pollution hazard, or threat there of, resulting
directly from damage to the Vessel for which the Underwriters are liable under this Policy, provided such act ofgovernmental authorities has not resulted from want of due diligence by the Assured, the Owners, or Managers of theVessel or any of them to prevent or mitigate such hazard or threat. Masters, Officers, Crew or Pilots are not to be considered
Owners within the meaning of this clause should they hold shares in the Vessel.
CLAIMS (GENERAL PROVISIONS)In the event of any accident or occurrence which could give rise to a claim under this Policy, prompt notice thereof
shall be given to the Underwriters, and;(a) where practicable, the Underwriters shall be advised prior to survey, so that they may appoint their own surveyor,
if they so desire;(b) the Underwriters shall be entitled to decide where the Vessel shall proceed for docking and/or repair (allowance tobe made to the Assured for the actual additional expense of the voyage arising from compliance with theUnderwriters’ requirement);(c) the Underwriters shall have the right of veto in connection with any repair firm proposed;(d) the Underwriters may take tenders, or may require in writing that tenders be taken for the repair of the Vessel, in
which event, upon acceptance of a tender with the approval of the Underwriters, an allowance shall be made at therate of 30 per cent. per annum on the amount insured, for each day or pro rata for part of a day, for time lost
between the issuance of invitations to tender and the acceptance of a tender, to the extent that such time is lost
solely as the result of tenders having been taken and provided the tender is accepted without delay after receipt of
the Underwriters’ approval.
Due credit shall be given against the allowances in (b) and (d) above for any amount recovered:(1) in respect of fuel, stores, and wages and maintenance of the Master, Officers or Crew allowed in General orParticular Average;(2) from third parties in respect of damages for detention and/or loss of profit and/or running expenses;
for the period covered by the allowances or any part thereof.
No claim shall be allowed in Particular Average for wages and maintenance of the Master, Officers or Crew, except
when incurred solely for the necessary removal of the Vessel from one port to another for average repairs or for trial trips
to test average repairs, in which cases wages and maintenance will be allowed only while the Vessel is under way. This
exclusion shall not apply to overtime or similar extraordinary payments to the Master, Officers or Crew incurred in shifting
the Vessel for tank cleaning or repairs or while specifically engaged in these activities, either in port or at sea.
General and Particular Average shall be payable without deduction, new for old.
The expense of sighting the bottom after stranding shall be paid, if reasonably incurred especially for that purpose,even if no damage be found.
No claim shall in any case be allowed in respect of scraping or painting the Vessel’s bottom.
In the event of loss or damage to equipment or apparatus not owned by the Assured but installed for use on board the
Vessel and for which the Assured has assumed responsibility, claim shall not exceed (1) the amount the Underwriters would
pay if the Assured were owner of such equipment or apparatus, or (2) the contractual responsibility assumed by the Assured
to the owners or lessors thereof, whichever shall be less.
No claim for unrepaired damages shall be allowed, except to the extent that the aggregate damage caused by perils
insured against during the period of the Policy and left unrepaired at the expiration of the Policy shall be demonstrated by48

the Assured to have diminished the actual market value of the Vessel on that date if undamaged by such perils.
GENERAL AVERAGE AND SALVAGE
General Average and Salvage shall be payable as provided in the contract of affreightment, or failing such provision or
there be no contract of affreightment, payable at the Assured’s election either in accordance with York-Antwerp Rules
1950 or 1974 or with the Laws and Usages of the Port of New York. Provided always that when an adjustment according
to the laws and usages of the port of destination is properly demanded by the owners of the cargo, General Average shallbe paid accordingly.
In the event of salvage, towage or other assistance being rendered to the Vessel by any vessel belonging in part or inwhole to the same Owners or Charterers, the value of such services (without regard to the common ownership or controlof the vessels) shall be ascertained by arbitration in the manner provided for under the Collision Liability clause in thisPolicy, and the amount so awarded so far as applicable to the interest hereby insured shall constitute a charge under thisPolicy.
When the contributory value of the Vessel is greater than the Agreed Value herein, the liability of the Underwriters for
General Average contribution (except in respect to amounts made good to the Vessel), or Salvage, shall not exceed that
proportion of the total contribution due from the Vessel which the amount insured hereunder bears to the contributory
value, and if, because of damage for which the Underwriters are liable as Particular Average, the value of the Vessel has
been reduced for the purpose of contribution, the amount of such Particular Average damage recoverable under this Policy
shall first be deducted from the amount insured hereunder, and the Underwriters shall then be liable only for the proportion
which such net amount bears to the contributory value.
TOTAL LOSSIn ascertaining whether the Vessel is a constructive Total Loss the Agreed Value shall be taken as the repaired value
and nothing in respect of the damaged or break-up value of the Vessel or wreck shall be taken into account.
There shall be no recovery for a constructive Total Loss hereunder unless the expense of recovering and repairing the
Vessel would exceed the Agreed Value. In making this determination, only expenses incurred or to be incurred by reasonof a single accident or a sequence of damages arising from the same accident shall be taken into account, but expenses
incurred prior to tender of abandonment shall not be considered if such are to be claimed separately under the Sue andLabor clause.
In the event of Total Loss (actual or constructive), no claim to be made by the Underwriters for freight, whether noticeof abandonment has been given or not.
In no case shall the Underwriters be liable for unrepaired damage in addition to a subsequent Total Loss sustained
during the period covered by this Policy.
SUE AND LABOR
And in case of any Loss or Misfortune, it shall be lawful and necessary for the Assured, their Factors, Servants andAssigns, to sue, labor and travel for, in, and about the defense, safeguard and recovery of the Vessel, or any part thereof,
without prejudice to this insurance, to the charges where of the Underwriters will contribute their proportion as provided
below. And it is expressly declared and agreed that no acts of the Underwriters or Assured in recovering, saving orpreserving the Vessel shall be considered as a waiver or acceptance of abandonment.
In the event of expenditure under the Sue and Labor clause, the Underwriters shall pay the proportion of such expenses
that the amount insured hereunder bears to the Agreed Value, or that the amount insured hereunder (less loss and/or damage
payable under this Policy) bears to the actual value of the salved property, whichever proportion shall be less; provided
always that their liability for such expenses shall not exceed their proportionate part of the Agreed Value.
If claim for Total Loss is admitted under this Policy and sue and labor expenses have been reasonably incurred in excess
of any proceeds realized or value recovered, the amount payable under this Policy will be the proportion of such excessthat the amount insured hereunder (without deduction for loss or damage) bears to the Agreed Value or to the sound valueof the Vessel at the time of the accident, whichever value was greater; provided always that Underwriters’ liability for such
expenses shall not exceed their proportionate part of the Agreed Value. The foregoing shall also apply to expenses
reasonably incurred in salving or attempting to salve the Vessel and other property to the extent that such expenses shall49

be regarded as having been incurred in respect of the Vessel.
COLLISION LIABILITY
And it is further agreed that:(a) if the Vessel shall come into collision with any other ship or vessel, and the Assured or the Surety in consequenceof the Vessel being at fault shall become liable to pay and shall pay by way of damages to any other person or
persons any sum or sums in respect of such collision, the Underwriters will pay the Assured or the Surety,
whichever shall have paid, such proportion of such sum or sums so paid as their respective subscriptions hereto
bear to the Agreed Value, provided always that their liability in respect to any one such collision shall not exceed
their proportionate part of the Agreed Value;(b) in cases where, with the consent in writing of a majority (in amount) of Hull Underwriters, the liability of theVessel has been contested, or proceedings have been taken to limit liability, the Underwriters will also pay a like
proportion of the costs which the Assured shall thereby incur or be compelled to pay.
When both vessels are to blame, then, unless the liability of the owners or charterers of one or both such vessels becomes
limited by law, claims under the Collision Liability clause shall be settled on the principle of Cross-Liabilities as if theowners or charterers of each vessel had been compelled to pay to the owners or charterers of the other of such vessels such
one-half or other proportion of the latter’s damages as may have been properly allowed in ascertaining the balance or sum
payable by or to the Assured in consequence of such collision.
The principles involved in this clause shall apply to the case where both vessels are the property, in part or in whole, ofthe same owners or charterers, all questions of responsibility and amount of liability as between the two vessels being left
to the decision of a single Arbitrator, if the parties can agree upon a single Arbitrator, or failing such agreement, to thedecision of Arbitrators, one to be appointed by the Assured and one to be appointed by the majority (in amount) of Hull
Underwriters interested; the two Arbitrators chosen to choose a third Arbitrator before entering upon the reference, and thedecision of such single Arbitrator, or of any two of such three Arbitrators, appointed as above, to be final and binding.
Provided always that this clause shall in no case extend to any sum which the Assured or the Surety may become liable
to pay or shall pay in consequence of, or with respect to:(a) removal or disposal of obstructions, wrecks or their cargoes under statutory powers or otherwise pursuant to law;(b) injury to real or personal property of every description;(c) the discharge, spillage, emission or leakage of oil, petroleum products, chemicals or other substances of any kindor description whatsoever;(d) cargo or other property on or the engagements of the Vessel;(e) loss of life, personal injury or illness.
Provided further that exclusions (b) and (c) above shall not apply to injury to other vessels or property thereon except
to the extent that such injury arises out of any action taken to avoid, minimize or remove any discharge, spillage, emission
or leakage described in (c) above.
PILOTAGE AND TOWAGE
This insurance shall not be prejudiced by reason of any contract limiting in whole or in part the liability of pilots, tugs,
towboats, or their owners when the Assured or the agent of the Assured accepts such contract in accordance withestablished local practice.
Where in accordance with such practice, pilotage or towage services are provided under contracts requiring the Assuredor the agent of the Assured:(a) to assume liability for damage resulting from collision of the Vessel insured with any other ship or vessel, including
the towing vessel, or(b) to indemnify those providing the pilotage or towage services against loss or liability for any such damages,
it is agreed that amounts paid by the Assured or Surety pursuant to such assumed obligations shall be deemed payments“by way of damages to any other person or persons” and to have been paid “in consequence of the Vessel being at fault”
within the meaning of the Collision Liability clause in this Policy to the extent that such payments would have been covered
if the Vessel had been legally responsible in the absence of any agreement. Provided always that in no event shall theaggregate amount of liability of the Underwriters under the Collision Liability clause, including this clause, be greater than50

the amount of any statutory limitation of liability to which owners are entitled or would be entitled if liability under any
contractual obligation referred to in this clause were included among the liabilities subject to such statutory limitations.
CHANGE OF OWNERSHIPIn the event of any change, voluntary or otherwise, in the ownership or flag of the Vessel, or if the Vessel be placed
under new management, or be chartered on a bareboat basis or requisitioned on that basis, or if the Classification Societyof the Vessel or her class therein be changed, cancelled or withdrawn, then, unless the Underwriters agree thereto in writing,this Policy shall automatically terminate at the time of such change of ownership, flag, management, charter, requisitionor classification; provided, however, that:(a) 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 until arrival at final port of discharge if with cargo, or at port ofdestination if in ballast;(b) in the event of an involuntary temporary transfer by requisition or otherwise, without the prior execution of awritten agreement by the Assured, such automatic termination shall occur fifteen days after such transfer.
This insurance shall not inure to the benefit of any transferee or charterer of the Vessel and, if a loss payable hereundershould occur between the time of change or transfer and any deferred automatic termination, the Underwriters shall besubrogated to all of the rights of the Assured against the transferee or charterer in respect of all or part of such loss as isrecoverable from the transferee or charterer, and in the proportion which the amount insured hereunder bears to the Agreed
Value.
The term “new management” as used above refers only to the transfer of the management of the Vessel from one firmor corporation to another, and it shall not apply to any internal changes within the offices of the Assured.
ADDITIONAL INSURANCES
It is a condition of this Policy that no additional insurance against the risk of Total Loss of the Vessel shall be effected
to operate during the currency of this Policy by or for account of the Assured, Owners, Managers, Operators or Mortgagees
except on the interests and up to the amounts enumerated in the following Sections (a) to (g), inclusive, and no suchinsurance shall be subject to P.P.I., F.I.A. or other like term on any interests whatever excepting those enumerated in Section(a); provided always and notwithstanding the limitation on recovery in the Assured clause a breach of this condition shallnot afford the Underwriters any defense to a claim by a Mortgagee who has accepted this Policy without knowledge ofsuch breach:(a) DISBURSEMENTS, MANAGERS’ COMMISSIONS, PROFITS OR EXCESS OR INCREASED VALUE OF
HULL AND MACHINERY, AND/OR SIMILAR INTERESTS HOWEVER DESCRIBED, AND FREIGHT(INCLUDING CHARTERED FREIGHT OR ANTICIPATED FREIGHT) INSURED FOR TIME. An amount notexceeding in the aggregate 25% of the Agreed Value.
(b) FREIGHT OR HIRE, UNDER CONTRACTS FOR VOYAGE. An amount not exceeding the gross freight or hire
for the current cargo passage and next succeeding cargo passage (such insurance to include, if required, apreliminary 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 amount shall be calculated on the estimated duration of the voyage,
subject to the limitation of two cargo passages as laid down herein. Any amount permitted under this Section shallbe reduced, as the freight or hire is earned, by the gross amount so earned. Any freight or hire to be earned under
the form of Charters described in (d) below shall not be permitted under this Section (b) if any part thereof isinsured as permitted under said Section (d).
(c) ANTICIPATED FREIGHT IF THE VESSEL SAILS IN BALLAST AND NOT UNDER CHARTER. An amountnot exceeding the anticipated gross freight on next cargo passage, such amount to be reasonably estimated on thebasis of the current rate of freight at time of insurance, plus the charges of insurance. Provided, however, that noinsurance shall be permitted by this Section if any insurance is effected as permitted under Section (b).
(d) TIME CHARTER HIRE OR CHARTER HIRE FOR SERIES OF VOYAGES. An amount not exceeding 50% of
the gross hire which is to be earned under the charter in a period not exceeding 18 months. Any amount permitted
under this Section shall be reduced as the hire is earned under the charter by 50% of the gross amount so earned
but, where the charter is for a period exceeding 18 months, the amount insured need not be reduced while it does51not exceed 50% of the gross hire still to be earned under the charter. An insurance permitted by this Section may
begin on the signing of the charter.
(e) PREMIUMS. An amount not exceeding the actual premiums of all interest insured for a period not exceeding 12months (excluding premiums insured as permitted under the foregoing Sections but including, if required, thepremium or estimated calls on any Protection and Indemnity or War Risks and Strikes insurance) reducing pro rata
monthly.
(f) RETURNS OF PREMIUM. An amount not exceeding the actual returns which are recoverable subject to “andarrival” or equivalent provision under any policy of insurance.
(g) INSURANCE IRRESPECTIVE OF AMOUNT AGAINST:-Risks excluded by War, Strikes and Related
Exclusions clause; risks enumerated in the American Institute War Risks and Strikes Clauses; and General Average
and Salvage Disbursements.
WAR STRIKES AND RELATED EXCLUSIONS
The following conditions shall be paramount and shall supersede and nullify any contrary provisions of the Policy.
This Policy does not cover any loss, damage or expense caused by, resulting from, or incurred as a consequence of:(a) Capture, seizure, arrest, restraint or detainment, or any attempt thereat; or(b) Any taking of the Vessel, by requisition or otherwise, whether in time of peace or war and whether lawful orotherwise; or(c) Any mine, bomb or torpedo not carried as cargo on board the Vessel; or(d) Any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force
or matter: or(e) Civil war, revolution, rebellion, insurrection, or civil strife arising therefrom, or piracy; or(f) Strikes, lockouts, political or labor disturbances, civil commotions, riots, martial law, military or usurped power;or(g) Malicious acts or vandalism, unless committed by the Master or Mariners and not excluded elsewhere under thisWar Strikes and Related Exclusions clause; or(h) Hostilities or warlike operations (whether there be a declaration of war or not) but this subparagraph (h) not to
exclude collision or contact with aircraft, rockets or similar missiles, or with any fixed or floating object, or
stranding, heavy weather, fire or explosion unless caused directly by a hostile act by or against a belligerent power
which act is independent of the nature of the voyage or service which the Vessel concerned or, in the case of acollision, any other vessel involved therein, is performing. As used herein, “power” includes any authority
maintaining, naval, military or air forces in association with a power.
If war risks or other risks excluded by this clause are hereafter insured by endorsement on this Policy, such endorsement
shall supersede the above conditions only to the extent that the terms of such endorsement are inconsistent therewith andonly while such endorsement remains in force.

*as specified in the policy

AMERICAN INSTITUTE
INCREASED VALUE AND EXCESS LIABILITIES CLAUSES(NOVEMBER 3,1977)

To be attached to and form a part of Policy No.

of the*

The terms and conditions of the following clauses are to be regarded as substituted for those of the policy form
to which they are attached, the latter being hereby waived, except provisions required by law to be inserted in the
Policy. All captions are inserted only for purposes at reference and shall net be used to interpret the clauses to which52they apply.
ASSURED
This Policy insures * hereinafter referred to as the Assured.
If claim is made under this Policy by anyone other than the Owner of the Vessel, such person shall not be entitled torecover to a greater extent than would the Owner, had claim been made by the Owner as an Assured named in this Policy.
Underwriters waive any right of subrogation against affiliated, subsidiary or interrelated companies of the Assured,
provided that such waiver shall not apply in the event of a collision between the Vessel and any vessel owned, demisechartered or otherwise controlled by any of the aforesaid companies, or with respect to any loss, damage or expense against
which such companies are insured.
This insurance shall not be prejudiced by reason of any contract limiting in whole or in part the liability of pilots, tugs,
towboats, or their owners when the Assured or the Agent of the Assured accepts such contract in accordance withestablished local practice.
LOSS PAYEE
Loss, if any, payable to *or order.
Provided, however, Underwriters shall pay claims to others as set forth in the Collision Liability clause and may makedirect payment to persons providing security for the release of the Vessel in Salvage cases.
On INCREASED VALUE AND EXCESS LIABILITIES of the Vessel called the(or by whatsoever name or names the said Vessel is or shall be called).
AMOUNT INSURED HEREUNDER*
Dollars.
DURATION OF RISK
from theday of20 *time*
to theday of20
time.
Should the Vessel at the expiration of this Policy 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, be held covered at a pro rata monthly premium to her port ofdestination.
In the event of payment by the Underwriters for Total Loss of the Vessel this Policy shall thereupon automaticallyterminate.
PREMIUM
The Underwriters to be paid in consideration of this insurance *Dollars being at the annual rate of
per cent, which
premium shall be due on attachment. If Vessel is insured under this Policy for a period of less than one year at pro rate of
the annual rate, full annual premium shall be considered earned and immediately due and payable in the event of Total
Loss of the Vessel.
RETURNS OF PREMIUMS
Premium returnable as follows:
Pro rata daily net in the event of termination under the Change of Ownership clause;
Pro rata monthly net for each uncommenced month if it be mutually agreed to cancel this Policy;
For each period of 30 consecutive days the Vessel may be laid up in port for account of the Assured,
cents per cent, net not under repair, or(as arranged)
cents per cent, net under repair;
provided always that:(a) A Total Loss of the Vessel has not occurred during the currency of this Policy;(b) In no case shall a return for lay-up be allowed when the Vessel is lying in exposed or unprotected waters or in any

53location not approved by the Underwriters;(c) In the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly;(d) In no case shall a return be allowed when the Vessel is used as a storage ship or for lightering purposes.
If the Vessel is laid up for a period of 30 consecutive days, a part only of which attaches under this Policy, theUnderwriters shall pay such proportion of the return due in respect of a full period of 30 days as the number of days
attaching hereto bears to 30. Should the lay-up period exceed 30 consecutive days, the Assured shall have the option toelect the period of 30 consecutive days for which a return is recoverable.
NON-PAYMENT OF PREMIUM
In event of non-payment of premium 50 days after attachment, or of any additional premium when due, this Policy may
be cancelled by the Underwriters upon 10 days written or telegraphic notice sent to the Assured at his last known address
or in care of the broker who negotiated this Policy. Such proportion of the premium, however, as shall have been earned
up to the time of cancellation shall be payable. In the event of Total Loss of the Vessel occurring prior to any cancellationor termination of this Policy full annual premium shall be considered earned.
ADVENTURE
Beginning the adventure upon the Vessel, as above, and so shall continue and endure during the period aforesaid, as
employment may offer, in port or at sea, in docks and graving docks, and on ways, gridirons and pontoons, at all times, inall places, and on all occasions, services and trades; with 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 the Vessel may not be towed, except as is customary or when in needof assistance, nor shall the Vessel render assistance or undertake towage or salvage services under contract previously
arranged by the Assured, the Owners, the Managers or the Charterers of the Vessel, nor shall the Vessel, in the course of
trading operations, engage in loading or discharging cargo at sea, from or into another vessel other than a barge, lighter orsimilar craft used principally in harbors or inland waters. The phrase “engage in loading or discharging cargo at sea” shall
include white approaching, leaving or alongside, or while another vessel is approaching, leaving or alongside the Vessel.
The Vessel is held covered in case of any breach of conditions as to cargo, trade, locality, towage or salvage activities,
date of sailing or loading or discharging cargo at sea, provided (a) notice is given to the Underwriters immediately
following receipt of knowledge thereof by the Assured, and (b) any amended terms of cover and any additional premium
required by the Underwriters are agreed to by the Assured.
COVERAGE
This insurance covers only;(1) TOTAL LOSS (ACTUAL OR CONSTRUCTIVE) OF THE VESSEL directly caused by Perils of the Seas,
Men-of-War, Fire, Lightning, Earthquake, Enemies, Pirates, Rovers, Assailing Thieves, Jettisons, Letters of Mart andCounter-Mart, Surprisals, Takings at Sea, Arrests, Restraints and Detainments of all Kings, Princes and Peoples, of what
nation, condition or quality soever, Barratry of the Master and Mariners and of all other like Perils, Losses and Misfortunes
that have or shall come to the Hurt, Detriment or Damage of the Vessel, or any part thereof, excepting, however, such of
the foregoing perils as may be excluded by provisions elsewhere in the Policy or by endorsement thereon. It shall also
cover Total Loss (actual or constructive) directly caused by the following:Accidents in loading, discharging or handling cargo, or in bunkering;
Accidents in going on or off, or while on drydocks, graving docks, ways, gridirons or pontoons;
Explosions on shipboard or elsewhere;
Breakdown of motor generators or other electrical machinery and electrical connections thereto, bursting of boilers,
breakage of shafts, or any latent defect in the machinery or hull, (excluding the cost and expense of replacing or repairing
the defective part);
Breakdown of or accidents to nuclear installations or reactors not on board the insured Vessel;
Contact with aircraft, rockets or similar missiles, or with any land conveyance;
Negligence of Charterers and/or Repairers, provided such Charterers and/or Repairers are not an Assured hereunder;
Negligence of Masters, Officers, Crew or Pilots;
provided such loss or damage has not resulted from want of due diligence by the Assured, the Owners or Managers of the54

Vessel, or any of them. Masters, Officers, Crew or Pilots are not to be considered Owners within the meaning of this clauseshould they hold shares in the Vessel.
Subject to the conditions of this Policy, this insurance also covers Total Loss (actual or constructive) of the Vessel
directly caused by governmental authorities acting for the public welfare to prevent or mitigate a pollution hazard, or
threat thereof, resulting directly from damage to the Vessel for which the Underwriters are liable under this Policy,
provided such act of governmental authorities 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. Masters, Officers, Crew or Pilots
are not to be considered Owners within the meaning of this clause should they hold shares in the Vessel.
In ascertaining whether the Vessel is a constructive Total Loss the Agreed Value in the policies on Hull and Machineryshall be taken as the repaired value and nothing in respect of the damaged or break-up value of the Vessel or wreck shallbe taken into account.
There shall be no recovery for a constructive Total Loss hereunder unless the expense of recovering and repairing the
Vessel would exceed the Agreed Value in policies on Hull and Machinery. In making this determination, only expenses
incurred or to be incurred by reason of a single accident or a sequence of damages arising from the same accident shallbe taken into account, but expenses incurred prior to tender of abandonment shall not be considered if such are to beclaimed separately under the Sue and Labor clause in said policies.
Provided that the policies on Hull and Machinery contain the above clauses with respect to the method of ascertaining
whether the Vessel is a constructive Total Loss (or clauses having a similar effect), the settlement of a claim for Total
Loss under the policies on Hull and Machinery shall be accepted as proof of the Total Loss of the Vessel under thisPolicy; and in the event of a claim for Total Loss being settled under the policies on Hull and Machinery as acompromised total loss, the amount payable hereunder shall be the same percentage of the amount hereby insured as thepercentage paid on the amount insured under said policies.
Should the Vessel be a constructive Total Loss but the claim on the policies on Hull and Machinery be settled as aclaim for partial loss, no payment shall be due under this Section (1).
Full interest admitted; the Policy being deemed sufficient proof of interest.
In the event of Total Loss, the Underwriters waive interest in any proceeds from the sale or other disposition of theVessel or wreck.
(2) GENERAL AVERAGE AND SALVAGE not recoverable in full under the policies on Hull and Machinery byreason of the difference between the Agreed Value of the Vessel as stated therein (or any reduced value arising from thededuction therefrom in process of adjustment of any claim which law or practice or the terms of the policies covering Hulland Machinery may have required) and the value of the Vessel adopted for the purpose of contribution to General Averageof Salvage, the liability under this Policy being for such proportion of the amount not recoverable as the amount insured
hereunder bears to the said difference or to the total amount insured against excess liabilities if it exceed such difference.
(3) SUE AND LABOR CHARGES not recoverable in full under the policies on Hull and Machinery by reason of thedifference between the Agreed Value of the Vessel as stated therein (or any reduced value arising from the deduction
therefrom of any claim which the terms of the policies covering Hull and Machinery may have required) and the value ofthe Vessel adopted for the purpose of ascertaining the amount recoverable under the policies on Hull and Machinery, theliability under this Policy being for such proportion of the amount not recoverable as the amount insured hereunder bears
to the said difference or to the total amount insured against excess liabilities if it exceed such difference.
(4) COLLISION LIABRLIITY (including Costs) not recoverable in full under the Collision Liability clause(including the Pilotage and Towage extension) in the policies on Hull and Machinery by reason of such liability exceeding
the Agreed Value of the Vessel as stated therein, in which case the amount recoverable under this Policy shall be suchproportion of the difference so arising as the amount hereby insured bears to the total amount insured against excess
liabilities.
Underwriters’ liability under (1),(2),(3) and (4) is separate and shall not exceed the amount insured hereunder in any
one section in respect of any one claim.
When it becomes evident that any accident or occurrence could give rise to a claim under this Policy prompt notice
thereof shall be given to the Underwriters.

55

CHANGE OF OWNERSHIPIn the event of any change, voluntary or otherwise, in the ownership or flag of the Vessel, or if the Vessel be placed
under new management, or be chartered on a bareboat basis or requisitioned on that basis, or if the Classfiication Societyof the Vessel or her class therein be changed, cancelled or withdrawn, then, unless the Underwriters agree thereto in writing,this Policy shall automatically terminate at the time of such change of ownership, flag, management, charter, requisitionor classification, provided however, that:(a) 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 until arrival at final port of discharge if with cargo, or at port of destination if
in ballast;(b) in the event of an involuntary temporary transfer by requisition or otherwise, without the prior execution of awritten agreement by the Assured, such automatic termination shall occur fifteen days after such transfer.
This insurance shall not inure to the benefit of any transferee or charterer of the Vessel and, if a loss payable hereundershould occur between the time of change or transfer and any deferred automatic termination, the Underwriters shall besubrogated to all of the rights of the Assured against the transferee or charterer in respect of all or part of such loss as isrecoverable from the transferee or charterer, and in the proportion which the amount insured hereunder bears to the Agreed
Value.
The term “new management” as used above refers only to the transfer of the management of the Vessel from one firmor corporation to another, and it shall not apply to any internal changes within the offices of the Assured.
WAR, STRIKES AND RELATED EXCLUSIONS
The following conditions shall be paramount and shall supersede and nullify any contrary provisions of the Policy.
This Policy does not cover any loss, damage or expense caused by, resulting from, or incurred as a consequence of:(a) Capture, seizure, arrest, restraint or detainment, or any attempt thereat; or(b) Any taking of the Vessel, by requisition or otherwise, whether in time of peace or war and whether lawful orotherwise; or(c) Any mine, bomb or torpedo not carried as cargo on board the Vessel; or(d) Any weapon of war employing atomic or nuclear fission and or fusion or other like reaction or radioactive force
or matter; or(e) Civil war, revolution, rebellion, insurrection, or civil strife arising therefrom, or piracy; or(f) Strikes, lockouts, political or labor disturbances, civil commotions, riots, martial law, military or usurped power;or(g) Malicious acts or vandalism, unless committed by the Master or Mariners and not excluded elsewhere under thisWar Strikes and Related Exclusions clause; or(h) Hostilities or warlike operations (whether there be a declaration of war or not) but this subparagraph (h) not to
exclude collision or contact with aircraft, rocket or similar missiles, or with any fixed or floating object, or
stranding, heavy weather, fire or explosion unless caused directly by a hostile act by or against a belligerent power
which act is independent of the nature of the voyage or service which the Vessel concerned or, in the case of acollision, any other vessel involved therein, is performing. As used herein “power” includes any authority
maintaining naval, military or air forces in association with a power.
If war risks or other risks excluded by this clause are hereafter insured by endorsement on this Policy, such endorsement
shall supersede the above conditions only to the extent that the terms of such endorsement are inconsistent therewith andonly while such endorsement remains in force.

*as specified in the policy

56

INSTITUTE ADDITIONAL PERILS CLAUSES‐HULLS(FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES‐HULLS 1/10/83)
1. In consideration of an additional premium this insurance is extended to cover
1.1 The cost of repairing or replacing
1.1.1
any boiler which bursts or shaft which breaks
1.1.2
any defective part which has caused loss or damage to the Vessel covered by Clause 6.2.2 of the InstituteTime Clauses‐Hulls 1/10/83.
1.2 loss of or damage to the Vessel caused by any accident or by negligence, incompetence or error of judgement ofany person whatsoever.
2. Except as provided in 1.1.1 and 1.1.2, nothing in these Additional Perils Clauses shall allow any claim for the cost of
repairing or replacing any part found to be defective as a result of a fault or error in design or construction and which
has not caused loss of or damage to the Vessel.
3. The cover provided in Clause 1 is subject to all other terms, conditions and exclusions contained in this insurance andsubject to the proviso that the loss or damage has not resulted from want of due diligence by the Assured, Owners orManagers, Master Officers Crew or Pilots not to be considered Owners within the meaning of this Clause should theyhold shares in the Vessel.

1/4/93

INSTITUTE ADDITIONAL PERILS CLAUSES‐HULLS AMENDED (4/93)(FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES‐HULLS1/10/83＊)

1. In consideration of an additional premium this insurance is extended to cover
1.1 the cost of repairing or replacing
1.1.1
any boiler which bursts or shaft, machinery which breaks
1.1.2
any defective part which has caused loss or damage to the Vessel covered by Clause 6.2.2 of the InstituteTime Clauses‐Hulls 1/10/83＊
1.2 loss of or damage to the Vessel caused by any accident or by negligence, incompetence or error of judgement ofany person whatsoever.
2. Except as provided in 1.1.1 and 1.1.2, nothing in these Additional Perils Clauses shall allow any claim for the cost of
repairing or replacing any part found to be defective as a result of a fault or error in design or construction and which
has not caused loss of or damage to the Vessel.
3. The cover provided in Clause 1 is subject to all other terms, conditions and exclusions contained in this insurance andsubject to the proviso that the loss or damage has not resulted from want of due diligence by the Assured, Owners orManagers, Master Officers Crew or Pilots not to be considered Owners within the meaning of this Clause should theyhold shares in the Vessel.
*

Amended for Japanese Clauses Class No.6 (4/93)

1/4/2009

VIOLENT THEFT, PIRACY AND BARRATRY EXCLUSION- FOR USE WITH INSTITUTE TIME CLAUSES HULLS 1/10/83
Where the hull and machinery insurance of the vessel is written on terms which include the Institute Time Clauses Hulls
1/10/83, the said clauses are hereby amended as follows:57

1 Clause 4.1 shall be deleted and replaced by the following:“change of the Classification Society of the vessel, or change, suspension, discontinuance, withdrawal or expiryof 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, withdrawal or expiry of her Class has resulted fromloss or damage covered by Clause 6 of this insurance or which would be covered by an insurance of the vessel
subject to current Institute War & Strikes Clauses Hulls-Time 1/10/83 as amended by “Violent Theft, Piracy andBarratry Extension-for use with the Institute War & Strikes Clauses Hulls-Time 1/10/83 (1/4/09)” suchautomatic termination shall only operate should the vessel sail from her next port without the prior approval of
the Classification Society.”
2 Clause 6.1.3 shall be deleted
3 Clause 6.1.5 shall be deleted
4 Clause 6.2.5 shall be deleted
5 “23(a)”, shall be inserted between “23” and “24” in Clause 21.1.8
6 The words “(barratry and piracy excepted)” shall be deleted from Clause 23.2
7 A new Clause 23(a) shall be inserted after Clause 23 and before Clause 24 as follows:“23(a) VIOLENT THEFT, PIRACY AND BARRATRY EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
23(a).1 violent theft by persons from outside the Vessel23(a).2 piracy
23(a).3 barratry of Master Officers or Crew”

1/4/2009

VIOLENT THEFT, PIRACY AND BARRATRY EXCLUSION- FOR USE WITH INSTITUTE TIME CLAUSES HULLS DISBURSEMENTS AND INCREASEDVALUE(TOTAL LOSS ONLY, INCLUDING EXCESS LIABILITIES) 1/10/83
Where the disbursements insurance of the vessel is written on terms which include the Institute Time Clauses Hulls
Disbursements and Increased Value (Total Loss only, including Excess Liabilities) 1/10/83, the said clauses are hereby
amended as follows:
1 Clause 4.1 shall be deleted and replaced by the following:“change of the Classification Society of the vessel, or change, suspension, discontinuance, withdrawal or expiryof 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, withdrawal or expiry of her Class has resulted fromloss or damage covered by Clause 6 of this insurance or which would be covered by an insurance of the vessel
subject to current Institute War & Strikes Clauses Hulls-Time 1/10/83 (amended to cover Disbursements
including Excess Liabilities) as amended by “Violent Theft, Piracy and Barratry Extension-for use with theInstitute War & Strikes Clauses Hulls-Time (Amended to cover Disbursements including Excess Liabilities)
1/10/83 (1/4/09)” such automatic termination shall only operate should the vessel sail from her next port
without the prior approval of the Classification Society.”
2 Clause 6.1.3 shall be deleted
3 Clause 6.1.5 shall be deleted
4 Clause 6.2.5 shall be deleted
5 The words “(barratry and piracy excepted)” shall be deleted from Clause 12.2
6 A new Clause 12(a) shall be inserted after Clause 12 and before Clause 13 as follows:“12(a) VIOLENT THEFT, PIRACY AND BARRATRY EXCLUSION58

In no case shall this insurance cover loss damage liability or expense caused by
12(a).1 violent theft by persons from outside the Vessel
12(a).2 piracy
12(a).3 barratry of Master Officers or Crew”
1/4/2022

BERING SEA TRANSIT CLAUSE AMENDED
Notwithstanding anything contained in this Insurance to the contrary, it is hereby agreed that when on through voyages toor from the Far East, the insured Vessel may navigate the Bering Sea provided that
1) the Vessel has on board the appropriate hydrographic charts corrected up to date,2) entry is made through the Unimak Pass and exit west of Buldir Island or Vice Versa, or the Vessel may enter or leavethrough the Amchitka, Amuktra or Attu Passes
3) the vessel is equipped and properly fitted with at least one global positioning system receiver (such as US GPS,
Russian GLONASS, European Galileo, Chinese Compass),
and4) a radio transceiver and GMDSS, a weather facsimile recorder (or alternative equipment for the receipt of weather androuteing information) and a gyrocompass,in each case to be fully operational and manned by qualified personnel.

1/4/2022

BERING SEA TRANSIT CLAUSES (FOR I.T.C. AMENDED)
1 Notwithstanding the provision of the Trading Warranty contained in the Policy, it is hereby agreed that when on throughvoyages to or from the Far East, the insured Vessel may navigate the Bering Sea provided that(1) the Vessel has on board the appropriate hydrographic charts corrected up to date,(2) the Vessel shall pass the following waters :(a) Unimak Pass(b) Amukta Pass(c) Amchitka Pass(e) between Buldir Island and Agattu Island(f) between Agattu Island and Attu Island(g) west of Attu Islandand(3) the Vessel is properly equipped and fitted with the followings, all fully operational and manned by qualified
personnel.
(a) at least one global positioning system receiver (such as US GPS, Russian
GLONASS, European Galileo, Chinese Compass)(b) a radio transceiver and GMDSS(c) a weather facsimile recorder or alternative equipment for the receipt of weather and routeing information(d) gyrocompass
2 In the event of a breach of whole or a part of the conditions stated in the above, the Company shall not be liable toindemnify the Assured for any loss or damage occurring thereafter, except when the Company’s written consent has
been obtained.

59

1/10/83

INSTITUTE MACHINERY DAMAGE ADDITIONAL DEDUCTIBLE CLAUSE(FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES-HULLS 1/10/83)

Notwithstanding any provision to the contrary in this insurance a claim for loss or damage to any machinery, shaft,electrical equipment or wiring, boiler condenser heating coil or associated pipework, arising from any of the perils
enumerated in Clauses 6.2.2 to 6.2.5 inclusive of the Institute Time Clauses-Hulls 1/10/83 or from fire or explosion wheneither has originated in a machinery space, shall be subject to a deductible of ...... Any balance remaining, after applicationof this deductible, with any other claim arising from the same accident or occurrence, shall then be subject to the deductible
in Clause 12.1 of the Institute Time Clauses-Hulls 1/10/83.
The provisions of Clauses 12.3 and 12.4 of the Institute Time Clauses-Hulls 1/10/83 shall apply to recoveries and interest
comprised in recoveries against any claim which is subject to this Clause.
This Clause shall not apply to a claim for total or constructive total loss of the Vessel.

13/05/2004

EXCESS COLLISION LIABILITY CLAUSE (A-2)(FOR 3/4THS COLLISION LIABILITY)

Article 1.
This insurance is extended to cover three-fourths of collision liability not recoverable in full under Clause 8 and 9 of theInstitute Time Clauses-Hulls 1/10/83 by reason of the fact that the sum of such liability exceeds the insured value on hulland machinery.
In no case shall the Company’s total liability under this clause and Clause 8 and 9 of the Institute Time Clauses-Hulls
1/10/83 exceed the three-fourths of the sum defined in Article 3-1-(b) of “Protocol of 1996 to Amend the Convention on
Limitation of Liability for Maritime Claims 1976” in respect of any one claim.
Article 2.
Even if the Assured shall fail to take the appropriate action to limit his liabilities in the circumstances where he would beentitled to do so under the relevant laws, the liability of the Company shall be restricted to the amount to which the
Assured’s liability could have limited under such relevant laws.
Article 3.
The provision of Article 1 shall be also applied to the vessel which “Protocol of 1996 to Amend the Convention on
limitation of Liability for Maritime Claims 1976” shall not be applied.

13/05/2004

EXCESS COLLISION LIABILITY CLAUSE (B-2)(FOR 3/4THS COLLISION LIABILITY)

Article 1.
This insurance is extended to cover three-fourths of collision liability not recoverable in full under Clause 8 and 9 of theInstitute Time Clauses-Hulls 1/10/83 and Clause 6.4.3 of the Institute Time Clauses-Hulls Disbursements and Increased
Value (Total Loss only, including Excess Liabilities) 1/10/83 by reason of the fact that the sum of such liability exceeds
the insured value on hull and machinery.
In no case shall the Company’s total liability under this clause and Clause 8 and 9 of the Institute Time Clauses-Hulls
1/10/83 and Clause 6.4.3 of the Institute Time Clause-Hulls Disbursements and Increased Value (Total Loss only, including
Excess Liabilities) 1/10/83 exceed the three-fourths of sum defined in Article 3-l-(b) of “Protocol of 1996 to Amend theConvention on Limitation of Liability for Maritime Claims 1976” in respect of any one claim.
60Article 2.
Even if the Assured shall fail to take the appropriate action to limit his liabilities in the circumstances where he would beentitled to do so under the relevant laws, the liability of the Company shall be restricted to the amount to which the
Assured’s liability could have limited under such relevant laws.
Article 3.
The provision of Article 1 shall be also applied to the vessel which “Protocol of 1996 to Amend the Convention on
limitation of Liability for Maritime Claims 1976” shall not be applied.

13/05/2004

EXCESS COLLISION LIABILITY CLAUSE (A-2)(FOR 4/4THS COLLISION LIABILITY)

Article 1.
This insurance is extended to cover collision liability (four-fourths) not recoverable in full under Replaced Clause for
Clause 8 and Clause 9 of the Institute Time Clauses-Hulls 1/10/83 by reason of the fact that the sum of such liability
exceeds the insured value on hull and machinery.
In no case shall the Company’s total liability under this clause and Replaced Clause for Clause 8 and Clause 9 of theInstitute Time Clauses-Hulls 1/10/83 exceed the sum defined in Article 3-l-(b) of “Protocol of 1996 to Amend theConvention on Limitation of Liability for Maritime Claims 1976” in respect of any one claim.
Article 2.
Even if the Assured shall fail to take the appropriate action to limit his liabilities in the circumstances where he would beentitled to do so under the relevant laws, the liability of the Company shall be restricted to the amount to which the
Assured’s liability could have limited under such relevant laws.
Article 3.
The provision of Article 1 shall be also applied to the vessel which “Protocol of 1996 to Amend the Convention on
limitation of Liability for Maritime Claims 1976” shall not be applied.

13/05/2004

EXCESS COLLISION LIABILITY CLAUSE (B-2)(FOR 4/4THS COLLISION LIABILITY)

Article 1.
This insurance is extended to cover collision liability (four-fourths) not recoverable in full under Replaced Clause for
Clause 8 and Clause 9 of the Institute Time Clauses-Hulls 1/10/83 and Replaced Clause for Clause 6.4.3 of the InstituteTime Clauses-Hulls Disbursements and Increased Value (Total Loss only, including Excess Liabilities) 1/10/83 by reasonof the fact that the sum of such liability exceeds the insured value on hull and machinery.
In no case shall the Company’s total liability under this clause and Replaced Clause for Clause 8 and Clause 9 of theInstitute Time Clauses-Hulls 1/10/83 and Replaced Clause for Clause 6.4.3 of the Institute Time Clauses-Hulls
Disbursements and Increased Value (Total Loss only, including Excess Liabilities) 1/10/83 exceed the sum defined in
Article 3-l-(b) of “Protocol of 1996 to Amend the Convention on Limitation of Liability for Maritime Claims 1976” inrespect of any one claim.
Article 2.
Even if the Assured shall fail to take the appropriate action to limit his liabilities in the circumstances where he would beentitled to do so under the relevant laws, the liability of the Company shall be restricted to the amount to which the
Assured’s liability could have limited under such relevant laws.
Article 3.
The provision of Article 1 shall be also applied to the vessel which “Protocol of 1996 to Amend the Convention on
61

limitation of Liability for Maritime Claims 1976” shall not be applied.

1/4/2017

SMALL GENERAL AVERAGE CLAUSES
Article 1.
Notwithstanding Clause 11of the Institute Time Clauses-Hulls 1/10/83, the Company shall indemnify the Assured forthe whole amount (commission and interest excluded) which is allowable as general average within the limit of the amountspecified in the Policy, provided that the Person effecting the insurance or the Assured do not enforce their right ofcontribution from other parties.
Article 2.
In addition to the preceding Article 1., where the contract of affreightment provides the adjustment shall be according
to the York-Antwerp Rules, 2004, or to the York-Antwerp Rules, 2016, whichever applicable, the Company shall also
indemnify the Assured for the salvage charges which shall be deemed to be allowable as general average, in spite of theRule VI(Salvage Remuneration)(a) of the York-Antwerp Rules, 2004, or Rule VI(Salvage Remuneration)(b)(iv) of theYork-Antwerp Rules, 2016, provided that the salvage charges are paid wholly by the Assured without being contributedby other parties.
Article 3.
Where the Company has indemnified the Assured under Article １．of these clauses, Clause 11 of the Institute Time
Clauses-Hulls 1/10/83 shall not apply to such general average, however, these Clauses shall never prejudice the right of
the Assured to recover the cost of repairs for the damage to the Vessel in consequence of a general average act but notallowable as general average.

FISHING GEAR CLAUSES
1. No claim to attach hereto for loss of or damage to fishing gear during and as a result of fishing operations.
2. Fishing Gear are all the equipments, such as Fishing Net or Rope, which are used for fishing operation and are not fixed
to the insured Vessel.

G.A. ETC. CONTRIBUTION CLAUSE
Notwithstanding anything herein contained to the contrary it is understood and agreed that the vessel hereunder shall beconsidered fully insured for the purpose of contribution to General Average, Salvage, Salvage Charges and Sue and Labour
expenses.

1/4/93SCRAP VOYAGE CLAUSES
Article 1.
1. In the event of the Vessel sailing (with or without cargo) with an intention of being (a) broken up, or (b) sold forbreaking up, the total sum recoverable under this insurance on hull and machinery and also including disbursements if
any (hereinafter called “this insurance” subject to any express stipulation in these clauses) in respect of a claim for total
loss (actual or constructive) occurring subsequent to such sailing shall in no case exceed the least of the following:(1) the price of the Vessel as being broken up stated in the contract of sale (hereinafter called “the price”), or(2) such proportion of the price as the insured amount of this insurance bears to the total sum of the insured amount62

of this insurance and that of any other insurance on hull and machinery and also including disbursements of theVessel if any, or(3) the insured amount of this insurance.
2. The expenditure for the voyage may be included in the price with the consent of the Company prior to the Vessel sailing.
3. Nothing in this Article 1 shall affect claims under Clauses 8 and/or 13 of the Institute Time Clauses-Hulls 1/10/83
Amended for Japanese Clauses Class No.5 (4/90) or No.6 (4/93) and Clauses 6.4.2 and/or 6.4.3 of the Institute Time
Clauses-Hulls Disbursements and Increased Value (Total Loss only, including Excess Liabilities) 1/10/83 Amended forJapanese Clauses Class No.5 (4/90) or No.6 (4/90) if attached to this Policy.
Article 2.
In case of Article 1, the following provisions shall apply in place of Clause 19 of the Institute Time Clauses-Hulls
1/10/83 Amended for Japanese Clauses Class No.5 (4/90) or No.6 (4/93) and Clauses 9.1 and 9.2 of the Institute Time
Clauses-Hulls Disbursements and Increased Value (Total Loss only, including Excess Liabilities) 1/10/83 Amended forJapanese Clauses Class No.5 (4/90) or No.6 (4/90) if attached to this Policy.
(1) In ascertaining whether the Vessel is a constructive total loss, the price or the insured value of this insurance onhull and machinery, whichever is the lesser shall be taken as the repaired value and nothing in respect of thedamaged or break-up value of the Vessel or wreck shall be taken into account.
(2) No claim for constructive total loss based upon the reasonably necessary cost of recovery and/or repair of theVessel as being broken up shall be recoverable hereunder unless such cost would exceed the price or the insured
value of this insurance on hull and machinery, whichever is the lesser. 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.
Article 3.
In case previous notice of the Vessel sailing has been given to the Company and the limitation of the Company’s liability
has been recognized a return of premium for as arranged shall be allowed at the termination of this insurance provided
that no claim arising from accident subsequent to such sailing is made under this insurance.

1/4/93SCRAP VOYAGE CLAUSES (FOR AMENDED NO.2)
Article 1.
1. In the event of the Vessel sailing (with or without cargo) with an intention of being (a) broken up, or (b) sold forbreaking up, the total sum recoverable under this insurance on hull and machinery (hereinafter called “this insurance”
subject to any express stipulation in these clauses) in respect of a claim for total loss (actual or constructive) occurring
subsequent to such sailing shall in no case exceed the least of the following:(1) the price of the Vessel as being broken up stated in the contract of sale (hereinafter called “the price”), or(2) such proportion of price as the insured amount of this insurance bears to the total sum of the insured amount of
this insurance and that of any other insurance on hull and machinery of the Vessel if any, or(3) the insured amount of this insurance.
2. The expenditure for the voyage may be included in the price with the consent of the Company prior to the Vessel sailing.
3. Nothing in this Article 1 shall affect claims under Clause 1 1 of the Institute Time Clause-Hulls Amended for JapaneseClauses Class No.2 (4/90) and the Collision Liability Clauses (4/90) if attached to this Policy.
Article 2.
In case of this Article 1, the following provisions shall apply in place of Clause 12 of the Institute Time Clauses-Hulls
Amended for Japanese Clauses Class No.2 (4/90).
(1) In ascertaining whether the Vessel is a constructive total loss, the price or the insured value of this insurance onhull and machinery, whichever is the lesser shall be taken as the repaired value and nothing in respect of thedamaged or break-up value of the Vessel or wreck shall be taken into account.
(2) No claim for constructive total loss based upon the reasonably necessary cost of recovery and/or repair of theVessel as being broken up shall be recoverable hereunder unless such cost would exceed the price or the insured
63

value of this insurance on hull and machinery, whichever is the lesser. 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.
Article 3.
In case previous notice of the Vessel sailing has been given to the Company and the limitation of the Company’s liability
has been recognized a return of premium for (as arranged) shall be allowed at the termination of this insurance provided
that no claim arising from accident subsequent to such sailing is made under this insurance.

1/4/2002

SCRAP VOYAGE CLAUSES(FOR USE WITH AMERICAN INSTITUTE HULL CLAUSES 2/6/77)

Article 1.
1. 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, the total sum recoverable under this insurance on hull and machinery and also including disbursements if any(hereinafter called “this insurance”subject to any express stipulation in these clauses) in respect of a claim for total
loss (actual or constructive) occurring subsequent to such sailing shall in no case exceed the least of the following :(1) the price of the Vessel as being broken up stated in the contract of sale (hereinafter called“the price”), or(2) such proportion of the price as the insured amount of this insurance bears to the total sum of the insured amount of
this insurance and that of any other insurance on hull and machinery and also including disbursements of the Vessel
if any, or(3) the insured amount of this insurance.
2. The expenditure for the voyage may be included in the price with the consent of the Company prior to the Vessel sailing.
3. Nothing in this Article 1 shall affect claims under Clause COLLISION LIABILITY and/or SUE AND LABOR of the“American Institute Hull Clauses”if attached to this Policy.
Article 2.
In case of Article 1, the following provisions shall apply in place of Clause TOTAL LOSS of the“American Institute Hull
Clauses”if attached to this Policy.
(1) In ascertaining whether the Vessel is a constructive total loss, the price or the insured value of this insurance on hulland machinery, whichever is the lesser shall be taken as the repaired value and nothing in respect of the damaged
or break-up value of the Vessel or wreck shall be taken into account.
(2) No claim for constructive total loss based upon the reasonably necessary cost of recovery and/or repair of the Vessel
as being broken up shall be recoverable hereunder unless such cost would exceed the price or the insured value of
this insurance on hull and machinery, whichever is the lesser. 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.
Article 3.
In case previous notice of the Vessel sailing has been given to the Company and the limitation of the Company's liability
has been recognized a return of premium for as arranged shall be allowed at the termination of this insurance provided thatno claim arising from accident subsequent to such sailing is made under this insurance.

1/4/92TERMINATION CLAUSE
Unless the Company agrees to the contrary in writing, this insurance shall terminate automatically at the time of any
change, voluntary or otherwise, in ownership or flag, transfer to new management, or charter on a bareboat basis, or
requisition for title or use of the Vessel.
The Company shall return the unexpired portion of the premium already received which is calculated on a pro rata daily
64basis as from the day on which such termination occurred.

1/4/90DISBURSEMENTS WARRANTY CLAUSE (A)It is understood and agreed that this insurance is subject to the following conditions and the failure to comply therewith
shall render this Company not liable to pay for any loss or damage occurring thereafter:－
There shall be no insurance that may be taken out with the object of covering interest of the owner or charterer-bydemise of the Vessel, irrespective of whether it be Disbursements, Profits, Increased value or otherwise and alsoirrespective of whosoever the Assured may be, except for the insurance on freight or charter money for voyage for theamount actually at risk.

1/4/90DISBURSEMENTS WARRANTY CLAUSE (B)It is understood and agreed that this insurance is subject to the following conditions and the failure to comply therewith
shall render this Company not liable to pay for any loss or damage occurring thereafter:－
There shall be no insurance for a sum exceeding 25% of the value as stated herein that may be taken out with the objectof covering interest of the owner or charterer-by-demise of the Vessel, irrespective of whether it be Disbursements, Profits,
Increased Value or otherwise and also irrespective of whosoever the Assured may be, except for the insurance on freightor charter money for voyage for the amount actually at risk.

1/4/2021

LAID UP RETURN CLAUSES (HULLS)
1.
In the case of insurance effected for a period of one year, if the vessel is laid up (including lay up on the slip or in thedrydock ; hereinafter to be so interpreted) for a period of 30 or more consecutive days during the insured period, theCompany shall return the premium specified in the succeeding Article after natural expiry of the insurance, provided
that the ship does not become a total loss (irrespective of whether resulting from any of the Accident or not) during thecurrency of the policy.
When the Policy is cancelled, the Company shall return the premium specified in the succeeding Article, provided thatthe cancellation is due to a termination of insurable interest or a renewal policy for the same Person effecting theinsurance and the same Vessel is effected with the Company.
2.
The return premium shall be calculated for each period of lay up of 30 consecutive separately as follows ;Premium×Lay up period/Period of insurance×Return rate (as arranged)
Provided that when the lay up return period of 30 days include no lay up return period, daily pro rata premium for nolay up return period is deducted.
3.
In asking for a return of premium under the preceding two Articles, the Assured shall, as soon as practicable, givenotice of the fact of commencing the lay up to the Company and obtain the Company's approval to the lay up locationand mooring arrangements.
4.
When the lay up is finished, the Person effecting the insurance or the Assured shall give notice65

thereof to the Company

and submit the certificate duly certified by the maritime authorities and other documents required by the Company.
5.
When the fact contrary to the lay up conditions in all or in part stated in the lay up endorsement is occurred, no returnof premium stated in the Article１and 2 shall be made except that underwriters approve that.
6. (Definitions)
In these special clauses,(1)“Lay up” shall be defined as the case that the insured vessel should be put into the condition that :the vessel lay up on a slip or in a drydock for repairs (whether covered by this insurance or not, provided that such
repairs have not resulted from abrasion, corrosion, rust, deterioration or any other wear and tear of the vessel and/or
following recommendation in the vessel's Classification society ; hereinafter to be so interpreted), structural
alteration, recommendation in the vessel's Classification society or mooring.
(2)“the lay up endorsement” shall be defined as that of (including the change of mooring)issued by the Company in
Article 3.
(3)“no lay up return period ”shall be defined as follows :(a) repair or structural alteration period(b) period in special lay up return area (notwithstanding the vessel is lying in exposed of unprotected water, theCompany shall admit it to be lay up area specially)l
1/4/2021

LAID UP RETURN CLAUSES (DISBURSEMENTS)
1.
The Company shall return the premium specified in the succeeding paragraph after natural expiry of the insurance,
provided that a return of premium shall be made under the LAID UP RETURN CLAUSE (HULLS) attached to Hullinsurance Policy issued by the Company on the Vessel.
When the Policy is cancelled, the Company shall return the premium specified in the succeeding Article, provided thatthe cancellation is due to a termination of insurable interest or a renewal policy for the same Person effecting theinsurance and the same Vessel is effected with the Company.
2.
The return premium shall be calculated for each period of lay up of 30 consecutive separately as follows ;Premium×Lay up period/Period of insurance×Return rate (as arranged)
Provided that when the lay up return period of 30 days include no lay up return period, daily pro rata premium for nolay up return period is deducted.
3. (Definitions)
In these special clauses,(1)“Lay up” shall be defined as the case that the insured vessel should be put into the condition that :the vessel lay up on a slip or in a drydock for repairs (whether covered by this insurance or not, provided that such
repairs have not resulted from abrasion, corrosion, rust,deterioration or any other wear and tear of the vessel and/or
following recommendation in the vessel's Classification society ; hereinafter to be so interpreted), structural
alteration, recommendation in the vessel's Classification society or mooring.
(2)“no lay up return period”shall be defined as follows :(a) repair or structural alteration period(b) period in special lay up return area (notwithstanding the vessel is lying in exposed of unprotected water, theCompany shall admit it to be lay up area specially)66

1/4/90

ICE CLAUSE (A)In no case shall this insurance cover any claim for cost of repairs of the damage to the Vessel caused by collision orcontact with ice, between the 15th November and the 30th April, both days inclusive, but this provision does not apply tosuch damage as was inevitably caused in minimizing the loss or damage (loss or damage caused by ice excluded) covered
under this insurance.

1/4/96

3/4THS COLLISION LIABILITY CLAUSE (A)The provisions of Clause 8 of the Institute Time Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.5 (4/90)
or No.6 (4/93) shall be replaced by the followings.
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 toany 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 vessel
8.1.2
delay to or loss of use of any such other vessel or property thereon
8.1.3
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 andconditions of this insurance and shall be subject to the following provisions:
8.2.1
Where the insured Vessel is in collision with another vessel and both vessels are to blame then, unless theliability of one or both vessels becomes limited by law, the indemnity under this Clause 8 shall be calculatedon the principle of cross-liabilities as if the respective Owners had been compelled to pay to each other suchproportion 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 case shall the Underwriters’ total liability under Clauses 8.1 and 8.2 exceed their proportionate part ofthree-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
may be compelled to pay in contesting liability or taking proceedings to limit liability, with the prior writtenconsent of the Underwriters.
EXCLUSIONS
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 withwhich the insured Vessel is in collision or property on such other vessels).

*

which the Assured becomes legally liable to pay to any other person or persons

671/4/96

3/4THS COLLISION LIABILITY CLAUSE (B)The provisions of Clause 6.4.3 of the Institute Time Clauses-Hulls Disbursements and Increased Value (Total Loss only,
including Excess Liabilities) 1/10/83 Amended for Japanese Clauses Class No.5 (4/90) or No.6 (4/90) shall be replaced by
the followings.
6.4.3
Collision Liability (three-fourths) not recoverable in full under the Institute 3/4ths Collision Liability andSistership Clauses in the insurances on hull and machinery by reason of such three-fourths liability exceeding
three-fourths of the insured value of the Vessel as stated therein, in which case the amount recoverable under
this insurance shall be such proportion of the difference so arising as the amount insured hereunder bears to
the total sum insured against excess liabilities.

SPECIAL CLAUSE FOR SUBJECT-MATTER INSURED
The subject matter insured includes fuel, provisions, stores and all other articles, which are the property of the Bareboatcharterer and are on board the ship for use and/or consumption in connection with her employment.

NECESSARY REPAIR CLAUSE
This insurance shall cover the Particular Average with regard to the cost of repairs necessary to complete voyage
provided the damage necessitating these repairs caused by the Vessel sinking, stranding, grounding, burning, being on fireor in collision or contact with any external substance other than water.

FISHING VESSEL CLAUSE (NO.6)
Accidents occurring during the operations of dropping/lifting of fishing gear and/or lifting of catch out of sea are notwithin the term “Perils” appearing in 6.2.1. “accidents in loading discharging or shifting cargo or fuel” of Institute Time
Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.6 (4/90).

1/4/90EXPENSE OF SIGHTING THE BOTTOM CLAUSE
It is agreed that the expense of sighting the bottom of the Vessel, with the consent of the Company, immediately after
her stranding, grounding, collision or contact with any external object other than water, if reasonably incurred speciallyfor that purpose, shall be paid even if no damage be found.

1/4/92

DEDUCTIBLE CLAUSES (A)Article 1.
1. No claim arising from a peril insured against shall be payable under this insurance unless the aggregate of all suchclaims arising out of each separate accident or occurrence (including claims under Clauses 8, 11 and 13 of the InstituteTime Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.5 (4/90)(hereinafter referred to as the “I.T.C.

68

amended No.5”)) exceeds the Deductible specified in the Schedule in which case this sum shall be deducted.
2. The sum of all claims in Article 1-1 shall be always limited to the insured value specified in the Schedule. Provided
that each amount of claims under Clauses 8.1, 8.3 and 13 of the I.T.C. amended No.5 shall be limited to the insured
value specified in the Schedule respectively, independently of other claims under the other terms and conditions of thisinsurance.
Article 2.
Article 1-1 shall not apply to a claim for total or constructive total loss of the Vessel or, in the event of such a claim, toany associated claim under Clause 13 of the I.T.C. amended No.5 arising from the same accident or occurrence, or toa claim under Expense of Sighting the Bottom Clause.

1/4/94DEDUCTIBLE CLAUSES (B)
Article 1.
1. No claim arising from a peril insured against shall be payable under this insurance unless the aggregate of all suchclaims arising out of each separate accident or occurrence (including claims under Clauses 8, 11 and 13 of the InstituteTime Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.5 (4/90) (hereinafter referred to as the “I.T.C.
amended No.5”)) exceeds the Deductible (A) specified in the Schedule in which case this sum shall be deducted.
2. Where any claim for the cost of repairs arising from perils enumerated in the following clauses (hereinafter referred toas “the cost of repairs peculiar to the clauses”) is included in all claims in Article 1-1, the claim for the cost of repairs
peculiar to the clauses shall be subject to the Deductible (B) specified in the Schedule. Any balance remaining, after
application of this deductible, with any other claim arising from the same accident or occurrence, shall then be subject
to the Deductible (A) specified in the Schedule.
(1) Additional Particular Average Clauses (B)(2) Additional Particular Average Clauses (B-2)(3) Additional Particular Average Clauses (C)(4) Clauses for the Cost of Repairs of Damage by Explosion (A)(5) Clauses for the Cost of Repairs of Damage by Explosion (B)(6) Clauses for the Cost of Repairs of Damage by Explosion (C)
3. The sum of all claims in Articles 1-1 and 1-2 shall be always limited to the insured value specified in the Schedule.
Provided that each amount of claims under Clauses 8.1, 8.3 and 13 of the I.T.C. amended No.5 shall be limited to theinsured value specified in the Schedule respectively, independently of other claims under the other terms and conditionsof this insurance.
Article 2.
Articles 1-1 and 1-2 shall not apply to a claim for total or constructive total loss of the Vessel or, in the event of such aclaim, to any associated claim under Clause 13 of the I.T.C. amended No.5 arising from the same accident or
occurrence, or to a claim under Expense of Sighting the Bottom Clause.

1/4/93

DEDUCTIBLE CLAUSES (C)Article 1.
The provision of Clause 12.1 of the Institute Time Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.6
(4/93) (hereinafter referred to as the “I.T.C. amended No.6”) shall be deleted.
Article 2.
1. No claim arising from a peril insured against shall be payable under this insurance unless the aggregate of all suchclaims arising out of each separate accident or occurrence (including claims under Clauses 8, 11 and 13 of the I.T.C.
69

amended No.6) exceeds the Deductible specified in the Schedule in which case this sum shall be deducted. Neverthelessthe expense of sighting the bottom of the Vessel, with the consent of the Company, immediately after her stranding,grounding, collision or contact with any external object other than water, if reasonably incurred specially for that
purpose, shall be paid even if no damage be found.
2. The sum of all claims in Article 2-1 shall be always limited to the insured value specified in the Schedule. Provided
that each amount of claims under Clauses 8.1, 8.3 and 13 of the I.T.C. amended No.6 shall be limited to the insured
value specified in the Schedule respectively, independently of other claims under the other terms and conditions of thisinsurance.
Article 3.
Article 2-1 shall not apply to a claim for total or constructive total loss of the Vessel or, in the event of such a claim, toany associated claim under Clause 13 of the I.T.C. amended No.6 arising from the same accident or occurrence.

1/4/93

DEDUCTIBLE CLAUSES (D)
Article 1.
The provision of Clause 12.1 of the Institute Time Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.6
(4/93) (hereinafter referred to as the “I.T.C. amended No.6”) shall be deleted.
Article 2.
1. No claim arising from a peril insured against shall be payable under this insurance unless the aggregate of all suchclaims arising out of each separate accident or occurrence (including claims under Clauses 8, 11 and 13 of the I.T.C.
amended No.6) exceeds the Deductible (A) specified in the Schedule in which case this sum shall be deducted.
Nevertheless the expense of sighting the bottom of the Vessel, with the consent of the Company, immediately after her
stranding, grounding, collision or contact with any external object other than water, if reasonably incurred specially forthat purpose, shall be paid even if no damage be found.
2. Where any claim for the cost of repairs arising from perils enumerated in Clauses 6.1.6, 6.2.1, 6.2.2, 6.2.3, 6.2.4, 6.2.5of the I.T.C. amended No.6 and heavy weather and perils enumerated in the Institute Additional Perils Clauses-Hulls
1/10/83 Amended (4/93) (hereinafter referred to as “the cost of repairs peculiar to the I.T.C. amended No.6”) is included
in all claims in Article 2-1, the claim for the cost of repairs peculiar to the I.T.C. amended No.6 shall be subject to the
Deductible (B) specified in the Schedule. Any balance remaining, after application of this deductible, with any otherclaim arising from the same accident or occurrence, shall then be subject to the Deductible (A) specified in the Schedule.
3. The sum of all claims in Articles 2-1 and 2-2 shall be always limited to the insured value specified in the Schedule.
Provided that each amount of claims under Clauses 8.1, 8.3 and 13 of the I.T.C. amended No.6 shall be limited to theinsured value specified in the Schedule respectively, independently of other claims under the other terms and conditionsof this insurance.
Article 3.
Article 2-1 and 2-2 shall not apply to a claim for total or constructive total loss of the Vessel or, in the event of such aclaim, to any associated claim under Clause 13 of the I.T.C. amended No.6 arising from the same accident or
occurrence.

1/4/96DEDUCTIBLE CLAUSES (A) (FOR 3/4THS COLLISION LIABILITY)
Article 1.
1. No claim arising from a peril insured against shall be payable under this insurance unless the aggregate of all suchclaims arising out of each separate accident or occurrence (including claims under Clauses 8, 11 and 13 of the Institute70

Time Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.5 (4/90) (hereinafter referred to as the “I.T.C.
amended No.5”)) exceeds the Deductible specified in the Schedule in which case this sum shall be deducted.
2. The sum of all claims in Article 1-1 shall be always limited to the insured value specified in the Schedule. Provided
that each amount of claims under Clauses 8.1, 8.3 and 13 of the I.T.C. amended No.5 shall be limited to the following
sum respectively, independently of other claims under the other terms and conditions of this insurance.
(a) amount of claims under Clause 8.1
three-fourths of the insured value specified in the Schedule(b) amount of claims under Clause 8.3
three-fourths of the insured value specified in the Schedule(c) amount of claims under Clause 13
the insured value specified in the Schedule
Article 2.
Article 1-1 shall not apply to a claim for total or constructive total loss of the Vessel or, in the event of such a claim, toany associated claim under Clause 13 of the I.T.C. amended No.5 arising from the same accident or occurrence, or toa claim under Expense of Sighting the Bottom Clause.

1/4/96DEDUCTIBLE CLAUSES (C) (FOR 3/4THS COLLISION LIABILITY)
Article 1.
The provision of Clause 12.1 of the Institute Time Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.6
(4/93) (hereinafter referred to as the “I.T.C. amended No.6”) shall be deleted.
Article 2.
1. No claim arising from a peril insured against shall be payable under this insurance unless the aggregate of all suchclaims arising out of each separate accident or occurrence (including claims under Clauses 8, 11 and 13 of the I.T.C.
amended No.6) exceeds the Deductible specified in the Schedule in which case this sum shall be deducted. Neverthelessthe expense of sighting the bottom of the Vessel, with the consent of the Company, immediately after her stranding,grounding, collision or contact with any external object other than water, if reasonably incurred specially for that
purpose, shall be paid even if no damage be found.
2. The sum of all claims in Article 2-1 shall be always limited to the insured value specified in the Schedule. Provided
that each amount of claims under Clauses 8.1, 8.3 and 13 of the I.T.C. amended No.6 shall be limited to the following
sum respectively, independently of other claims under the other terms and conditions of this insurance.
(a) amount of claims under Clause 8.1
three-fourths of the insured value specified in the Schedule(b) amount of claims under Clause 8.3
three-fourths of the insured value specified in the Schedule(c) amount of claims under Clause 13
the insured value specified in the Schedule
Article 3.
Article 2-1 shall not apply to a claim for total or constructive total loss of the Vessel or, in the event of such a claim, toany associated claim under Clause 13 of the I.T.C. amended No.6 arising from the same accident or occurrence.

711/4/94

DEDUCTIBLE CLAUSES (FOR WORK BOAT ETC. AMENDED NO.5)
Article 1.
1. No claim for the cost of repairs arising from sinking, stranding, grounding, burning, fire, collision or contact with any
external object other than water shall be payable under this insurance unless the aggregate of all such claims arisingout of each separate accident or occurrence exceeds the Deductible specified in the Schedule in which case this sum
shall be deducted.
2. The sum of all claims for the cost of repairs in Article 1-1 shall be always limited to the insured value specified in the
Schedule.
Article 2.
Article 1-1 shall not apply to a claim under Expense of Sighting the Bottom Clause.

DEDUCTIBLE CLAUSES (G)(FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES-HULLSAMENDED FOR JAPANESE CLAUSES CLASS NO.6 4/93)
Article 1.
The provision of Clause 12.1 of the Institute Time Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.6
(4/93) (hereinafter referred to as the “I.T.C. amended No.6”) shall be deleted.
Article 2.
No claim, other than claims under Clause 8, 11 and 13 of the “I.T.C. amended No.6” arising from any perils enumerated
in clause 6 of the “I.T.C. amended No.6”, shall be payable under this insurance unless the aggregate of all such claims
arising out of each separate accident or occurrence exceeds,……… in which case this sum shall, be deducted.
Nevertheless the expense of sighting the bottom of the Vessel, with the consent of the Company, immediately after her
stranding, grounding, collision or contact with any external object other than water, if reasonably incurred specially forthat purpose, shall be paid even if no damage be found. This Article 2 shall not apply to a claim for total or constructive
total loss of the Vessel.

1/4/98DEDUCTIBLE CLAUSES (G)(FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES-HULLS 1/10/83)

Article 1.
The provision of Clause 12.1 of the Institute Time Clauses-Hulls 1/10/83 shall be deleted.
Article 2.
No claim, other than a claim under Clauses 8, 11 and 13 of the Institute Time Clauses-Hulls 1/10/83, arising from anyof the perils enumerated in Clause 6 of the Institute Time Clauses-Hulls 1/10/83, shall be payable under this insurance
unless the aggregate of all such claims arising out of each separate accident or occurrence exceeds ...... in which casethis sum shall be deducted.
Nevertheless the expense of sighting the bottom after stranding, if reasonably incurred specially for that purpose, shallbe paid even if no damage be found. This Article 2 shall not apply to a claim for total or constructive total loss of theVessel.
Article 3.
Claims for damage by heavy weather occurring during a single sea passage between two successive ports shall betreated as being due to one accident. In the case of such heavy weather extending over a period not wholly covered by72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 numberof days of heavy weather during the single sea passage. The expression “heavy weather” in this Article 3 shall bedeemed to include contact with floating ice.
Article 4.
Excluding any interest comprised therein, recoveries against any claim which is subject to the above deductible shallbe 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.
Article 5.
Interest comprised in recoveries shall be apportioned between the Assured and the Underwriters, taking into accountthe sums paid by the Underwriters and dates when such payments were made, notwithstanding that by the addition ofinterest the Underwriters may receive a larger sum than they have paid.

DEDUCTIBLE CLAUSES (H)(FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES-HULLSAMENDED FOR JAPANESE CLAUSES CLASS NO.5 4/90)
No claim, other than claims under Clause 8, 11 and 13 of the Institute Time Clauses-Hulls 1/10/83 Amended for JapaneseClauses Class No.5 (4/90) (hereinafter referred to as the “I.T.C. amended No.5”) arising from any perils enumerated in
Clause 6 of the “I.T.C. amended No.5”, shall be payable under this insurance unless the aggregate of all such claims arisingout of each separate accident or occurrence exceeds,……… in which case this sum shall, be deducted.
Nevertheless the expense of sighting the bottom of the Vessel, with the consent of the Company, immediately after her
stranding, grounding, collision or contact with any external object other than water, if reasonably incurred specially forthat purpose, shall be paid even if no damage be found. This clause shall not apply to a claim for total or constructive total
loss of the Vessel.

AMERICAN HULL INSURANCE SYNDICATELINER NEGLIGENCE CLAUSEFOR ATTACHMENT TO AMERICAN INSTITUTE HULL CLAUSES(JANUARY 18, 1970)
In consideration of additional premium of as arranged, it is understood and agreed that the ADDITIONAL PERILS(INCHMAREE) clause of the attached Policy is deleted and in place thereof the following inserted:“Subject to the conditions of this Policy, this insurance also covers:a. Breakdown of motor generators or other electrical machinery and electrical connections there-to; bursting of boilers;
breakage of shafts; or any latent defect in the machinery or hull;b. Loss of or damage to the subject matter insured directly caused by;1.

Accidents on shipboard or elsewhere, other than breakdown of or accidents to nuclear installations or reactors on
board the Insured Vessel;

2.

Negligence, error of judgment or incompetence of any person; excluding under both “a” and “b” above only thecost of repairing, replacing or renewing any part condemned solely as a result of a latent defect, wear and tear,gradual deterioration or fault or error in design or construction;

provided such loss or damage (either as described in said “a” or “b” or both) has not resulted from want of due diligenceby the Assured(s), the Owner(s) or Manager(s) of the Vessel, or any of them, Masters, mates, engineers, pilots or crew not73

to be considered as part owners within the meaning of this clause should they hold shares in the Vessel.”
All other terms and conditions remaining unchanged.

LINER NEGLIGENCE CLAUSE (LONDON FORM)“Subject to the terms and conditions of this Policy, this insurance is also to cover:
Bursting of boilers and/or breakage of shafts.
Damage to and/or loss of the subject-matter of this insurance caused by any accident (including loss or damage occasioned
through contact with aircraft), latent defect, malicious act, negligence, error judgment or incompetence of any person
whatsoever, but excluding the cost of repairing replacing or renewing any defective part condemned solely in consequenceof a latent defect or fault or error in design or construction.
Breakdown of or accident to nuclear installations of reactors on shipboard or elsewhere. Provided that such loss ordamage has not resulted from want of due diligence by the owners of the vessel or any of them or by the managers.
Masters, Mates, Engineers, Pilots or Crew not to be considered as part owners within the meaning of this clause should
they hold shares in the vessel.”

17/4/72

MACHINERY DAMAGE CO-INSURANCE CLAUSE FOR USE WITHAMERICAN INSTITUTE HULL CLAUSESIn the event of a claim for loss of or damage to any boiler, shaft, machinery or associated equipment, arising from any of
the causes enumerated in the Additional Perils (Inchmaree) Clause (except contact with aircraft, rockets or similar missiles,
or with any land conveyance, drydocks, graving docks, ways, gridirons or pontoons) attributable in part or in whole tonegligence of Masters, Officers or Crew and recoverable under this insurance only by reason of the Additional Perils(Inchmaree) Clause, then the Assured shall, in addition to the deductible, also bear in respect of each accident or occurrence
and amount equal to 10% of the balance of such claim. This clause shall not apply to a claim for total or constructive total
loss of the Vessel.

MACHINERY DAMAGE CO-INSURANCE CLAUSEFOR USE WITH AMERICAN INSTITUTE HULL CLAUSES (AMENDMENT)In the event of a claim for loss of or damage to any boiler, shaft, machinery or associated equipment arising from anyof the causes enumerated in the Liners Negligence Clause (London Form) (except contact with aircraft, rockets or similar
missiles, or with any land conveyance, drydocks, graving docks, ways, gridirons or pontoons) attributable in part or inwhole to negligence of Masters, Officers or Crew and recoverable under this insurance only by reason of the Liner
Negligence Clause (London Form), then the Assured shall, in addition to the deductible, also bear in respect of eachaccident or occurrence and amount equal to 10% of the balance of such claim, but such amount shall be limited to (as perschedule) of the value agreed on the Vessel. This clause shall not apply to a claim for total or constructive total loss of theVessel.

GENERAL AVERAGE EXTENDED COVERAGE
Notwithstanding the “General Average and Salvage” clauses contained in this policy, it is hereby understood and agreed
that, subject to the terms and conditions of this policy, the underwriters hereon shall pay the whole sum of general averagesacrifices and/or expenses should the assured not be claiming general average contributions against the other interested
74parties, provided that in no event the amount payable under this clause shall exceed as per schedule on each and any one
accident.

75

(2) LOSS OF TIME/HIRE
LOSS OF CHARTER HIRE INSURANCEINCLUDING WAR(ABS 1/10/83 WORDING)
This Insurance is Subject to English law and practice

1. If in consequence of any of the following events:(a) loss, damage or occurrence covered by Institute Time Clauses-Hulls (1/10/83) or Norwegian Hull Form or
American Institute Hull Clauses (2nd June 1977) and also loss damage or occurrence covered by Institute War andStrikes Clauses-Hulls (1/10/83) or American Institute Hull War and Strikes Clauses (1/12/77) plus Addenda 1 and
2,(Option of clause to be exercised at inception)(b) breakdown of machinery, including electrical machinery or boilers, provided that such breakdown has not resulted
from wear and tear or want of due diligence by the Assured,occurring during the period of this insurance the Vessel is prevented from earning hire for a period in excess of{as specified in the Schedule} days in respect of any accident, then this insurance shall pay {as specified in the
Schedule} of the sum hereby insured for each 24 hours after the expiration of the said days during which the Vessel
is so prevented from earning hire for not exceeding a further {as specified in the Schedule} days in respect of any
one accident or occurrence (and not exceeding {as specified in the Schedule} days in all during the currency ofthis Insurance (irrespective of the expiry date of this insurance)), provided that the repairs in respect of which aclaim is made hereunder are completed within 12 months of the expiry of the period covered by this policy.
2. No claim to attach to this insurance if the occurrence in respect of which such claim arises is the cause of the Vessel
becoming a Total Loss (Actual or Constructive).
3. In all cases where a recovery is obtained from third parties in respect of loss of earnings or demurrage such recovery
shall be apportioned between the Assured and the Underwriters as their respective interests may appear.
4. Subject to current Institute Trading Warranties and, in respect of War risks, subject to current London Market War Risk
Trading Warranties.
5. 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 andany additional premium required by them be agreed.
6. The expression ‘one accident’ shall be deemed to include all heavy weather damage occurring during a single sea
passage between two successive ports as defined in Clause 12.2 of Institute Time Clauses-Hulls (1/10/83).
7. If this insurance attaches or expires during a passage as defined above heavy weather damage occurring on the same
passage but outside the period covered by this insurance may be added for the purpose of calculating the loss provided
the damage sustained during the period covered hereunder has not been repaired during the passage, but only the
proportion of the loss arising from damage occurring during the currency of this insurance shall be payable hereunder.
8. It is understood and agreed that if the Vessel is prevented from earning hire on separate occasions, which shall not inany event exceed three, in respect of any one accident or occurrence falling within this insurance, for the purpose ofascertaining the amount claimable hereunder the total time that the Vessel is off hire shall be taken into account,provided that the repairs are completed within 12 months of the expiry of this insurance.

76

9. Should the Vessel at the expiration of this insurance be at sea or in distress, or at port of refuge or of call, she shall,provided previous notice be given to the Underwriters, be held covered at a pro rata daily premium to her port ofdestination, but in no event shall such extension affect or postpone the operation of the Institute Notice of Cancellation
and Automatic Termination of Cover Clause for War.
10. In the event of the Vessel named herein being sold or unchartered, other than by reason of Total or Constructive Total
Loss of Vessel, this insurance is automatically cancelled. In such event Underwriters agree to return pro rata nett
monthly premium, provided there are no claims on the Vessel during the currency of the insurance prior to cancellation.
In no other event shall there be any return of premium (except as provided under Clause 14.3 below).
This Clause shall prevail notwithstanding any provisions whether written, typed or printed in the insurance inconsistent
therewith unless especially agreed by Underwriters.
11. Unless the Underwriters agree to the contrary in writing, this insurance shall terminate automatically at the time ofchange 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 ordamage covered by Clause 1 of this insurance such automatic termination shall only operate should the Vessel sail fromher next port without the prior approval of the Classification Society.
12. The Assured shall effect, or cause to be effected, all repairs (temporary or permanent) with due diligence and dispatch.
Underwriters to have the right to require the Assured to incur any expense which would reduce Underwriters’ liability
under this insurance provided such expense is for Underwriters’ account.
13. This insurance excludes:
13.1 loss damage liability or expense arising from
13.1.1 any detonation of any weapon of war employing atomic or nuclear fission and/or fusion or other likereaction or radioactive force or matter, hereinafter called a nuclear weapon of war
13.1.2 the outbreak of war (whether there be a declaration of war or not) between any of the following countries:
United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of
China
13.1.3 requisition or pre-emption
13.1.4 capture seizure arrest restraint detainment confiscation or expropriation by or under the order of theGovernment or any public or local authority of the country in which the Vessel is owned or registered13.1.5 arrest restraint detainment confiscation or expropriation under quarantine regulations or by reason of
infringement of any customs or trading regulations
13.1.6 the operation of ordinary judicial process, failure to provide security or to pay any fine or penalty or any
financial cause
13.2 any claim for any sum recoverable under any other insurance on the Vessel or which would be recoverable undersuch insurance but for the existence of this insurance
13.3 any claim for expenses arising from delay except such expenses as would be recoverable in principle in English
law and practice under the York-Antwerp Rules 1974.
14. 14.1 Cover hereunder in respect of the risks of war, etc., may be cancelled by either the Underwriters or the Assured
77

giving 7 days notice (such cancellation becoming effective on the expiry of 7 days from midnight of the day on
which notice of cancellation is issued by or to the Underwriters). The Underwriters agree however to reinstate
cover subject to agreement between the Underwriters and the Assured prior to the expiry of such notice ofcancellation as to new rate of premium and/or conditions and/or warranties.
14.2 Whether or not such notice of cancellation has been given cover hereunder in respect of the risks of war, etc.,
shall TERMINATE AUTOMATICALLY
14.2.1 upon the occurrence of any hostile detonation of any nuclear weapon of war as defined in Clause 13.1.1
wheresoever or whensoever such detonation may occur and whether or not the Vessel may be involved
14.2.2 upon the outbreak of war (whether there be a declaration of war or not) between any of the following
countries:
United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of
China
14.2.3 in the event of the Vessel being requisitioned, either for title or use.
14.3 In the event either of cancellation by notice or of automatic termination of this insurance by reason of theoperation of this Clause 14, pro rata net return of premium shall be payable to the Assured.
15. Cover in respect of the risks of war, etc., shall not become effective if, subsequent to acceptance by the Underwriters
and prior to the intended time of attachment of risk, there has occurred any event which would have automaticallyterminated cover under the provisions of this clause.

LOSS OF CHARTER HIRE INSURANCE
EXCLUDING WAR(ABS 1/10/83 WORDING)
This Insurance is Subject to English law and practice

1. If in consequence of any of the following events:(a) loss, damage or occurrence covered by Institute Time Clauses-Hulls (1/10/83) or Norwegian Hull Form or
American Institute Hull Clauses (2nd June 1977),(Option of clause to be exercised at inception)(b) breakdown of machinery, including electrical machinery or boilers, provided that such breakdown has not resulted
from wear and tear or want of due diligence by the Assured,occurring during the period of this insurance the Vessel is prevented from earning hire for a period in excess of{as specified in the Schedule} days in respect of any accident, then this insurance shall pay {as specified in the
Schedule} of the sum hereby insured for each 24 hours after the expiration of the said days during which the Vessel
is so prevented from earning hire for not exceeding a further {as specified in the Schedule} days in respect of any
one accident or occurrence (and not exceeding {as specified in the Schedule} days in all during the currency ofthis insurance (irrespective of the expiry date of this insurance)), provided that the repairs in respect of which aclaim is made hereunder are completed within 12 months of the expiry of the period covered by this insurance.
2. No claim to attach to this insurance if the occurrence in respect of which such claim arises is the cause of the Vessel
becoming a Total Loss (Actual or Constructive).

783. In all cases where a recovery is obtained from third parties in respect of loss of earnings or demurrage such recovery
shall be apportioned between the Assured and the Underwriters as their respective interests may appear.
4. Subject to current Institute Trading Warranties.
5. 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 andany additional premium required by them be agreed.
6. The expression ‘one accident’ shall be deemed to include all heavy weather damage occurring during a single sea
passage between two successive ports as defined in Clause 12.2 of Institute Time Clauses-Hulls (1/10/83).
7. If this insurance attaches or expires during a passage as defined above heavy weather damage occurring on the same
passage but outside the period covered by this insurance may be added for the purpose of calculating the loss provided
the damage sustained during the period covered hereunder has not been repaired during the passage, but only the
proportion of the loss arising from damage occurring during the currency of this insurance shall be payable hereunder.
8. It is understood and agreed that if the Vessel is prevented from earning hire on separate occasions, which shall not inany event exceed three, in respect of any one accident or occurrence falling within this insurance, for the purpose ofascertaining the amount claimable hereunder the total time that the Vessel is off hire shall be taken into account,provided that the repairs are completed within 12 months of the expiry of this insurance.
9. Should the Vessel at the expiration of this insurance be at sea or in distress, or at port of refuge or of call, she shall,provided previous notice be given to the Underwriters, be held covered at a pro rata daily premium to her port ofdestination.
10. In the event of the vessel named herein being sold or unchartered, other than by reason of Total or Constructive Total
Loss of Vessel, this insurance is automatically cancelled. In such event Underwriters agree to return pro rata nett
monthly premium, provided there are no claims on the Vessel during the currency of the insurance prior to cancellation.
In no other event shall there be any return of premium.
This clause shall prevail notwithstanding any provisions whether written, typed or printed in the insurance inconsistent
therewith unless especially agreed by Underwriters.
11. Unless the Underwriters agree to the contrary in writing, this insurance shall terminate automatically at the time ofchange 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 ordamage covered by Clause 1 of this insurance or which would be covered by an insurance of the Vessel subject tocurrent Institute War and Strikes Clauses Hulls-Times such automatic termination shall only operate should the Vessel
sail from her next port without the prior approval of the Classification Society.
12. The Assured shall effect, or cause to be effected, all repairs (temporary or permanent) with due diligence and dispatch.
Underwriters to have the right to require the Assured to incur any expense which would reduce Underwriters’ liability
under this insurance provided such expense is for Underwriters’ account.
13. In no case shall this insurance cover loss damage liability or expense caused by
13.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
13.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or any
attempt thereat7913.3 derelict mines torpedoes bombs or other derelict weapons of war.
14. In no case shall this insurance cover loss damage liability or expense caused by
14.1 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
14.2 any terrorist or any person acting from a political motive.
15. In no case shall this insurance cover loss damage liability or expense arising from
15.1 the detonation of an explosive
15.2 any weapon of war
and caused by any person acting maliciously or from a political motive.
16. 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.

FULL PREMIUM IF CLAIM CLAUSES(FOR LOSS OF CHARTER HIRE INSURANCE INCLUDING WAR ABS 1/10/83 WORDING)
Article 1.
In case that the Company becomes liable to indemnify the Assured for loss equivalent to the period of 180 days in all
subject to“Loss of Charter Hire Insurance Including War ABS 1/10/83 Wording”, the Person effecting the insurance
shall make an additional payment to the Company of the Balance between the annual premium and the premium
specified in this Policy.
Article 2.
If the additional payment of the preceding Article has not been made before the Company make payment of a claim,
the Company shall deduct the amount of the additional payment from the amount of claim.

FULL PREMIUM IF CLAIM CLAUSES(FOR LOSS OF CHARTER HIRE INSURANCE EXCLUDING WAR ABS 1/10/83 WORDING)
Article 1.
In case that the Company becomes liable to indemnify the Assured for loss equivalent to the period of 180 days in all
subject to“Loss of Charter Hire Insurance Excluding War ABS 1/10/83 Wording”, the Person effecting the insurance
shall make an additional payment to the Company of the Balance between the annual premium and the premium
specified in this Policy.
Article 2.
If the additional payment of the preceding Article has not been made before the Company make payment of a claim,
the Company shall deduct the amount of the additional payment from the amount of claim.

1/4/2021

LAID UP RETURN CLAUSES (LOH)
1 The Underwriters agree to return the premium as follows :80

1.1 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) ......... (as arranged) ......... per cent net not under repair(b) ......... (as arranged) ......... per cent net under repair
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 (a) and (b) respectively.
2 PROVIDED ALWAYS THAT
2.1 a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period covered by thisinsurance or any extension thereof.
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 isdeemed to be within the vicinity of the approved port or lay-up area, days during which the Vessel is laid up in suchnon-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 actuallylaid up in the approved port or lay-up area
2.3 loading or discharging operations or the presence of cargo on board shall not debar returns but no return shall beallowed for any period during which the Vessel is being used for the storage of cargo or for lightering purposes
2.4 in the event of any amendment of the annual rate, the above rates of return shall be adjusted accordingly
2.5 in the event of any return recoverable under this Clause 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 1.1(a) and/or (b) above for the number of days which come within the period of this insurance andto which a return is actually applicable. Such overlapping period shall run, at the option of the Assured, either fromthe first day on which the Vessel is laid up or the first day of a period of 30 consecutive days as provided under
1.1(a) or (b) or 2.2 above.

81

(3) WAR AND STRIKES
1/10/83

INSTITUTE WAR AND STRIKES CLAUSESHULLS-TIME
This Insurance is Subject to English law and practice

1 PERILS
Subject always to the exclusions hereinafter referred to, this insurance covers loss of or damage to the Vessel causedby
1.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
1.2 capture seizure arrest restraint or detainment, and the consequences thereof or any attempt thereat
1.3 derelict mines torpedoes bombs or other derelict weapons of war
1.4 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
1.5 any terrorist or any person acting maliciously or from a political motive
1.6 confiscation or expropriation.
2 INCORPORATIONThe Institute Time Clauses-Hulls 1/10/83 (including 4/4ths Collision Clause) except Clauses 1.2, 2, 3, 4, 6, 12, 21.1.8,
22, 23, 24, 25 and 26 are deemed to be incorporated in this insurance in so far as they do not conflict with the provisionsof these clauses.
Held covered in case of breach of warranty as to towage or salvage services provided notice be given to the Underwriters
immediately after receipt of advices and any additional premium required by them be agreed.
3 DETAINMENTIn the event that the Vessel shall have been the subject of capture seizure arrest restraint detainment confiscation or
expropriation, and the Assured shall thereby have lost the free use and disposal of the Vessel for a continuous period of
12 months then for the purpose of ascertaining whether the Vessel is a constructive total loss the Assured shall bedeemed to have been deprived of the possession of the Vessel without any likelihood of recovery.
4 EXCLUSIONSThis insurance excludes
4.1 loss damage liability or expense arising from
4.1.1
any detonation of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction
or radioactive force or matter, hereinafter called a nuclear weapon of war
4.1.2
the outbreak of war (whether there be a declaration of war or not) between any of the following countries:
United Kingdom, United States of America, France,
the Russian Federation,
the People’s Republic of China
4.1.3
requisition or pre-emption
4.1.4
capture seizure arrest restraint detainment confiscation or expropriation by or under the order of thegovernment or any public or local authority of the country in which the Vessel is owned or registered4.1.5
arrest restraint detainment confiscation or expropriation under quarantine regulations or by reason of
infringement of any customs or trading regulations
4.1.6
the operation of ordinary judicial process, failure to provide security or to pay any fine or penalty or any
financial cause
4.1.7
piracy (but this exclusion shall not affect cover under Clause 1.4).
4.2 loss damage liability or expense covered by the Institute Time Clauses-Hulls 1/10/83 (including 4/4ths Collision
Clause) or which would be recoverable thereunder but for Clause 12 thereof,

82

4.3
4.4

any claim for any sum recoverable under any other insurance on the Vessel or which would be recoverable undersuch insurance but for the existence of this insurance,
any claim for expenses arising from delay except such expenses as would be recoverable in principle in English
law and practice under the York-Antwerp Rules 1974.

5 TERMINATION
5.1 This insurance may be cancelled by either the Underwriters or the Assured giving 7 days notice (suchcancellation becoming effective on the expiry of 7 days from midnight of the day on which notice of cancellation
is issued by or to the Underwriters). The Underwriters agree however to reinstate this insurance subject toagreement between the Underwriters and the Assured prior to the expiry of such notice of cancellation as to new
rate of premium and/or conditions and/or warranties.
5.2 Whether or not such notice of cancellation has been given this insurance shall TERMINATE
AUTOMATICALLY
5.2.1
upon the occurrence of any hostile detonation of any nuclear weapon of war as defined in Clause 4.1.1
wheresoever or whensoever such detonation may occur and whether or not the Vessel may be involved
5.2.2
upon the outbreak of war (whether there be a declaration of war or not) between any of the following
countries:
United Kingdom, United States of America, France,
the Russian Federation,
the People’s Republic of China
5.2.3
in the event of the Vessel being requisitioned, either for title or use.
5.3 In the event either of cancellation by notice or of automatic termination of this insurance by reason of theoperation of this Clause 5, or of the sale of the Vessel, pro rata net return of premium shall be payable to the
Assured.
This insurance shall not become effective if, subsequent to its acceptance by the Underwriters and prior to the intended
time of its attachment, there has occurred any event which would have automatically terminated this insurance under theprovisions of Clause 5 above.

1/10/83

INSTITUTE WAR AND STRIKES CLAUSESHULLS-TIME (AMENDED TO COVER DISB’TS INCLUDING EXCESS LIABILITIES)This Insurance is Subject to English law and practice

1 PERILS
Subject always to the exclusions hereinafter referred to, this insurance covers loss of or damage to the Vessel caused
by*1
1.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
1.2 capture seizure arrest restraint or detainment, and the consequences thereof or any attempt thereat
1.3 derelict mines torpedoes bombs or other derelict weapons of war
1.4 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
1.5 any terrorist or any person acting maliciously or from a political motive
1.6 confiscation or expropriation.
2 INCORPORATIONThe Institute Time Clauses-Hulls 1/10/ 83 (including 4/4ths Collision Clause) except Clauses 1.2, 2, 3, 4, 6, 12, 21.1.8,
22, 23, 24, 25 and 26*2 are deemed to be incorporated in this insurance in so far as they do not conflict with theprovisions of these clauses.
83Held covered in case of breach of warranty as to towage or salvage services provided notice be given to the Underwriters
immediately after receipt of advices and any additional premium required by them be agreed.
3 DETAINMENTIn the event that the Vessel shall have been the subject of capture seizure arrest restraint detainment confiscation or
expropriation, and the Assured shall thereby have lost the free use and disposal of the Vessel for a continuous period of
12 months then for the purpose of ascertaining whether the Vessel is a constructive total loss the Assured shall bedeemed to have been deprived of the possession of the Vessel without any likelihood of recovery.
4 EXCLUSIONSThis insurance excludes
4.1 loss damage liability or expense arising from
4.1.1
any detonation of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction
or radioactive force or matter, hereinafter called a nuclear weapon of war
4.1.2
the outbreak of war (whether there be a declaration of war or not) between any of the following countries:
United Kingdom, United States of America, France,
the Russian Federation,
the People’s Republic of China
4.1.3
requisition or pre-emption
4.1.4
capture seizure arrest restraint detainment confiscation or expropriation by or under the order of thegovernment or any public or local authority of the country in which the Vessel is owned or registered4.1.5
arrest restraint detainment confiscation or expropriation under quarantine regulations or by reason of
infringement of any customs or trading regulations
4.1.6
the operation of ordinary judicial process, failure to provide security or to pay any fine or penalty or any
financial cause
4.1.7
piracy (but this exclusion shall not affect cover under Clause 1.4).
4.2 loss damage liability or expense covered by the Institute Time Clauses-Hulls 1 /10/83 (including 4/4ths Collision
Clause) or which would be recoverable thereunder but for Clause 12 thereof, *3
4.3 any claim for any sum recoverable under any other insurance on the Vessel or which would be recoverable undersuch insurance but for the existence of this insurance,
4.4 any claim for expenses arising from delay except such expenses as would be recoverable in principle in English
law and practice under the York-Antwerp Rules 1974.
5 TERMINATION
5.1 This insurance may be cancelled by either the Underwriters or the Assured giving 7 days notice (suchcancellation becoming effective on the expiry of 7 days from midnight of the day on which notice of cancellation
is issued by or to the Underwriters). The Underwriters agree however to reinstate this insurance subject toagreement between the Underwriters and the Assured prior to the expiry of such notice of cancellation as to new
rate of premium and/or conditions and/or warranties.
5.2 Whether or not such notice of cancellation has been given this insurance shall TERMINATE
AUTOMATICALLY
5.2.1
upon the occurrence of any hostile detonation of any nuclear weapon of war as defined in Clause 4.1.1
wheresoever or whensoever such detonation may occur and whether or not the Vessel may be involved
5.2.2
upon the outbreak of war (whether there be a declaration of war or not) between any of the following
countries:
United Kingdom, United States of America, France,
the Russian Federation,
the People’s Republic of China
5.2.3
in the event of the Vessel being requisitioned, either for title or use.
5.3 In the event either of cancellation by notice or of automatic termination of this insurance by reason of the84

operation of this Clause 5, or of the sale of the Vessel, pro rata net return of premium shall be payable to the
Assured.
This insurance shall not become effective if, subsequent to its acceptance by the Underwriters and prior to the intended
time of its attachment, there has occurred any event which would have automatically terminated this insurance under theprovisions of Clause 5 above.
*1
*2

*3

total loss (actual or constructive) of the subject matter insured caused by
Disbursements and Increased Value (T.L.O. including Excess Liabilities) 1.10.83 (including 4/4ths Collision
Clause) except clauses 1.2, 2, 3, 4, 6.1, 6.2, 6.3, 11, 12, 13, 14 and 15.
Disbursements and Increased Value (T.L.O. including Excess Liabilities) 1.10.83 (including 4/4ths Collision
Clause)

1/10/83

INSTITUTE WAR AND STRIKES CLAUSESHULLS-TIME AMENDED (1/4/97)
This Insurance is Subject to English law and practice

1 PERILS
Subject always to the exclusions hereinafter referred to, this insurance covers loss of or damage to the Vessel causedby
1.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
1.2 capture seizure arrest restraint or detainment, and the consequences thereof or any attempt thereat
1.3 derelict mines torpedoes bombs or other derelict weapons of war
1.4 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
1.5 any terrorist or any person acting maliciously or from a political motive
1.6 confiscation or expropriation.
*1
1.7
2 I NCORPORATIONThe Institute Time Clauses-Hulls 1/10/83 (including 4/4ths Collision Clause) except Clauses 1.2, 2, 3, 4, 6, 12, 21.1.8,
22, 23, 24, 25 and 26 are deemed to be incorporated in this insurance in so far as they do not conflict with the provisionsof these clauses.
Held covered in case of breach of warranty as to towage or salvage services provided notice be given to the Underwriters
immediately after receipt of advices and any additional premium required by them be agreed.
3 DETAINMENTIn the event that the Vessel shall have been the subject of capture seizure arrest restraint detainment confiscation or
expropriation, and the Assured shall thereby have lost the free use and disposal of the Vessel for a continuous period of
12 months then for the purpose of ascertaining whether the Vessel is a constructive total loss the Assured shall bedeemed to have been deprived of the possession of the Vessel without any likelihood of recovery.
4 EXCLUSIONSThis insurance excludes
4.1 loss damage liability or expense arising from
4.1.1
any detonation of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction
or radioactive force or matter, hereinafter called a nuclear weapon of war
4.1.2
the outbreak of war (whether there be a declaration of war or not) between any of the following countries:
United Kingdom, United States of America, France,854.1.3
4.1.4
4.1.5
4.1.6
4.1.7
4.2
4.3
4.4

the Russian Federation,
the People’s Republic of China
requisition or pre-emption
capture seizure arrest restraint detainment confiscation or expropriation by or under the order of thegovernment or any public or local authority of the country in which the Vessel is owned or registeredarrest restraint detainment confiscation or expropriation under quarantine regulations or by reason of
infringement of any customs or trading regulations
the operation of ordinary judicial process, failure to provide security or to pay any fine or penalty or any
financial cause
piracy (but this exclusion shall not affect cover under Clause 1.4).
loss damage liability or expense covered by the Institute Time Clauses-Hulls 1/10/83 (including 4/4ths
Collision Clause) *2 or which would be recoverable thereunder but for Clause 12 thereof, *3
any claim for any sum recoverable under any other insurance on the Vessel or which would be recoverable undersuch insurance but for the existence of this insurance,
any claim for expenses arising from delay except such expenses as would be recoverable in principle in English
law and practice under the York-Antwerp Rules 1974.

5 TERMINATION
5.1 This insurance may be cancelled by either the Underwriters or the Assured giving 7 days notice (suchcancellation becoming effective on the expiry of 7 days from midnight of the day on which notice of cancellation
is issued by or to the Underwriters). The Underwriters agree however to reinstate this insurance subject toagreement between the Underwriters and the Assured prior to the expiry of such notice of cancellation as to new
rate of premium and/or conditions and/or warranties.
5.2 Whether or not such notice of cancellation has been given this insurance shall TERMINATE
AUTOMATICALLY
5.2.1
upon the occurrence of any hostile detonation of any nuclear weapon of war as defined in Clause 4.1.1
wheresoever or whensoever such detonation may occur and whether or not the Vessel may be involved
5.2.2
upon the outbreak of war (whether there be a declaration of war or not) between any of the following
countries:
United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of China
5.2.3
in the event of the Vessel being requisitioned, either for title or use.
5.3 In the event either of cancellation by notice or of automatic termination of this insurance by reason of theoperation of this Clause 5, or of the sale of the Vessel, pro rata net return of premium shall be payable to the
Assured.
This insurance shall not become effective if, subsequent to its acceptance by the Underwriters and prior to the intended
time of its attachment, there has occurred any event which would have automatically terminated this insurance under theprovisions of Clause 5 above.
*1
*2

*3

1.7 violent theft by persons from outside the Vessel or piracy
the Institute Time Clauses Hulls 1/10/83 Amended for Japanese Clauses Class No.5 (4/90) or No.6 (4/93) and theattached clauses thereof which are applied to marine hull insurance on the Vesse1of the Institute Time Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.6 (4/93)

86

1/10/83

INSTITUTE WAR AND STRIKES CLAUSESHULLS-TIME AMENDED TO COVER DISBURSEMENTS ETC. AGAINST T.L.O. (4/96)
This Insurance is Subject to English law and practice

1 PERILS
Subject always to the exclusions hereinafter referred to, this insurance covers loss of or damage to the Vessel caused
by*1
1.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any, hostile act by or against
a belligerent power
1.2 capture seizure arrest restraint or detainment, and the consequences thereof or any attempt thereat
1.3 derelict mines torpedoes bombs or other derelict weapons of war
1.4 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
1.5 any terrorist or any person acting maliciously or from a political motive
1.6 confiscation or expropriation.
*2
1.7
2 INCORPORATIONThe Institute Time Clauses-Hulls 1/10/ 83 (including 4/4ths Collision Clause) except Clauses 1.2, 2, 3, 4, 6, 12, 21.1.8,
22, 23, 24, 25 and 26*3 are deemed to be incorporated in this insurance in so far as they do not conflict with theprovisions of these clauses.
Held covered in case of breach of warranty as to towage or salvage services provided notice be given to the Underwriters
immediately after receipt of advices and any additional premium required by them be agreed.
3 DETAINMENTIn the event that the Vessel shall have been the subject of capture seizure arrest restraint detainment confiscation or
expropriation, and the Assured shall thereby have lost the free use and disposal of the Vessel for a continuous period of
12 months then for the purpose of ascertaining whether the Vessel is a constructive total loss the Assured shall bedeemed to have been deprived of the possession of the Vessel without any likelihood of recovery.
4 EXCLUSIONSThis insurance excludes
4.1 loss damage liability or expense arising from
4.1.1
any detonation of any weapon of war employing atomic or unclear fission and/or fusion or other like reaction
or radioactive force or matter, hereinafter called a nuclear weapon of war
4.1.2
the outbreak of war (whether there be a declaration of war or not) between any of the following countries:
United Kingdom, United States of America, France, the Russian Federation,the People’s Republic of China
4.1.3
requisition or pre-emption
4.1.4
capture seizure arrest restraint detainment confiscation or expropriation by or under the order of thegovernment or any public or local authority of the country in which the Vessel is owned or registered4.1.5
arrest restraint detainment confiscation or expropriation under quarantine regulations or by reason of
infringement of any customs or trading regulations
4.1.6
the operation of ordinary judicial process, failure to provide security or to pay any fine or penalty or any
financial cause
4.1.7
piracy (but this exclusion shall not affect cover under Clause 1.4).
4.2 loss damage liability or expense covered by the Institute Time Clauses-Hulls 1 /10/83 (including 4/4ths Collision
Clause) or which would be recoverable thereunder but for Clause 12 thereof, *4
4.3 any claim for any sum recoverable under any other insurance on the Vessel or which would be recoverable under

87

4.4

such insurance but for the existence of this insurance,
any claim for expenses arising from delay except such expenses as would be recoverable in principle in English
law and practice under the York-Antwerp Rules 1974.

5 TERMINATION
5.1 This insurance may be cancelled by either the Underwriters or the Assured giving 7 days notice (such cancellation
becoming effective on the expiry of 7 days from midnight of the day on which notice of cancellation is issued byor to the Underwriters). The Underwriters agree however to reinstate this insurance subject to agreement between
the Underwriters and the Assured prior to the expiry of such notice of cancellation as to new rate of premium
and/or conditions and/or warranties.
5.2 Whether or not such notice of cancellation has been given this insurance shall TERMINATE AUTOMATICALLY
5.2.1
upon the occurrence of any hostile detonation of any nuclear weapon of war as defined in Clause 4.1.1
wheresoever or whensoever such detonation may occur and whether or not the Vessel may be involved
5.2.2
upon the outbreak of war (whether there be a declaration of war or not) between any of the following
countries:
United Kingdom, United States of America, France,
the Russian Federation,
the People’s Republic of China
5.2.3
in the event of the Vessel being requisitioned, either for title or use.
5.3 In the event either of cancellation by notice or of automatic termination of this insurance by reason of theoperation of this Clause 5, or of the sale of the Vessel, pro rata net return of premium shall be payable to the
Assured.
This insurance shall not become effective if, subsequent to its acceptance by the Underwriters and prior to the intended
time of its attachment, there has occurred any event which would have automatically terminated this insurance under theprovisions of Clause 5 above.
*1

total loss (actual or constructive) of the subject-matter insured caused by
1.7 violent theft by persons from outside the Vessel or piracy.
*3
Disbursements and Increased Value (Total Loss only, including Excess Liabilities) 1/10/83 Amended for JapaneseClauses Class No.5 (4/90) or No.6 (4/90) (including 4/4ths Collision Clause) except Clauses 1.2, 2, 3, 4, 6, 11, 12, 13, 14
and 15*4
4Disbursements and Increased Value (Total Loss only, including Excess Liabilities) 1/10/83 Amended for JapaneseClauses Class No.5 (4/90) or No.6 (4/90)*2

1/4/2014

WAR RISK PROTECTION AND INDEMNITY CLAUSES(HULLS)

1. This insurance is extended to cover the liability of the Assured for Protection and Indemnity against the risks excluded
from the Marine Protection and Indemnity Policy by reason of the F.C. and S. Clause and the liability of the Assured
for Protection and Indemnity Risks as a result of strikes, lockout, political or labour disturbances, riots, civilcommotions or acts of persons acting maliciously. In the event that Protection and Indemnity Risks are not insured
against Marine Perils, this insurance shall be construed as if such insurance had been covered by The United Kingdom
Mutual Steam Ship Assurance Association (Europe) Limited, Protecting and Indemnity Club.
2. In the event that the Marine Protection and Indemnity Policy omits and/or excludes any of Protection and Indemnity
Risks covered by The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited, such omitted
and/or excluded Protection and Indemnity Risks shall be included in such insurance.

883. Notwithstanding the provisions of Clause 1, this insurance is not extended to cover the liability of the Assured to thecrew of the insured vessel except for Contractual Repatriation Expense of any member of the crew as a result of theperils covered by the above.
4. Claims for which these Underwriters shall be liable under these clauses shall not be subject to any deduction.
5. The liability of Underwriters under these clauses in respect of any accident or series of accidents arising out of the samecasualty shall be limited to the sum hereby insured.
6. This Protection and Indemnity insurance shall terminate automatically at the same time as the Hull Insurance against
War Risks and upon the terms and conditions provided for in the Automatic Termination Clauses of the Hull War Risk
Policy.

1/4/2014

WAR RISK PROTECTION AND INDEMNITY CLAUSES(HULLS)(FOR USE WITH INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME 1/10/83 AMENDED (4/93))

Article 1.
The Company shall indemnify the Assured, according to the Institute War and Strikes Clauses Hulls-Time(1/10/83)
Amended(4/93) (hereinafter called the “IWSC Amended”) and these clauses, for a sum or sums paid by the Assured in
respect of liabilities or expenses that are excluded by the Protection and Indemnity Club, to which the Vessel belongs,
from its coverage by reason of those liabilities and expenses arising from war, mines and other explosives, capture,seizure, strikes or civil commotions etc..
Provided always that(a) such liabilities or expenses shall be caused by the perils mentioned in Clause 1 of the IWSC Amended(b) such payments of liabilities or expenses shall have been made by the Assured with the prior written consent of
the Company.
2. Where the Protection and Indemnity Club to which the Vessel belongs excludes a part or parts of liabilities or
expenses which are covered by The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited(hereinafter called the “U. K. Club”), the preceding paragraph shall be applied in the same way as if the Vessel
had belonged to the U. K. Club.
3. Where the Vessel does not belong to any Protection and Indemnity Club, paragraph 1 shall be applied in the same
way as if the Vessel had belong to the U. K. Club.
Article 2.
The Company shall also pay the necessary or useful legal costs incurred by the Assured, in taking proceedings or
defensive legal action with the prior written consent of the Company or referring the dispute to arbitration upon
consultation with the Company, for the purpose of averting or minimising a loss which would be recoverable underthese clauses.
Article 3.
Notwithstanding the provisions of Article 1, the Company shall not indemnify the Assured for liabilities or expenses to
Master, Officers or Crew of the Vessel other than repatriation expenses for any member of Master, Officers or Crew.
Article 4.
The indemnity under these clauses shall be in addition to the indemnity recoverable under the other terms and conditionsof this insurance, but it shall be calculated in such proportion as the insured amount bears to the insured value, and shallbe limited to the amount specified in the schedule in respect of any one accident.

891/12/75

WAR RISK PROTECTION AND INDEMNITY CLAUSES(DISBURSEMENTS)
1. If the amount of the liability for Protection and Indemnity Risks under the War Risk Protection and Indemnity Clauses(Hulls) attached to the Hull War Risk Policy issued by the Company on the Vessel exceeds the sum insured by the Hull
War Risk Policy, this insurance is extended to cover the excess.
2. The liability of Underwriters under these clauses in respect of any accident or series of accidents arising out of the samecasualty shall be limited to the sum hereby insured.
3. This Protection and Indemnity insurance shall terminate automatically at the same time as the Disbursements Insurance
against War Risks and upon the terms and conditions provided for in the Automatic Termination Clauses of the
Disbursements War Risk Policy.

1/4/93

WAR RISK PROTECTION AND INDEMNITY CLAUSES(DISBURSEMENTS)(FOR USE WITH INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME 1/10/83 AMENDED (4/93))

Article 1.
If liabilities or expenses covered under the War Risk Protection and Indemnity clauses (Hulls) exceed the sum insured
in the Hull War Risk Policy, the Company shall indemnify the Assured for the excess according to the Institute War andStrikes Clauses Hulls-Time Amended (4/93) and these clauses.
Article 2.
The indemnity under these clauses shall be in addition to the indemnity recoverable under the other terms and conditionsof this insurance, but it shall be calculated in such proportion as the insured amount bears to the insured value, and shallbe limited to the amount specified in the schedule in respect of any one accident.

WAR RISK PROTECTION AND INDEMNITY CLAUSES(CREW LIABILITY)(Liability of Indemnification)
Article 1.
Notwithstanding the provision of Article 3 of the War Risk Protection and Indemnity Clauses (Hulls), the Company
shall indemnify the Person effecting the insurance or the Assured (hereinafter called the “Assured”), according to
Article 1 of the War Risk Protection and Indemnity Clauses (Hulls) and these WAR RISK PROTECTION AND
INDEMNITY CLAUSES (CREW LIABILITY), for any sum or sums paid by the Assured to Master, Officers or Crewof the Vessel (hereinafter called the “seaman”) or their bereaved families by reason of the Assured assuming theliabilities mentioned in (1), (2) and (6) below under the statutory obligation or under the Labour Agreement, theEmployment Regulations, the Accident Compensation Regulations or the Contracts of Service or Employment,
including such expenses incurred by the Assured as listed below, incidental to the liabilities or otherwise.
Provided always that(a) such payments of liabilities or expenses shall have been made by the Assured with the prior written consent of theCompany(b) the amount recoverable under the Workmen’s Accident Compensation Insurance Law, the Seamen’s Insurance
Law and other Workmen’s accident compensation laws or ordinances of Japan or any other country shall not be
indemnified hereunder.

90

(1) Liability for loss of life of the seaman (including presumption of death due to being missing; hereinafter to be sointerpreted)(2) Liability for the permanent physical handicaps of the seaman in the performance of his duties(3) Compensation for medical treatment (as provided for in Articles 89 and 90 of the Seamen’s Law of Japan), injury
or sickness allowances, convalescence allowances and travelling expenses for nursing in cases where the seaman
has sustained an injury or contracted a sickness in the performance of his duties(4) Expenses incurred in saving the life of the seaman, searching for dead body of the seaman, delivering the remainsof, ashes of, and articles left by the seaman and funeral expenses(5) Missing allowances in cases where the seaman has become missing in the performance of his duties(6) Liability for loss of or damage to the effects of the seaman(7) Necessary expenses incurred in sending a substitute to replace the seaman in consequence of his loss of life, injury
or sickness(8) Wages payable to the seaman who has lost employment in consequence of an Actual or Constructive Total Loss of
the Vessel(Legal Costs)
Article 2.
The Company shall also pay the necessary or useful legal costs incurred by the Assured, in taking proceedings or
defensive legal action with the prior written consent of the Company or referring the dispute to arbitration upon
consultation with the Company, for the purpose of averting or minimising a loss which would be recoverable underthese clauses.
(Relation to other Insurances)
Article 3.
In case of the whole or a part of the sums to be paid under these clauses being recoverable under other insurances, theCompany shall only pay the sums which exceed the amount recoverable under such insurances.
(Limit of Liability for Indemnification)
Article 4.
The indemnity under these clauses shall be in addition to the indemnity recoverable under the other terms and conditionsof this insurance, but it shall be always limited to the following amount per capita in respect of any one accident:(1) the limit of liability specified in the Policy in respect of the aggregate sums of the liabilities and the expenses
mentioned in Article 1. (1) to (3) and (8)(2) the amount equivalent to 20% of the limit of liability specified in the Policy in respect of the aggregate sums of
the liabilities and the expenses mentioned in Article 1. (4) to (7) and Article 2. in addition to the indemnity
recoverable under (1) above.

BLOCKING AND TRAPPING ETC. WORDING(LOSS OF HIRE/LOSS OF TIME)(1/4/2013)
1. INTEREST INSURED HEREUNDER
Hire, reward, charterage, or expenditure in respect of the Vessel specified in the Schedule (hereinafter called the Vessel).
Schedule also to contain daily indemnity and excess, the voyage or period and the geographical limits of the Policy andto form part of this Policy.
2. COVERAGE(A) If in consequence of(i) a peril covered under the Institute War and Strikes Clauses Hulls-Time (1/10/83), piracy, violent theft, andbarratry of Master Officer or Crew but average irrespective of percentage(ii) the confiscation, expropriation, nationalization or detention of the Vessel by, or under the order of any
government or local authority(iii) the closure, blockage or blockade (other than civil blockade) of the area or the means of exit therefrom or of91

any port, canal, channel, river, waterway or other place or of the means of exit therefrom within the area
described in the Schedule or any part thereofduring the currency of this Policy the Vessel be prevented from earning hire or reward, or be prevented from earning
anticipated hire or reward, or be obliged to continue to expend charterage, or be obliged to continue expenditure inexcess of the excess period stipulated in the Schedule, then this Policy will pay the daily indemnity stated in the
Schedule for each period of twenty four consecutive hours during which the Vessel is so prevented, or so obliged, for
not exceeding the number of periods of twenty four hours stated in the Schedule in respect of any occurrence, andsubject to the overall limit stated therein.
(B) Clause 13 of the Institute Time Clauses-Hulls (1/10/83) is deemed to be incorporated in this insurance in so far as
it does not conflict with the provision of these clauses.
However, no claim shall be payable under this insurance in respect of charges incurred by the Assured inaccordance with Clause 13 of the said Clauses unless with the prior consent of Underwriters.
3. EXCLUSIONSNo claims shall be payable under this Policy(A) if such perils or combination of such perils shall have been effective at the time of attachment of this insurance(B) in respect of any claims for any sum recoverable under any other insurance on the Vessel or which would berecoverable under such insurance but for the existence of this insurance(C) unless the repairs in respect of which a claim is made hereunder shall be completed within 12 months of the expiryof the period covered by this Policy(D) in respect of any period after the Vessel having become a Total Loss (Actual or Constructive or Arranged orCompromised)(E) due to loss damage liability or expense arising from(i) any detonation of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction
or radioactive force or matter, hereinafter called a nuclear weapon of war(ii) the outbreak of war (whether there be a declaration of war or not) between any of the following countries:
United Kingdom, United States of America, France,
the Russian Federation,
the People’s Republic of China(iii) requisition or pre-emption(iv) confiscation and/or nationalisation and/or any other act of government or local authority of the country statedin “Flag” in the Schedule(v) capture, seizure, arrest, restraint, detainment, confiscation or nationalisation by the government of the country
in which the Vessel is owned or registered(vi) arrest, restraint or detainment under quarantine regulations or by reason of infringement of any customs or
trading regulations(vii) the operation of ordinary judicial process, failure to provide security or to pay any fine or penalty or any
financial cause.
4. WARRANTIES(A) The Assured shall make all reasonable efforts to obtain the release of the Vessel, and shall subrogate to
Underwriters all rights against any other parties.
(B) Warranted that the Assured comply in all respects with the laws (local or otherwise) of the country in whose waters
the Vessel is situated and should failure so to do prejudice this insurance to extent of a loss, no liability will attachhereunder.
(C) Warranted all necessary permits obtained.
5. TERMINATION(A) This insurance may be cancelled by either the Underwriters or the Assured giving 7 days notice (such cancellation
becoming effective on the expiry of 7 days from midnight of the day on which notice of cancellation is issued byor to the Underwriters). The Underwriters agree however to reinstate this insurance subject to agreement between
the Underwriters and the Assured prior to the expiry of such notice of cancellation as to new rate of premium92and/or conditions and/or warranties.
(B) Whether or not such notice of cancellation has been given this insurance shall TERMINATE AUTOMATICALLY(i) upon the occurrence of any hostile detonation of any nuclear weapon of war as defined in Clause 3 (E) (i)wheresoever or whensoever such detonation may occur and whether or not the Vessel may be involved(ii) upon the outbreak of war (whether there be a declaration of war or not) between any of the following countries:
United Kingdom, United States of America, France,
the Russian Federation,
the People’s Republic of China(iii) in the event of the Vessel being requisitioned, either for title or use(iv) upon any sale or other change of management or ownership unless with the prior consent of Underwriters.
(C) In the event either of cancellation by notice or of automatic termination of this insurance pro-rata net return ofpremium shall be payable to the Assured, provided that no claims shall attach to the Vessel concerned. In no othercircumstance shall any return of premium be due once this insurance is effected except with the specific agreementof Underwriters.

1/4/2009

VIOLENT THEFT, PIRACY AND BARRATRY EXTENSION-FOR USE WITH
THE INSTITUTE WAR & STRIKES CLAUSES HULLS-TIME 1/10/83
Where the war and strikes insurance of the vessel is written on terms which include the Institute War & Strikes Clauses
Hulls-Time 1/10/83, the said clauses are hereby amended as follows:
1 Three new clauses shall be inserted after clause 1.6 as follows:“1.7 violent theft by persons from outside the Vessel
1.8 piracy
1.9 barratry of Master Officers or Crew”
2 Clause 4.1.7 shall be deleted
3 Clause 4.2 shall be deleted and replaced by the following:“loss damage liability or expense covered by the Institute Time Clauses Hulls - Time 1/10/83 (including 4/4ths
Collision Clause) or which would be recoverable thereunder but for Clause 12 thereof, as amended by “Violent
Theft, Piracy and Barratry Exclusion-for use with Institute Time Clauses Hulls 1/10/83 (1/4/09)”,”4 A new clause 4(a) shall be inserted after clause 4 as follows:“4(a) No claim arising from a peril insured against under clause 1.7 or clause 1.8 above shall be payable under thisinsurance unless the aggregate of all such claims arising out of each separate accident or occurrence (including
any associated sue and labour, general average and salvage or collision liability claims) exceeds the deductible
amount agreed (if any) in which case this sum shall be deducted. This clause 4(a) shall not apply to a claim fortotal or constructive total loss of the vessel or, in the event of such a claim, to any associated sue and labour
claim arising from the same accident or occurrence.”

1/4/2009

VIOLENT THEFT, PIRACY AND BARRATRY EXTENSION-FOR USE WITH
THE INSTITUTE WAR & STRIKES CLAUSES HULLS-TIME (AMENDED TO COVERDISBURSEMENTS INCLUDING EXCESS LIABILITIES) 1/10/83
Where the war and strikes insurance of the vessel is written on terms which include the Institute War & Strikes Clauses
Hulls-Time (Amended to cover Disbursements including Excess Liabilities) 1/10/83, the said clauses are hereby amended
as follows:93Three new clauses shall be inserted after clause 1.6 as follows:“1.7 violent theft by persons from outside the Vessel
1.8 piracy
1.9 barratry of Master Officers or Crew”
Clause 4.1.7 shall be deleted
Clause 4.2 shall be deleted and replaced by the following:“loss damage liability or expense covered by the Institute Time Clauses Hulls Disbursements and Increased Value (Total
Loss only, including Excess Liabilities) 1/10/83 (including 4/4ths Collision Clause), as amended by “Violent Theft, Piracy
and Barratry Exclusion-for use with Institute Time Clauses Hulls Disbursements and Increased Value (Total Loss only,
including Excess Liabilities) 1/10/83 (1/4/09)”,”“WAR ETC.” P. AND I. CLAUSE
A. This insurance is also to cover such protection and indemnity risks which are excluded from the marine insurance byreason of the operation of the F.C. and S (and S.R. and C.C. and M.D. etc where applicable) clause or clauses in the rulesof the club covering protection and indemnity risks or in the policy of the insurance covering such risks and current at thetime of happening of the accident or occurrence giving rise to the claim. In the event that protection and indemnity risks
are not insured against marine perils this insurance shall be construed as if such insurance had been covered by the United
Kingdom Mutual Steamship Assurance Association Ltd.-protecting and indemnity clubs, but excluding crew risks.
B. This insurance is also to cover liability of the Assured for contractual repatriation expenses of any member of the crew
as a result of perils insured under “A” above.
C. Claims for which the underwriters shall be liable under these clauses shall not be subject to any deduction.
D. The liability of underwriters under these clauses in respect of any one accident or series of accidents arising out of
the same casualty shall be limited to the sum hereby insured.
E. Should the vessel at the natural expiry time of this policy be at sea, and provided the automatic termination clauses in
the hull war risk policy have not by that time been brought into operation, this insurance shall be extended, provided
previous notice be given to the underwriters, at a premium to be mutually agreed until midnight, G.M.T. of the day on
which the vessel is moored at the next port to which she proceeds and 24 hours thereafter.
F. This protection and indemnity insurance shall terminate automatically at the same time as the hull insurance against
war risks and upon the terms and conditions provided for in the automatic termination clauses of the hull war risk policy.

LONDON BLOCKING AND TRAPPING ADDENDUM(FOR USE WITH INSTITUTE WAR AND STRIKES CLAUSES HULLS (1/10/83))
It is hereby agreed that the inability of the Vessel to sail from any port, canal, waterway or other place to the high seas fora continuous period of 12 months as a result of the closure of the connecting channel to all vessels of such size or draft iswithin the term “RESTRAINT” appearing in clause 3 of the Institute War and Strikes Clauses-Hulls 1/10/83 provided thatsuch closure has arisen through the blockage of the waterway by a warlike act or act of national defence.

94

1/4/97

LONDON BLOCKING AND TRAPPING ADDENDUM(FOR USE WITH INSTITUTE WAR AND STRIKES CLAUSES HULLS 1/10/83 AMENDED(1/4/97)
It is hereby agreed that inability of the Vessel to sail from any port, canal, waterway or other place to the high seas for acontinuous period of 12 months as a result of the closure of the connecting channel to all vessels of such size or draft iswithin the term “restraint” appearing in clause 3 of the Institute War and Strikes Clauses-Hulls 1/10/83 Amended (4/97)
provided that such closure has arisen through the blockage of the waterway by a warlike act or act of national defence.

HULL WAR SPECIAL CLAUSEIN RESPECT OF FISHING OR REEFER BOAT
The Company shall not be liable to pay for any loss or damage caused in consequence of the Vessel being engaged in,or about to be engaged in illegal fishing (including carriage of fish and/or fishery products from fishing grounds) which isin violation of the laws or regulations of Japan or any other country, or of the treaties ratified between Japan and any othercountry, or in consequence of the Vessel being charged with such violation irrespective of actual guilt.

1/4/2010

PREMIUM CLAUSES(ADDITIONAL PREMIUM FOR WAR RISKS DEVIATION)
In respect of any additional premium as per Clause 2. in “Navigation Limitation for Hull War, Strikes, Terrorism andRelated Perils”,
1. Article 3. and Article 4. of PREMIUM CLAUSE(A-2) and Article 4. and Article 7.1. of PREMIUM CLAUSES(B-2)
shall not be applicable.
2. In the event of non-payment of premium within 30 days after the Company’s issuing debit note, the Company shall not
be liable for any losses occur after the due date of premium.
3. In the event of non-payment of premium within 30 days after the Company’s issuing debit note, the Company shall beentitled to cancel the insurance by sending notice of cancellation to Person(s) effecting the insurance. Such cancellation
shall take effect from the due date of premium.

1/4/2023

INSTITUTE NOTICE OF CANCELLATIONAUTOMATIC TERMINATION OF COVER AND WAR AND NUCLEAR
EXCLUSIONS CLAUSE-HULLS, ETC. AMENDED
This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith
1. Cancellation
Cover hereunder in respect of the risks of war etc. may be cancelled by either the Underwriters or the Assured giving
7 days notice (such cancellation becoming effective on the expiry of 7 days from midnight of the day on which noticeof cancellation is issued by or to the Underwriters)*1. Notwithstanding the foregoing, where the circumstances involve
one of the five powers (United Kingdom, United States of America, France, the Russian Federation, the People’s
Republic of China), the Notice shall be 72 hours*2. The Underwriters agree however to reinstate cover subject toagreement between the Underwriters and the Assured prior to the expiry of such notice of cancellation as to new rate95

of premium and/or conditions and/or warranties.
2. Automatic Termination of Cover
Whether or not such notice of cancellation has been given cover hereunder in respect of the risks of war etc. shall
TERMINATE AUTOMATICALLY
2.1 upon the outbreak of war (whether there be a declaration of war or not) between any of the following :United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of China
2.2 in respect of any vessel, in connection with which cover is granted hereunder in the event of such vessel being
requisitioned either for title or use.
3. Five Powers War and Nuclear Exclusions
This insurance excludes
3.1 loss damage liability or expense arising from
3.1.1 the outbreak of war (whether there be a declaration of war or not) between any of the following :United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of China
3.1.2 requisition either for title or use.
3.2 loss damage liability or expense directly or indirectly caused by or arising from
3.2.1 ionising, radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste
or from the combustion of nuclear fuel3.2.2 the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation,
reactor or other nuclear assembly or nuclear component thereof
3.2.3 any weapon of war employing atomic or nuclear fusion and/or fusion or other like eaction or radioactive force
or matter.
4. Law and PracticeThis clause is subject to English law and practice.
Cover in respect of the risks of war etc. shall not become effective if subsequent to acceptance by the Underwriters andprior to the intended time of attachment of risk, there has occurred any event which would have automatically terminatedcover under the provisions of this clause.
*1 such cancellation becoming effective on the expiry of 7 days from midnight of the designated day (not earlier than the
day on which notice of cancellation is issued by or to the Underwriters)*2 such cancellation becoming effective on the expiry of 72 hours from midnight of the designated day (not earlier thanthe day on which notice of cancellation is issued by or to the Underwriters)

1/4/2023

INSTITUTE NOTICE OF CANCELLATIONAUTOMATIC TERMINATION OF COVER AND WAR AND NUCLEAR
EXCLUSIONS CLAUSE-HULLS, ETC. (FOR I.W.S.C. AMENDED ETC.)
This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith
1. Cancellation
Cover hereunder in respect of the risks of war etc. may be cancelled by either the Underwriters or the Assured giving
7 days notice (such cancellation becoming effective on the expiry of 7 days from midnight of the day on which noticeof cancellation is issued by or to the Underwriters)＊1. Notwithstanding the foregoing, where the circumstances involve
one of the five powers (United Kingdom, United States of America, France, the Russian Federation, the People’s
Republic of China), the Notice shall be 72 hours*2. The Underwriters agree however to reinstate cover subject toagreement between the Underwriters and the Assured prior to the expiry of such notice of cancellation as to new rate96

of premium and/or conditions and/or warranties.
2. Automatic Termination of Cover
Whether or not such notice of cancellation has been given cover hereunder in respect of the risks of war etc. shall
TERMINATE AUTOMATICALLY
2.1 upon the outbreak of war (whether there be a declaration of war or not) between any of the following:
United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of China
2.2 in respect of any vessel, in connection with which cover is granted hereunder in the event of such vessel being
requisitioned either for title or use.
3. Five Powers War and Nuclear Exclusions
This insurance excludes
3.1 loss damage liability or expense arising from
3.1.1 the outbreak of war (whether there be a declaration of war or not) between any of the following:
United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of
China
3.1.2 requisition either for title or use.
3.2 loss damage liability or expense directly or indirectly caused by or arising from
3.2.1 ionising, radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear
waste or from the combustion of nuclear fuel3.2.2 the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear
installation, reactor or other nuclear assembly or nuclear component thereof
3.2.3 any weapon of war employing atomic or nuclear fusion and/or fusion or other like reaction or radioactive
force or matter.
4. Law and PracticeThis clause is subject to English law and practice.
Cover in respect of the risks of war etc. shall not become effective if subsequent to acceptance by the Underwriters andprior to the intended time of attachment of risk, there has occurred any event which would have automatically terminatedcover under the provisions of this clause.
*1 such cancellation becoming effective on the expiry of 7 days from midnight of the designated day (not earlier than the
day on which notice of cancellation is issued by the Underwriters)*2 such cancellation becoming effective on the expiry of 72 hours from midnight of the designated day (not earlier thanthe day on which notice of cancellation is issued by the Underwriters)

1/4/96

INCORPORATION CLAUSEThe Institute Time Clauses-Hulls 1/10/83 Amended for Japanese Clauses Class No.5 (4/90) or No.6 (4/93) (including
4/4ths Collision Clause) except Clauses 1.2, 2, 3, 6, 12, 23, 24 and 25 are deemed to be incorporated in this insurance inso far as they do not conflict with the provisions of the Institute War and Strikes Clauses Hulls-Time 1/10/83 Amended(4/97).
Held covered in case of breach of warranty as to towage or salvage services provided notice be given to the Underwriters
immediately after receipt of advices and any additional premium required by them be agreed.

97

1/4/2012

PREMIUM PAYMENT CLAUSE (LSW3000 AMENDED)
The assured(s) undertakes that premium will be paid in full to the company by the due date specified in the company’s
debit note.
If the premium due under this policy has not been so paid to the company by the due date specified in the company’s debit
note the company shall have the right to cancel this policy by notifying the assured(s) in writing. In the event ofcancellation, premium is due to the company on a pro rata basis for the period that the company is on the risk but the fullpolicy premium shall be payable to the company in the event of a loss or occurrence prior to the date of termination which
gives rise to a valid claim under this policy.
It is agreed that the insurance company shall give not less than 15days prior notice of cancellation to the assured(s). If
premium due is paid in full to the insurance company before the notice period expires, notice of cancellation shall
automatically be revoked.
If not, the policy shall automatically terminate at the end of the notice period.
Unless otherwise agreed, the insurance company (and Agreement Parties if appropriate) is authorized to exercise rights
under this clause on their own behalf and on behalf of all co-insurer(s) in this contract.
If any provision of this clause is found by any court or administrative body of competent jurisdiction to be invalid or
unenforceable, such invalidity or unenforceability will not affect the other provisions of this clause which remain in fullforce and effect.

98

(4) BUILDERS’ RISKS
1/6/88

INSTITUTE CLAUSES FOR BUILDERS’ RISKS AMENDED (4/96)(This Insurance is Subject to English law and practice)

VESSEL.............................................................Contract or Yard No......................................................................................
BUILDERS..............................................................................................................................................................................
..................................................................................................................................................................................................
BUILDERS’ YARDS...............................................................................................................................................................
..................................................................................................................................................................................................
SUBJECT OF INSURANCE(Where more than one part of the subject-matter insured is described in Section I(A), Section I(B) or Section II below, thenthe respective wording of Section I(A), Section I(B) or Section II shall be applied to each part separately.)
SECTION I. Provisional Period................... from................................................................................................................
but this insurance to terminate upon delivery to Owners if prior to expiry of Provisional Period.
(A) HULL and MACHINERY etc. under construction at the yard or other premises of the Builders.
Description
Contract or Yard No.
Provisionally valued at
To be built at/by

The subject-matter of this sub-section (A) is covered whilst at Builders’ Yard and at Builders’ premises elsewhere within
the port or place of construction at which the Builders’ Yard is situated and whilst in transit between such locations.
The Underwriters’ liability in respect of each item of this sub-section (A) which is at such locations shall attach fromthe time:(i) of inception of this Section I if such item has already been allocated to the Vessel;(ii) of delivery to Builders of such item (if allocated) when delivered after inception of this Section I;(iii) of allocation by Builders if allocated after inception of this Section I.
(B) MACHINERY etc. insured hereon whilst under construction by Sub-Contractors.
Description
Contract or Yard No.
Provisionally valued at
To be built at/by

The subject-matter of this sub-section (B) is covered whilst at Sub-Contractors’ works and at Sub-Contractors’ premises
elsewhere within the port or place of construction at which the Sub-Contractors’ works are situated and whilst in transit
between such locations.
The Underwriters’ liability in respect of each item of this sub-section (B) which is at such locations shall attach fromthe time:(i) of inception of this Section I if such item has already been allocated to the Vessel;(ii) of delivery to the Sub-Contractors of such item (if allocated) when delivered after inception of this Section I;(iii) of allocation by the Sub-Contractors if allocated after inception of this Section I.
The subject-matter of this sub-section (B) is also covered whilst:(a) in transit to Builders if the transit is within the port or place of construction at which the Builders’ Yard issituated;
99

(b) at Builders’ Yard and at Builders’ premises elsewhere within the port or place of construction at which the
Builders’ Yard is situated and whilst in transit between such locations.
SECTION II. Provisional Period................... from...............................................................................................................
but this insurance to terminate upon delivery to Owners if prior to expiry of Provisional Period.
MACHINERY etc. insured hereon from delivery to Builders.
Description
Contract or Yard No.
Provisionally valued at
To be built at/by

The subject-matter of this Section II is covered whilst at Builders’ Yard and at Builders’ premises elsewhere within theport or place of construction at which the Builders’ Yard is situated and whilst in transit between such locations. The
Underwriters’ liability in respect of each item of this Section II shall attach from the time of delivery to Builders.
1 INSURED VALUE
1.1 Whereas the value stated herein is provisional, it is agreed that the final contract price, or the total building costplus....................................% whichever is the greater, of the subject-matter of this insurance shall be the insured
value.
1.2 Should the insured value, determined as above,
1.2.1
exceed the provisional value stated herein, the Assured agree to declare to the Underwriters hereon theamount of such excess and to pay premium thereon at the full policy rates, and the Underwriters agree toaccept their proportionate shares of the increase,or
1.2.2
be less than the provisional value stated herein, the sum insured by this insurance shall be reduced
proportionately and the Underwriters agree to return premium at the full policy rates on the amounts by which
their respective lines are reduced.
1.3 Nevertheless should the insured value exceed 125% of the provisional value, then the limits of indemnity under
this insurance shall be 125% of the provisional value, any one accident or series of accidents arising out of thesame event.
1.4 Notwithstanding the above it is understood and agreed that any variation of the value for insurance on accountof a material alteration in the plans or fittings of the Vessel or a change in type from that originally contemplated
does not come within the scope of this clause and such a variation requires the specific agreement of theUnderwriters.
2 TRANSIT
Held covered at a premium to be arranged for transit not provided for in Section I or II above.
3 DELAYED DELIVERY
Held covered at a premium to be arranged in the event of delivery to Owners being delayed beyond *1the provisional
period(s) mentioned above, but in no case shall any additional period of cover extend beyond 30 days from completionof Builders’ Trials.
4 DEVIATION OR CHANGE OF VOYAGE
Held covered in case of deviation or change of voyage, 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.
5 PERILS
5.1 SUBJECT ALWAYS TO ITS TERMS, CONDITIONS AND EXCLUSIONS this insurance is against all risks ofloss of or damage to the subject-matter insured caused and discovered during the period of this insurance
including the cost of repairing replacing or renewing any defective part condemned solely in consequence of the
discovery therein during the period of this insurance of a latent defect. In no case shall this insurance cover thecost of renewing faulty welds.

1005.2 In case of failure of launch, the Underwriters to bear all subsequent expenses incurred in completing launch.
6 EARTHQUAKE AND VOLCANIC ERUPTION EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by earthquake or volcanic eruption*2. This
exclusion applies to all claims including claims under Clauses 13, 17, 19 and 20.
7 POLLUTION HAZARD
This insurance covers loss of or damage to 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 forwhich the Underwriters are liable under 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 FAULTY DESIGN
Notwithstanding anything to the contrary which may be contained in the Policy or the clauses attached thereto, thisinsurance includes loss of or damage to the subject-matter insured caused and discovered during the period of thisinsurance arising from faulty design of any part or parts thereof but in no case shall this insurance extend to cover thecost or expense of repairing, modifying, replacing or renewing such part or parts, nor any cost or expense incurred byreason of betterment or alteration in design.
9 NAVIGATION
9.1 With leave to proceed to and from any wet or dry docks, harbours, ways, cradles and pontoons within the port
or place of construction and to proceed under own power, loaded or in ballast, as often as required, for fittingout, docking, trials or delivery, within a distance by water of 250 nautical miles of the port or place ofconstruction, or held covered at a premium to be arranged in the event of such distance being exceeded.
9.2 Any movement of the Vessel in tow outside the port or place of construction held covered at a premium to bearranged, provided previous notice be given to the Underwriters.
10 DEDUCTIBLE
10.1 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 Clauses 13, 17, 19 and20) exceeds the amount specified in the Policy
in which case this sum shall be deducted. Nevertheless theexpense of sighting the bottom after stranding, if reasonably incurred specially for that purpose, shall be paideven if no damage be found. This Clause 10.1 shall not apply to a claim for total or constructive total loss of theVessel or, in the event of such a claim, to any associated claim under Clause 20 arising from the same accident
or occurrence.
10.2 Claims for damage by heavy weather occurring during a single sea passage between two successive ports shallbe 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 proportionof 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” inthis Clause 10.2 shall be deemed to include contact with floating ice.
10.3 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.
10.4 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 thatby the addition of interest the Underwriters may receive a larger sum than they have paid.
11 UNREPAIRED DAMAGE
11.1 The measure of indemnity in respect of claims for unrepaired damage shall be the reasonable depreciation in themarket value of the Vessel at the time this insurance terminates arising from such unrepaired damage, but notexceeding the reasonable cost of repairs.
11.2 In no case shall the Underwriters be liable for unrepaired damage in the event of a subsequent total loss (whether101

or not covered under this insurance) sustained during the period covered by this insurance or any extension
thereof.
11.3 The Underwriters shall not be liable in respect of unrepaired damage for more than the insured value at the time
this insurance terminates.
12 CONSTRUCTIVE TOTAL LOSS
12.1 In ascertaining whether the subject-matter insured 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 shall be taken into account.
12.2 No claim for constructive total loss based upon the cost of recovery and/or repair shall be recoverable hereunderunless 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.
13 GENERAL AVERAGE AND SALVAGE
13.1 This insurance covers the Vessel’s proportion of salvage, salvage charges and/or general average, reduced in
respect of any under-insurance, but in case of general average sacrifice of the Vessel the Assured may recover inrespect of the whole loss without first enforcing their right of contribution from other parties.
13.2 Adjustment to be according to the law and practice obtaining at the place where the adventure ends, as if thecontract of affreightment contained no special terms upon the subject; but where the contract of affreightment
so provides the adjustment shall be according to the York-Antwerp Rules.
13.3 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 theport or place of departure until the arrival of the Vessel at the first port or place thereafter other than a port orplace of refuge or a port or place of call for bunkering only. If at any such intermediate port or place there is anabandonment of the adventure originally contemplated the voyage shall thereupon be deemed to be terminated.
13.4 No claim under this Clause 13 shall in any case be allowed where the loss was not incurred to avoid or inconnection with the avoidance of a peril insured against.
14 NOTICE OF CLAIM
In the event of loss damage liability or expense which may result in a claim under this insurance, prompt notice shallbe given to the Underwriters prior to repair and, if the subject-matter is under construction abroad, to the nearest Lloyd’s
Agent*3 so that a surveyor may be appointed to represent the Underwriters should they so desire.
15 CHANGE OF INTEREST
Any change of interest in the subject-matter insured shall not affect the validity of this insurance.
16 ASSIGNMENT
No assignment of or interest in this insurance or in any moneys which may be or become payable thereunder is to bebinding 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 suchendorsement is produced before payment of any claim or return of premium thereunder.
17 COLLISION LIABILITY
17.1 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 by way of damages for17.1.1
loss of or damage to any other vessel or property on any other vessel
17.1.2delay to or loss of use of any such other vessel or property thereon
17.1.3
general average of, salvage of, or salvage under contract of, any such other vessel or property thereon, wheresuch payment by the Assured is in consequence of the Vessel hereby insured coming into collision with anyother vessel.
17.2 The indemnity provided by this Clause 17 shall be in addition to the indemnity provided by the other terms andconditions of this insurance and shall be subject to the following provisions:17.2.1
Where the insured Vessel is in collision with another vessel and both vessels are to blame then, unless theliability of one or both vessels becomes limited by law, the indemnity under this Clause 17 shall be calculatedon the principle of cross-liabilities as if the respective Owners had been compelled to pay to each other suchproportion of each other’s damages as may have been properly allowed in ascertaining the balance or sum
102

payable by or to the Assured in consequence of the collision.
In no case shall the Underwriters’ total liability under Clause 17.1 and 17.2 exceed their proportionate partof the insured value of the Vessel hereby insured in respect of any one such collision.
17.3 The Underwriters will also pay the legal costs incurred by the Assured or which the Assured may be compelled
to pay in contesting liability or taking proceedings to limit liability, with the prior written consent of theUnderwriters.
EXCLUSIONS
17.4 Provided always that this Clause 17 shall in no case extend to any sum which the Assured shall pay for or in
respect of
17.4.1
removal or disposal of obstructions, wrecks, cargoes or any other thing whatsoever
17.4.2any real or personal property or thing whatsoever except other vessels or property on other vessels
17.4.3the cargo or other property on, or the engagements of, the insured Vessel
17.4.4
loss of life, personal injury or illness
17.4.5pollution or contamination of any real or personal property or thing whatsoever (except other vessels withwhich the insured Vessel is in collision or property on such other vessels).
18 SISTERSHIP
Should the Vessel hereby insured come into collision with or receive salvage services from another vessel belonging
wholly or in part to the same Owners or under the same management, the Assured shall have the same rights under thisinsurance 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.
19 PROTECTION AND INDEMNITY
19.1 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 andarises from an accident or occurrence during the period of this insurance:
19.1.1
loss of or damage to any fixed or movable object or property or other thing or interest whatsoever, other thanthe Vessel, arising from any cause whatsoever in so far as such loss or damage is not covered by Clause 17
19.1.2any attempted or actual raising, removal or destruction of any fixed or movable object or property or otherthing, including the wreck of the Vessel, or any neglect or failure to raise, remove, or destroy the same
19.1.3
liability assumed by the Assured under contracts of customary towage for the purpose of entering or leaving
port or manoeuvring within the port
19.1.4
loss of life, personal injury, illness or payments made for life salvage.
19.2 The Underwriters agree to indemnify the Assured for any of the following arising from an accident or occurrence
during the period of this insurance:
19.2.1the 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 sea19.2.2
additional expenses brought about by the outbreak of infectious disease on board the Vessel or ashore
19.2.3fines 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 theoperation 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 thanMaster Officer or crew member
19.2.4the expenses of the removal of the wreck of the Vessel from any place owned, leased or occupied by the
Assured19.2.5
legal costs incurred by the Assured, or which the Assured may be compelled to pay, in avoiding, minimisingor contesting liability with the prior written consent of the Underwriters.
17.2.2103

EXCLUSIONS
19.3 Notwithstanding the provisions of Clauses 19.1 and 19.2 this Clause 19 does not cover any liability cost or
expense arising in respect of:
19.3.1any direct or indirect payment of the Assured under workmen’s compensation or employers’ liability acts andany 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*4others in on or about or in connection with the Vessel or her cargo materials or repairs
19.3.2
liability assumed by the Assured under agreement expressed or implied in respect of death or illness of or
injury to any person employed under a contract of service or apprenticeship by the other party to suchagreement
19.3.3punitive or exemplary damages, however described19.3.4cargo or other property carried, to be carried or which has been carried on board the Vessel but this Clause
19.3.4 shall not exclude any claim in respect of the extra cost of removing cargo from the wreck of the Vessel
19.3.5
loss of or damage to property, owned by builders or repairers or for which they are responsible, which is on
board the Vessel
19.3.6
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 Assured
19.3.7
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
member
19.3.8
fuel, insurance, wages, stores, provisions and port charges arising from delay to the Vessel while awaiting asubstitute for any Master, Officer or crew member
19.3.9fines or penalties arising from overloading or illegal fishing
19.3.10 pollution or contamination of any real or personal property or thing whatsoever*5.
19.4 The indemnity provided by this Clause 19 shall be in addition to the indemnity provided by the other terms andconditions of this insurance.
19.5 Where the Assured or the Underwriters may or could have limited their liability the indemnity under this Clause
19 in respect of such liability shall not exceed Underwriters’ proportionate part of the amount of such limitation.
*6
19.6 In no case shall the Underwriters’ liability under this Clause 19 in respect of each separate accident or occurrenceor series of accidents arising out of the same event, exceed their proportionate part of the insured value of theVessel.
19.7 PROVIDED ALWAYS THAT
19.7.1
prompt notice must be given to the Underwriters of every casualty event or claim upon the Assured which
may give rise to a claim under this Clause 19 and of every event or matter which may cause the Assured toincur liability costs or expense for which he may be insured under this Clause 19
19.7.2the Assured shall not admit liability for or settle any claim for which he may be insured under this Clause 19
without the prior written consent of the Underwriters.
20 DUTY OF ASSURED (SUE AND LABOUR)
20.1 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 minimising a loss which would be recoverable under thisinsurance.
20.2 Subject to the provisions below and to Clause 10 the Underwriters will contribute to charges properly andreasonably incurred by the Assured their servants or agents for such measures. General average, salvage charges(except as provided for in Clause 20.4) collision defence or attack costs and costs incurred by the Assured in
avoiding, minimising or contesting liability covered by Clause 19 are not recoverable under this Clause 20.
20.3 Measures taken by the Assured or the Underwriters with the object of saving, protecting or recovering the
subject-matter insured shall not be considered as a waiver or acceptance of abandonment or otherwise prejudice
the rights of either party.
20.4 When a claim for total loss of the subject-matter insured is admitted under this insurance and expenses have104

been reasonably incurred in saving or attempting to save the subject-matter insured and other property and there
are no proceeds, or the expenses exceed the proceeds, then this insurance shall bear its pro rata share of suchproportion 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 subject-matter insured.
20.5 The sum recoverable under this Clause 20 shall be in addition to the loss otherwise recoverable under thisinsurance but shall in no circumstances exceed the amount insured under this insurance in respect of the Vessel.
The following clauses shall be paramount and shall override anything contained in this insurance inconsistent
therewith.
21 WAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
21.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
21.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
21.3 derelict mines torpedoes bombs or other derelict weapons of war.
22 STRIKES EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
22.1 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.
23 MALICIOUS ACTS EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from
23.1 the detonation of an explosive
23.2 any weapon of war
and caused by any person acting maliciously or from a political motive.
24 NUCLEAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed toby or arising from
24.1 ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste fromthe combustion of nuclear fuel24.2 the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear
component thereof
24.3 any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force
or matter.

*1

the period specified in the Policy, or tidal wave arising therefrom*3of the Company*4sub-contractors*5
before the Vessel is launched*6
The Underwriters’ liability under Clause 19.1.4 in respect of each separate accident or occurrence or series of accidents
arising out of the same event, shall not exceed the amount of Limit of Liability specified in the policy.
*2105

1/6/88

INSTITUTE CLAUSES FOR BUILDERS’ RISKS AMENDED (4/96)(REPAIRING RISKS INSURANCE)(This Insurance is Subject to English law and practice)

VESSEL.............................................................Contract or Yard No......................................................................................
BUILDERS..............................................................................................................................................................................
..................................................................................................................................................................................................
BUILDERS’ YARDS...............................................................................................................................................................
..................................................................................................................................................................................................
SUBJECT OF INSURANCE(Where more than one part of the subject-matter insured is described in Section I(A), Section I(B) or Section II below, thenthe respective wording of Section I(A), Section I(B) or Section II shall be applied to each part separately.)
SECTION I. Provisional Period................... from................................................................................................................
but this insurance to terminate upon delivery to Owners if prior to expiry of Provisional Period.
(A) HULL and MACHINERY etc. under construction at the yard or other premises of the Builders.
Description
Contract or Yard No.
Provisionally valued at
To be built at/by

The subject-matter of this sub-section (A) is covered whilst at Builders’ Yard and at Builders’ premises elsewhere within
the port or place of construction at which the Builders’ Yard is situated and whilst in transit between such locations.
The Underwriters’ liability in respect of each item of this sub-section (A) which is at such locations shall attach fromthe time:(i) of inception of this Section I if such item has already been allocated to the Vessel;(ii) of delivery to Builders of such item (if allocated) when delivered after inception of this Section I;(iii) of allocation by Builders if allocated after inception of this Section I.
(B) MACHINERY etc. insured hereon whilst under construction by Sub-Contractors.
Description
Contract or Yard No.
Provisionally valued at
To be built at/by

The subject-matter of this sub-section (B) is covered whilst at Sub-Contractors’ works and at Sub-Contractors’ premises
elsewhere within the port or place of construction at which the Sub-Contractors’ works are situated and whilst in transit
between such locations.
The Underwriters’ liability in respect of each item of this sub-section (B) which is at such locations shall attach fromthe time:(i) of inception of this Section I if such item has already been allocated to the Vessel;(ii) of delivery to the Sub-Contractors of such item (if allocated) when delivered after inception of this Section I;(iii) of allocation by the Sub-Contractors if allocated after inception of this Section I.
The subject-matter of this sub-section (B) is also covered whilst:(a) in transit to Builders if the transit is within the port or place of construction at which the Builders’ Yard issituated;106

(b) at Builders’ Yard and at Builders’ premises elsewhere within the port or place of construction at which the
Builders’ Yard is situated and whilst in transit between such locations.
SECTION II. Provisional Period................... from...............................................................................................................
but this insurance to terminate upon delivery to Owners if prior to expiry of Provisional Period.
MACHINERY etc. insured hereon from delivery to Builders.
Description
Contract or Yard No.
Provisionally valued at
To be built at/by

The subject-matter of this Section II is covered whilst at Builders’ Yard and at Builders’ premises elsewhere within theport or place of construction at which the Builders’ Yard is situated and whilst in transit between such locations. The
Underwriters’ liability in respect of each item of this Section II shall attach from the time of delivery to Builders.
1 INSURED VALUE
1.1 Whereas the value stated herein is provisional, it is agreed that the final contract price, or the total building costplus....................................% whichever is the greater, of the subject-matter of this insurance shall be the insured
value.
1.2 Should the insured value, determined as above,
1.2.1
exceed the provisional value stated herein, the Assured agree to declare to the Underwriters hereon theamount of such excess and to pay premium thereon at the full policy rates, and the Underwriters agree toaccept their proportionate shares of the increase,or
1.2.2
be less than the provisional value stated herein, the sum insured by this insurance shall be reduced
proportionately and the Underwriters agree to return premium at the full policy rates on the amounts by which
their respective lines are reduced.
1.3 Nevertheless should the insured value exceed 125% of the provisional value, then the limits of indemnity under
this insurance shall be 125% of the provisional value, any one accident or series of accidents arising out of thesame event.
1.4 Notwithstanding the above it is understood and agreed that any variation of the value for insurance on accountof a material alteration in the plans or fittings of the Vessel or a change in type from that originally contemplated
does not come within the scope of this clause and such a variation requires the specific agreement of theUnderwriters.
2 TRANSIT
Held covered at a premium to be arranged for transit not provided for in Section I or II above.
3 DELAYED DELIVERY
Held covered at a premium to be arranged in the event of *1delivery to Owners being delayed beyond the provisional
period(s) mentioned above, but in no case shall any additional period of cover extend beyond 30 days from completionof Builders’ Trials.
4 DEVIATION OR CHANGE OF VOYAGE
Held covered in case of deviation or change of voyage, 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.
5 PERILS
5.1 SUBJECT ALWAYS TO ITS TERMS, CONDITIONS AND EXCLUSIONS this insurance is against all risksof loss of or damage to the subject-matter insured caused and discovered during the period of this insurance
including the cost of repairing replacing or renewing any defective part condemned solely in consequence of the
discovery therein during the period of this insurance of a latent defect. In no case shall this insurance cover thecost of renewing faulty welds.

1075.2 In case of failure of launch, the Underwriters to bear all subsequent expenses incurred in completing launch.
6 EARTHQUAKE AND VOLCANIC ERUPTION EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by earthquake or volcanic eruption*2. This
exclusion applies to all claims including claims under Clauses 13, 17, 19 and 20.
7 POLLUTION HAZARD
This insurance covers loss of or damage to 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 forwhich the Underwriters are liable under 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 FAULTY DESIGN
Notwithstanding anything to the contrary which may be contained in the Policy or the clauses attached thereto, thisinsurance includes loss of or damage to the subject-matter insured caused and discovered during the period of thisinsurance arising from faulty design of any part or parts thereof but in no case shall this insurance extend to cover thecost or expense of repairing, modifying, replacing or renewing such part or parts, nor any cost or expense incurred byreason of betterment or alteration in design.
9 NAVIGATION
9.1 With leave to proceed to and from any wet or dry docks, harbours, ways, cradles and pontoons within the port
or place of construction and to proceed under own power, loaded or in ballast, as often as required, for fittingout, docking, trials or delivery, within a distance by water of 250 nautical miles of the port or place ofconstruction, or held covered at a premium to be arranged in the event of such distance being exceeded.
9.2 Any movement of the Vessel in tow outside the port or place of construction held covered at a premium to bearranged, provided previous notice be given to the Underwriters.
10 DEDUCTIBLE
10.1 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 Clauses 13, 17, 19 and20) exceeds the amount specified in the Policy
in which case this sum shall be deducted. Nevertheless theexpense of sighting the bottom after stranding, if reasonably incurred specially for that purpose, shall be paideven if no damage be found. This Clause 10.1 shall not apply to a claim for total or constructive total loss of theVessel or, in the event of such a claim, to any associated claim under Clause 20 arising from the same accident
or occurrence.
10.2 Claims for damage by heavy weather occurring during a single sea passage between two successive ports shallbe 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 proportionof 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” inthis Clause 10.2 shall be deemed to include contact with floating ice.
10.3 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.
10.4 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 thatby the addition of interest the Underwriters may receive a larger sum than they have paid.
11 UNREPAIRED DAMAGE
11.1 The measure of indemnity in respect of claims for unrepaired damage shall be the reasonable depreciation in themarket value of the Vessel at the time this insurance terminates arising from such unrepaired damage, but notexceeding the reasonable cost of repairs.
11.2 In no case shall the Underwriters be liable for unrepaired damage in the event of a subsequent total loss (whether108

or not covered under this insurance) sustained during the period covered by this insurance or any extension
thereof.
11.3 The Underwriters shall not be liable in respect of unrepaired damage for more than the insured value at the time
this insurance terminates.
12 CONSTRUCTIVE TOTAL LOSS
12.1 In ascertaining whether the subject-matter insured 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 shall be taken into account.
12.2 No claim for constructive total loss based upon the cost of recovery and/or repair shall be recoverable hereunderunless 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.
13 GENERAL AVERAGE AND SALVAGE
13.1 This insurance covers the Vessel’s proportion of salvage, salvage charges and/or general average, reduced in
respect of any under-insurance, but in case of general average sacrifice of the Vessel the Assured may recover inrespect of the whole loss without first enforcing their right of contribution from other parties.
13.2 Adjustment to be according to the law and practice obtaining at the place where the adventure ends, as if thecontract of affreightment contained no special terms upon the subject; but where the contract of affreightment
so provides the adjustment shall be according to the York-Antwerp Rules.
13.3 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 theport or place of departure until the arrival of the Vessel at the first port or place thereafter other than a port orplace of refuge or a port or place of call for bunkering only. If at any such intermediate port or place there is anabandonment of the adventure originally contemplated the voyage shall thereupon be deemed to be terminated.
13.4 No claim under this Clause 13 shall in any case be allowed where the loss was not incurred to avoid or inconnection with the avoidance of a peril insured against.
14 NOTICE OF CLAIM
In the event of loss damage liability or expense which may result in a claim under this insurance, prompt notice shallbe given to the Underwriters prior to repair and, if the subject-matter is under construction abroad, to the nearest Lloyd’s
Agent*3 so that a surveyor may be appointed to represent the Underwriters should they so desire.
15 CHANGE OF INTEREST
Any change of interest in the subject-matter insured shall not affect the validity of this insurance.
16 ASSIGNMENT
No assignment of or interest in this insurance or in any moneys which may be or become payable thereunder is to bebinding 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 suchendorsement is produced before payment of any claim or return of premium thereunder.
17 COLLISION LIABILITY
17.1 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 by way of damages for17.1.1
loss of or damage to any other vessel or property on any other vessel
17.1.2delay to or loss of use of any such other vessel or property thereon
17.1.3
general average of, salvage of, or salvage under contract of, any such other vessel or property thereon, wheresuch payment by the Assured is in consequence of the Vessel hereby insured coming into collision with anyother vessel.
17.2 The indemnity provided by this Clause 17 shall be in addition to the indemnity provided by the other terms andconditions of this insurance and shall be subject to the following provisions:17.2.1
Where the insured Vessel is in collision with another vessel and both vessels are to blame then, unless theliability of one or both vessels becomes limited by law, the indemnity under this Clause 17 shall be calculatedon the principle of cross-liabilities as if the respective Owners had been compelled to pay to each other suchproportion of each other’s damages as may have been properly allowed in ascertaining the balance or sum
109payable by or to the Assured in consequence of the collision.
In no case shall the Underwriters’ total liability under Clause 17.1 and 17.2 exceed their proportionate partof the insured value of the Vessel hereby insured in respect of any one such collision.
17.3 The Underwriters will also pay the legal costs incurred by the Assured or which the Assured may be compelled
to pay in contesting liability or taking proceedings to limit liability, with the prior written consent of theUnderwriters.
EXCLUSIONS
17.4 Provided always that this Clause 17 shall in no case extend to any sum which the Assured shall pay for or in
respect of
17.4.1
removal or disposal of obstructions, wrecks, cargoes or any other thing whatsoever
17.4.2any real or personal property or thing whatsoever except other vessels or property on other vessels
17.4.3the cargo or other property on, or the engagements of, the insured Vessel
17.4.4
loss of life, personal injury or illness
17.4.5pollution or contamination of any real or personal property or thing whatsoever (except other vessels withwhich the insured Vessel is in collision or property on such other vessels).
18 SISTERSHIP
Should the Vessel hereby insured come into collision with or receive salvage services from another vessel belonging
wholly or in part to the same Owners or under the same management, the Assured shall have the same rights under thisinsurance 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.
19 PROTECTION AND INDEMNITY
19.1 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 andarises from an accident or occurrence during the period of this insurance:
19.1.1
loss of or damage to any fixed or movable object or property or other thing or interest whatsoever, other thanthe Vessel, arising from any cause whatsoever in so far as such loss or damage is not covered by Clause 17
19.1.2any attempted or actual raising, removal or destruction of any fixed or movable object or property or otherthing, including the wreck of the Vessel, or any neglect or failure to raise, remove, or destroy the same
19.1.3
liability assumed by the Assured under contracts of customary towage for the purpose of entering or leaving
port or manoeuvring within the port
19.1.4
loss of life, personal injury, illness or payments made for life salvage.
19.2 The Underwriters agree to indemnify the Assured for any of the following arising from an accident or occurrence
during the period of this insurance:
19.2.1the 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 sea19.2.2
additional expenses brought about by the outbreak of infectious disease on board the Vessel or ashore
19.2.3fines 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 theoperation 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 thanMaster Officer or crew member
19.2.4the expenses of the removal of the wreck of the Vessel from any place owned, leased or occupied by the
Assured19.2.5
legal costs incurred by the Assured, or which the Assured may be compelled to pay, in avoiding, minimisingor contesting liability with the prior written consent of the Underwriters.
17.2.2110

EXCLUSIONS
19.3 Notwithstanding the provisions of Clauses 19.1 and 19.2 this Clause 19 does not cover any liability cost or
expense arising in respect of:
19.3.1any direct or indirect payment of the Assured under workmen’s compensation or employers’ liability acts andany other statutory or common law, general maritime low or other liability whatsoever in respect of accidents
to or illness of workmen or any other persons employed in any capacity whatsoever by*4 the Assured
or*5 in on or about or in connection with the Vessel or her cargo materials or repairs
19.3.2
liability assumed by the Assured under agreement expressed or implied in respect of death or illness of or
injury to any person employed under a contract of service or apprenticeship by the other party to suchagreement
19.3.3punitive or exemplary damages, however described19.3.4cargo or other property carried, to be carried or which has been carried on board the Vessel but this Clause
19.3.4 shall not exclude any claim in respect of the extra cost of removing cargo from the wreck of the Vessel
19.3.5
loss of or damage to property, owned by *6builders or repairers or for which they are responsible, which is on
board the Vessel
19.3.6
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 Assured
19.3.7
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
member
19.3.8
fuel, insurance, wages, stores, provisions and port charges arising from delay to the Vessel while awaiting asubstitute for any Master, Officer or crew member
19.3.9fines or penalties arising from overloading or illegal fishing
19.3.10 pollution or contamination of any real or personal property or thing whatsoever. *7
19.4 The indemnity provided by this Clause 19 shall be in addition to the indemnity provided by the other terms andconditions of this insurance.
19.5 Where the Assured or the Underwriters may or could have limited their liability the indemnity under this Clause
19 in respect of such liability shall not exceed Underwriters’ proportionate part of the amount of such limitation.
*8
19.6 In no case shall the Underwriters’ liability under this Clause 19 in respect of each separate accident or occurrenceor series of accidents arising out of the same event, exceed their proportionate part of the insured value of theVessel.
19.7 PROVIDED ALWAYS THAT
19.7.1
prompt notice must be given to the Underwriters of every casualty event or claim upon the Assured which
may give rise to a claim under this Clause 19 and of every event or matter which may cause the Assured toincur liability costs or expense for which he may be insured under this Clause 19
19.7.2the Assured shall not admit liability for or settle any claim for which he may be insured under this Clause 19
without the prior written consent of the Underwriters.
20 DUTY OF ASSURED (SUE AND LABOUR)
20.1 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 minimising a loss which would be recoverable under thisinsurance.
20.2 Subject to the provisions below and to Clause 10 the Underwriters will contribute to charges properly andreasonably incurred by the Assured their servants or agents for such measures. General average, salvage charges(except as provided for in Clause 20.4) collision defence or attack costs and costs incurred by the Assured in
avoiding, minimising or contesting liability covered by Clause 19 are not recoverable under this Clause 20.
20.3 Measures taken by the Assured or the Underwriters with the object of saving, protecting or recovering the
subject-matter insured shall not be considered as a waiver or acceptance of abandonment or otherwise prejudice
the rights of either party.
20.4 When a claim for total loss of the subject-matter insured is admitted under this insurance and expenses have111

been reasonably incurred in saving or attempting to save the subject-matter insured and other property and there
are no proceeds, or the expenses exceed the proceeds, then this insurance shall bear its pro rata share of suchproportion 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 subject-matter insured.
20.5 The sum recoverable under this Clause 20 shall be in addition to the loss otherwise recoverable under thisinsurance but shall in no circumstances exceed the amount insured under this insurance in respect of the Vessel.
The following clauses shall be paramount and shall override anything contained in this insurance inconsistent
therewith.
21 WAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
21.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
21.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
21.3 derelict mines torpedoes bombs or other derelict weapons of war.
22 STRIKES EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
22.1 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.
23 MALICIOUS ACTS EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from
23.1 the detonation of an explosive
23.2 any weapon of war
and caused by any person acting maliciously or from a political motive.
24 NUCLEAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed toby or arising from
24.1 ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste fromthe combustion of nuclear fuel24.2 the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear
component thereof
24.3 any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force
or matter.

*1

redelivery from repairer being delayed beyond the period specified in the policy.
, or tidal wave arising therefrom*3of the Company*4
If several parties are named as Assured(s) in the policy, only ship-builder(s) are deemed to be as Assured(s) hereupon.
*5
sub-contractors*6
shipowners*7
before the Vessel is launched*8
The Underwriters’ liability under Clause 19.1.4 in respect of each separate accident or occurrence or series of accidents
arising out of the same event, shall not exceed the amount of Limit of Liability specified in the policy.
*2112

1/6/88

INSTITUTE CLAUSES FOR BUILDERS’ RISKS AMENDED (4/96)(SHIPREPAIRERS’ RISKS INSURANCE)(This Insurance is Subject to English law and practice)

VESSEL.............................................................Contract or Yard No......................................................................................
BUILDERS..............................................................................................................................................................................
..................................................................................................................................................................................................
BUILDERS’ YARDS...............................................................................................................................................................
..................................................................................................................................................................................................
SUBJECT OF INSURANCE(Where more than one part of the subject-matter insured is described in Section I(A), Section I(B) or Section II below, thenthe respective wording of Section I(A), Section I(B) or Section II shall be applied to each part separately.)
SECTION I. Provisional Period................... from................................................................................................................
but this insurance to terminate upon delivery to Owners if prior to expiry of Provisional Period.
(A) HULL and MACHINERY etc. under construction at the yard or other premises of the Builders.
Description
Contract or Yard No.
Provisionally valued at
To be built at/by

The subject-matter of this sub-section (A) is covered whilst at Builders’ Yard and at Builders’ premises elsewhere within
the port or place of construction at which the Builders’ Yard is situated and whilst in transit between such locations.
The Underwriters’ liability in respect of each item of this sub-section (A) which is at such locations shall attach fromthe time:(i) of inception of this Section I if such item has already been allocated to the Vessel;(ii) of delivery to Builders of such item (if allocated) when delivered after inception of this Section I;(iii) of allocation by Builders if allocated after inception of this Section I.
(B) MACHINERY etc. insured hereon whilst under construction by Sub-Contractors.
Description
Contract or Yard No.
Provisionally valued at
To be built at/by

The subject-matter of this sub-section (B) is covered whilst at Sub-Contractors’ works and at Sub-Contractors’ premises
elsewhere within the port or place of construction at which the Sub-Contractors’ works are situated and whilst in transit
between such locations.
The Underwriters’ liability in respect of each item of this sub-section (B) which is at such locations shall attach fromthe time:(i) of inception of this Section I if such item has already been allocated to the Vessel;(ii) of delivery to the Sub-Contractors of such item (if allocated) when delivered after inception of this Section I;(iii) of allocation by the Sub-Contractors if allocated after inception of this Section I.
The subject-matter of this sub-section (B) is also covered whilst:(a) in transit to Builders if the transit is within the port or place of construction at which the Builders’ Yard issituated;
113

(b) at Builders’ Yard and at Builders’ premises elsewhere within the port or place of construction at which the
Builders’ Yard is situated and whilst in transit between such locations.
SECTION II. Provisional Period................... from...............................................................................................................
but this insurance to terminate upon delivery to Owners if prior to expiry of Provisional Period.
MACHINERY etc. insured hereon from delivery to Builders.
Description
Contract or Yard No.
Provisionally valued at
To be built at/by

The subject-matter of this Section II is covered whilst at Builders’ Yard and at Builders’ premises elsewhere within theport or place of construction at which the Builders’ Yard is situated and whilst in transit between such locations. The
Underwriters’ liability in respect of each item of this Section II shall attach from the time of delivery to Builders.
1 INSURED VALUE
1.1 Whereas the value stated herein is provisional, it is agreed that the final contract price, or the total building costplus....................................% whichever is the greater, of the subject-matter of this insurance shall be the insured
value.
1.2 Should the insured value, determined as above,
1.2.1
exceed the provisional value stated herein, the Assured agree to declare to the Underwriters hereon theamount of such excess and to pay premium thereon at the full policy rates, and the Underwriters agree toaccept their proportionate shares of the increase,or
1.2.2
be less than the provisional value stated herein, the sum insured by this insurance shall be reduced
proportionately and the Underwriters agree to return premium at the full policy rates on the amounts by which
their respective lines are reduced.
1.3 Nevertheless should the insured value exceed 125% of the provisional value, then the limits of indemnity under
this insurance shall be 125% of the provisional value, any one accident or series of accidents arising out of thesame event.
1.4 Notwithstanding the above it is understood and agreed that any variation of the value for insurance on accountof a material alteration in the plans or fittings of the Vessel or a change in type from that originally contemplated
does not come within the scope of this clause and such a variation requires the specific agreement of theUnderwriters.
2 TRANSIT
Held covered at a premium to be arranged for transit not provided for in Section I or II above.
3 DELAYED DELIVERY
Held covered at a premium to be arranged in the event of *1delivery to Owners being delayed beyond the provisional
period(s) mentioned above, but in no case shall any additional period of cover extend beyond 30 days from completionof Builders’ Trials.
4 DEVIATION OR CHANGE OF VOYAGE
Held covered in case of deviation or change of voyage, 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.
5 PERILS
5.1 SUBJECT ALWAYS TO ITS TERMS, CONDITIONS AND EXCLUSIONS this insurance is against all risksof loss of or damage to the subject-matter insured caused and discovered during the period of this insurance
including the cost of repairing replacing or renewing any defective part condemned solely in consequence of the
discovery therein during the period of this insurance of a latent defect. In no case shall this insurance cover thecost of renewing faulty welds.

114

5.2 In case of failure of launch, the Underwriters to bear all subsequent expenses incurred in completing launch.
6 EARTHQUAKE AND VOLCANIC ERUPTION EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by earthquake or volcanic eruption*2. This
exclusion applies to all claims including claims under Clauses 13, 17, 19 and 20.
7 POLLUTION HAZARD
This insurance covers loss of or damage to 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 forwhich the Underwriters are liable under 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 FAULTY DESIGN
Notwithstanding anything to the contrary which may be contained in the Policy or the clauses attached thereto, thisinsurance includes loss of or damage to the subject-matter insured caused and discovered during the period of thisinsurance arising from faulty design of any part or parts thereof but in no case shall this insurance extend to cover thecost or expense of repairing, modifying, replacing or renewing such part or parts, nor any cost or expense incurred byreason of betterment or alteration in design.
9 NAVIGATION
9.1 With leave to proceed to and from any wet or dry docks, harbours, ways, cradles and pontoons within the port
or place of construction and to proceed under own power, loaded or in ballast, as often as required, for fittingout, docking, trials or delivery, within a distance by water of 250 nautical miles of the port or place ofconstruction, or held covered at a premium to be arranged in the event of such distance being exceeded.
9.2 Any movement of the Vessel in tow outside the port or place of construction held covered at a premium to bearranged, provided previous notice be given to the Underwriters.
10 DEDUCTIBLE
10.1 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 Clauses 13, 17, 19 and20) exceeds the amount specified in the Policy in which case this sum shall be deducted. Nevertheless theexpense of sighting the bottom after stranding, if reasonably incurred specially for that purpose, shall be paideven if no damage be found. This Clause 10.1 shall not apply to a claim for total or constructive total loss of theVessel or, in the event of such a claim, to any associated claim under Clause 20 arising from the same accident
or occurrence.
10.2 Claims for damage by heavy weather occurring during a single sea passage between two successive ports shallbe 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 proportionof 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” inthis Clause 10.2 shall be deemed to include contact with floating ice.
10.3 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.
10.4 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 thatby the addition of interest the Underwriters may receive a larger sum than they have paid.
11 UNREPAIRED DAMAGE
11.1 The measure of indemnity in respect of claims for unrepaired damage shall be the reasonable depreciation in themarket value of the Vessel at the time this insurance terminates arising from such unrepaired damage, but notexceeding the reasonable cost of repairs.
11.2 In no case shall the Underwriters be liable for unrepaired damage in the event of a subsequent total loss (whether115

or not covered under this insurance) sustained during the period covered by this insurance or any extension
thereof.
11.3 The Underwriters shall not be liable in respect of unrepaired damage for more than the insured value at the time
this insurance terminates.
12 CONSTRUCTIVE TOTAL LOSS
12.1 In ascertaining whether the subject-matter insured 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 shall be taken into account.
12.2 No claim for constructive total loss based upon the cost of recovery and/or repair shall be recoverable hereunderunless 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.
13 GENERAL AVERAGE AND SALVAGE
13.1 This insurance covers the Vessel’s proportion of salvage, salvage charges and/or general average, reduced in
respect of any under-insurance, but in case of general average sacrifice of the Vessel the Assured may recover inrespect of the whole loss without first enforcing their right of contribution from other parties.
13.2 Adjustment to be according to the law and practice obtaining at the place where the adventure ends, as if thecontract of affreightment contained no special terms upon the subject; but where the contract of affreightment
so provides the adjustment shall be according to the York-Antwerp Rules.
13.3 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 theport or place of departure until the arrival of the Vessel at the first port or place thereafter other than a port orplace of refuge or a port or place of call for bunkering only. If at any such intermediate port or place there is anabandonment of the adventure originally contemplated the voyage shall thereupon be deemed to be terminated.
13.4 No claim under this Clause 13 shall in any case be allowed where the loss was not incurred to avoid or inconnection with the avoidance of a peril insured against.
14 NOTICE OF CLAIM
In the event of loss damage liability or expense which may result in a claim under this insurance, prompt notice shallbe given to the Underwriters prior to repair and, if the subject-matter is under construction abroad, to the nearest Lloyd’s
Agent*3 so that a surveyor may be appointed to represent the Underwriters should they so desire.
15 CHANGE OF INTEREST
Any change of interest in the subject-matter insured shall not affect the validity of this insurance.
16 ASSIGNMENT
No assignment of or interest in this insurance or in any moneys which may be or become payable thereunder is to bebinding 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 suchendorsement is produced before payment of any claim or return of premium thereunder.
17 COLLISION LIABILITY
17.1 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 by way of damages for17.1.1
loss of or damage to any other vessel or property on any other vessel
17.1.2delay to or loss of use of any such other vessel or property thereon
17.1.3
general average of, salvage of, or salvage under contract of, any such other vessel or property thereon, wheresuch payment by the Assured is in consequence of the Vessel hereby insured coming into collision with anyother vessel.
17.2 The indemnity provided by this Clause 17 shall be in addition to the indemnity provided by the other terms andconditions of this insurance and shall be subject to the following provisions:17.2.1
Where the insured Vessel is in collision with another vessel and both vessels are to blame then, unless theliability of one or both vessels becomes limited by law, the indemnity under this Clause 17 shall be calculatedon the principle of cross-liabilities as if the respective Owners had been compelled to pay to each other suchproportion of each other’s damages as may have been properly allowed in ascertaining the balance or sum
116

payable by or to the Assured in consequence of the collision.
In no case shall the Underwriters’ total liability under Clause 17.1 and 17.2 exceed their proportionate partof the insured value of the Vessel hereby insured in respect of any one such collision.
17.3 The Underwriters will also pay the legal costs incurred by the Assured or which the Assured may be compelled
to pay in contesting liability or taking proceedings to limit liability, with the prior written consent of theUnderwriters.
EXCLUSIONS
17.4 Provided always that this Clause 17 shall in no case extend to any sum which the Assured shall pay for or in
respect of
17.4.1
removal or disposal of obstructions, wrecks, cargoes or any other thing whatsoever
17.4.2any real or personal property or thing whatsoever except other vessels or property on other vessels
17.4.3the cargo or other property on, or the engagements of, the insured Vessel
17.4.4
loss of life, personal injury or illness
17.4.5pollution or contamination of any real or personal property or thing whatsoever (except other vessels withwhich the insured Vessel is in collision or property on such other vessels).
18 SISTERSHIP
Should the Vessel hereby insured come into collision with or receive salvage services from another vessel belonging
wholly or in part to the same Owners or under the same management, the Assured shall have the same rights under thisinsurance 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.
19 PROTECTION AND INDEMNITY
19.1 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 andarises from an accident or occurrence during the period of this insurance:
19.1.1
loss of or damage to any fixed or movable object or property or other thing or interest whatsoever, other thanthe Vessel, arising from any cause whatsoever in so far as such loss or damage is not covered by Clause 17
19.1.2any attempted or actual raising, removal or destruction of any fixed or movable object or property or otherthing, including the wreck of the Vessel, or any neglect or failure to raise, remove, or destroy the same
19.1.3
liability assumed by the Assured under contracts of customary towage for the purpose of entering or leaving
port or manoeuvring within the port
19.1.4
loss of life, personal injury, illness or payments made for life salvage.
19.2 The Underwriters agree to indemnify the Assured for any of the following arising from an accident or occurrence
during the period of this insurance:
19.2.1the 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 sea19.2.2
additional expenses brought about by the outbreak of infectious disease on board the Vessel or ashore
19.2.3fines 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 theoperation 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 thanMaster Officer or crew member
19.2.4the expenses of the removal of the wreck of the Vessel from any place owned, leased or occupied by the
Assured19.2.5
legal costs incurred by the Assured, or which the Assured may be compelled to pay, in avoiding, minimisingor contesting liability with the prior written consent of the Underwriters.
17.2.2117

EXCLUSIONS
19.3 Notwithstanding the provisions of Clauses 19.1 and 19.2 this Clause 19 does not cover any liability cost or
expense arising in respect of:
19.3.1any direct or indirect payment of the Assured under workmen’s compensation or employers’ liability acts andany 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*4others in on or about or in connection with the Vessel or her cargo materials or repairs
19.3.2
liability assumed by the Assured under agreement expressed or implied in respect of death or illness of or
injury to any person employed under a contract of service or apprenticeship by the other party to suchagreement
19.3.3punitive or exemplary damages, however described19.3.4cargo or other property carried, to be carried or which has been carried on board the Vessel but this Clause
19.3.4 shall not exclude any claim in respect of the extra cost of removing cargo from the wreck of the Vessel
19.3.5
loss of or damage to property, owned by builders or repairers or for which they are responsible, which is on
board the Vessel
19.3.6
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 Assured
19.3.7
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
member
19.3.8
fuel, insurance, wages, stores, provisions and port charges arising from delay to the Vessel while awaiting asubstitute for any Master, Officer or crew member
19.3.9fines or penalties arising from overloading or illegal fishing
19.3.10 pollution or contamination of any real or personal property or thing whatsoever.*5
19.4 The indemnity provided by this Clause 19 shall be in addition to the indemnity provided by the other terms andconditions of this insurance.
19.5 Where the Assured or the Underwriters may or could have limited their liability the indemnity under this Clause
19 in respect of such liability shall not exceed Underwriters’ proportionate part of the amount of such limitation.
*6
19.6 In no case shall the Underwriters’ liability under this Clause 19 in respect of each separate accident or occurrenceor series of accidents arising out of the same event, exceed their proportionate part of the insured value of theVessel.
19.7 PROVIDED ALWAYS THAT
19.7.1
prompt notice must be given to the Underwriters of every casualty event or claim upon the Assured which
may give rise to a claim under this Clause 19 and of every event or matter which may cause the Assured toincur liability costs or expense for which he may be insured under this Clause 19
19.7.2the Assured shall not admit liability for or settle any claim for which he may be insured under this Clause 19
without the prior written consent of the Underwriters.
20 DUTY OF ASSURED (SUE AND LABOUR)
20.1 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 minimising a loss which would be recoverable under thisinsurance.
20.2 Subject to the provisions below and to Clause 10 the Underwriters will contribute to charges properly andreasonably incurred by the Assured their servants or agents for such measures. General average, salvage charges(except as provided for in Clause 20.4) collision defence or attack costs and costs incurred by the Assured in
avoiding, minimising or contesting liability covered by Clause 19 are not recoverable under this Clause 20.
20.3 Measures taken by the Assured or the Underwriters with the object of saving, protecting or recovering the
subject-matter insured shall not be considered as a waiver or acceptance of abandonment or otherwise prejudice
the rights of either party.
20.4 When a claim for total loss of the subject-matter insured is admitted under this insurance and expenses have118

been reasonably incurred in saving or attempting to save the subject-matter insured and other property and there
are no proceeds, or the expenses exceed the proceeds, then this insurance shall bear its pro rata share of suchproportion 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 subject-matter insured.
20.5 The sum recoverable under this Clause 20 shall be in addition to the loss otherwise recoverable under thisinsurance but shall in no circumstances exceed the amount insured under this insurance in respect of the Vessel.
The following clauses shall be paramount and shall override anything contained in this insurance inconsistent
therewith.
21 WAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
21.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
21.2 capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or
any attempt thereat
21.3 derelict mines torpedoes bombs or other derelict weapons of war.
22 STRIKES EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by
22.1 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.
23 MALICIOUS ACTS EXCLUSION
In no case shall this insurance cover loss damage liability or expense arising from
23.1 the detonation of an explosive
23.2 any weapon of war
and caused by any person acting maliciously or from a political motive.
24 NUCLEAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed toby or arising from
24.1 ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste fromthe combustion of nuclear fuel24.2 the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear
component thereof
24.3 any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force
or matter.

*1

redelivery to Owners being delayed beyond the period specified in the policy.
, or tidal wave arising therefrom*3of the Company*4sub-contractors*5
before the Vessel is launched*6
The Underwriters’ liability under Clause 19.1.4 in respect of each separate accident or occurrence or series ofaccidents arising out of the same event, shall not exceed the amount of Limit of Liability specified in the policy.
*2

1191/6/88

INSTITUTE WAR CLAUSES
BUILDERS’ RISKS AMENDED (4/2023)(This Insurance is Subject to English law and practice)

1 ATTACHMENTThis insurance shall not attach to the subject-matter insured until the Vessel is launched and then shall attach only tosuch part of the subject-matter as is built into or is in or on the Vessel at the time of the launch. The insurance against
the said risks shall attach to the remainder of the subject-matter insured only as it is placed in or on the Vessel subsequent
to the launch.
2 PERILS
Subject always to the exclusions hereinafter referred to, this insurance covers loss of or damage to the subject-matterinsured caused by
2.1 war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against abelligerent power
2.2 capture seizure arrest restraint or detainment, arising from perils covered under 2.1 above, and the consequences
thereof or any attempt thereat
2.3 derelict mines torpedoes bombs or other derelict weapons of war.
3 PROTECTION AND INDEMNITY
This insurance also covers, subject to the limitation of liability provided for in Clauses 19.5 and 19.6 of the Institute
Clauses for Builders’ Risks 1/6/88*1, the liability under Clause 19 of the Institute Clauses for Builders’ Risks 1/6/88*1
which is excluded by Clauses 21, 22.2 and 23.
Provided however that such cover shall not attach until the vessel is launched.
4 INCORPORATIONThe Institute Clauses for Builders’ Risks 1/6/88*1 except Clauses 4, 5.1 and 5.2, 7, 8, 21, 22, 23 and 24*2 are deemed to
be incorporated in this insurance, in so far as they do not conflict with the provisions of these clauses.
5 DETAINMENTIn the event that the Vessel shall have been the subject of capture seizure arrest restraint or detainment, and the Assured
shall thereby have lost the free use and disposal of the Vessel for a continuous period of 12 months then for the purposeof ascertaining whether the Vessel is a constructive total loss the Assured shall be deemed to have been deprived of thepossession of the Vessel without any likelihood of recovery.
6 EXCLUSIONSThis insurance excludes
6.1 loss damage liability or expense arising from
6.1.1
any detonation of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction
or radioactive force or matter, hereinafter called a nuclear weapon of war
6.1.2
the outbreak of war (whether there be a declaration of war or not) between any of the following countries:
United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of
China
6.1.3
confiscation expropriation requisition or pre-emption
6.1.4
capture seizure arrest restraint or detainment by or under the order of the government or any public or local
authority of the country in which the Vessel is owned or registered6.1.5
arrest restraint or detainment under quarantine regulations or by reason of infringement of any customs or
trading regulations
6.1.6
the operation of ordinary judicial process, failure to provide security or to pay any fine or penalty or any
financial cause
6.1.7
any claims based upon loss of or frustration of any voyage or contract for sale or other adventure,
6.2 loss damage liability or expense covered by the Institute Clauses for Builders’ Risks 1/6/88*1 or which would be120

recoverable thereunder but for Clause 10 thereof,
any claim for any sum recoverable under any other insurance on the property hereby insured or which would berecoverable under such insurance but for the existence of this insurance,
6.4 any claim for expenses arising from delay except such expenses as would be recoverable in principle in English
law any practice under the York-Antwerp Rules 1974.
7 TERMINATION
7.1 This insurance may be cancelled by either the Underwriters or the Assured giving 7 days notice (suchcancellation becoming effective on the expiry of 7 days from midnight of the day on which notice of cancellation
is issued by or to the Underwriters). The Underwriters agree however to reinstate this insurance subject toagreement between the Underwriters and the Assured prior to the expiry of such notice of cancellation as to new
rate of premium and/or conditions and/or warranties.
7.2 Whether or not such notice of cancellation has been given this insurance shall TERMINATE
AUTOMATICALLY
7.2.1
upon the occurrence of any hostile detonation of any nuclear weapon of war as defined in Clause 6.1.1
wheresoever or whensoever such detonation may occur and whether or not the Vessel may be involved
7.2.2
upon the outbreak of war (whether there be a declaration of war or not) between any of the following
countries:
United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of
China
7.2.3
in the event of the Vessel being requisitioned, either for title or use.
7.3 In the event either of cancellation by notice or of automatic termination of this insurance by reason of theoperation of this Clause 7 pro rata net return of premium shall be payable to the Assured.
6.3

This insurance shall not become effective if, subsequent to its acceptance by the Underwriters and prior to the intended
time of its attachment, there has occurred any event which would have automatically terminated this insurance under theprovisions of Clause 7 above.
*1*2

Amended (4/96)
and the attached clauses thereof which are applied to marine insurance on the subject-matter insured excluding theInstitute Strikes Clauses Builders’ Risks 1/6/88 Amended (4/96)

1/6/88

INSTITUTE STRIKES CLAUSES
BUILDERS’ RISKS AMENDED (4/96)(This Insurance is Subject to English law and practice)

1 PERILS
Subject always to the exclusions hereinafter referred to, this insurance covers loss of or damage to the subject-matterinsured caused by
1.1 strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions
1.2 any terrorist or any person acting maliciously or from a political motive.
2 PROTECTION AND INDEMNITY
This insurance also covers, subject to the limitation of liability provided for in Clauses 19.5 and 19.6 of the Institute
Clauses for Builders’ Risks 1/6/88*, the liability under Clause 19 of the Institute Clauses for Builders’ Risks 1/6/88*
which is excluded by Clause 22.1.
3 INCORPORATIONThe Institute Clauses for Builders’ Risks 1/6/88* are deemed to be incorporated in this insurance, in so far as they do121not conflict with the provisions of these clauses, but this insurance excludes any claim which would be recoverable
under the said clauses.
4 RETURNS OF PREMIUM
No return of premium hereunder unless specially agreed.
5 EXCLUSIONSThis insurance excludes
5.1 any loss of or damage to the subject-matter insured covered by the Institute War Clauses Builders’ Risks 1/6/88*
5.2 any claim for expenses arising from delay except such expenses as would be recoverable in principle in English
law and practice under the York-Antwerp Rules 1974
5.3 piracy (but this exclusion shall not affect cover under Clause 1.1)
5.4 any claim based upon loss of or frustration of any voyage or contract for sale or other adventure.
The following clauses shall be paramount and shall override anything contained in this insurance inconsistent
therewith.
6 WAR EXCLUSION
In no case shall this insurance cover loss damage or expense caused by war civil war revolution rebellion insurrection,or civil strife arising therefrom, or any hostile act by or against a belligerent power.
7 NUCLEAR EXCLUSION
In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed toby or arising from
7.1 ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste fromthe combustion of nuclear fuel7.2 the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear
component thereof
7.3 any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force
or matter.

*

Amended (4/96)

1/4/96

EARTHQUAKE RISKS CLAUSE
Notwithstanding the provision of Clause 6 of the Institute Clauses for Builders’ Risks 1/6/88 Amended (4/96), thisinsurance covers loss damage liability or expense caused by earthquake or volcanic eruption, or tidal wave arising
therefrom.

1/4/96

PROCEEDING CLAUSE
Notwithstanding the provisions of the Clause 9 of the Institute Clauses for Builders’ Risks 1/6/88 Amended (4/96), it
is agreed that the Vessel shall have leave to proceed under own power within a distance by water of the number of nautical
miles specified in the Schedule, or in tow within a distance by water of 25 nautical miles of the port or place of construction,
loaded or in ballast, as often as required, for fitting out, docking, trials or delivery without notice to the Company.

122

1/4/2010REPAIR CLAUSES (FOR I.B.C. AMENDED (4/2010))
Article 1.
Notwithstanding anything to the contrary contained in this insurance, it is understood and agreed that the cost of
repairing damage to the Vessel caused by an insured peril shall be adjusted subject to Japanese law and practice.
Article 2.
1. If the Vessel sustains damage by an insured peril, the Assured shall repair the damage without delay.
2. The Company shall indemnify the Assured for the cost of repairs of such damage as referred to in the preceding
paragraph after the repairs have been completed but in case the Assured fails to repair the damage without delay
and repairs it later the Company shall indemnify the Assured for the cost of repairs within the limit of the estimatedcost of repairs which would have been required had the repairs been made without delay.
Article 3.
Notwithstanding the preceding Article 2, if the Vessel damaged by an insured peril is sold in the unrepaired condition,
the Company shall indemnify the Assured for the reasonable estimated cost of repairs within the limit of the reasonable
depreciation in value of the Vessel due to the said damage, provided that the Company should have been liable toindemnify the Assured for the cost of repairs had the repairs been made.
However, this Article 3 shall not affect Clauses 11.2 and 11.3 of the Institute Clauses for Builders’ Risks 1/6/88
Amended (4/96).

1/4/91

CONSTRUCTIVE TOTAL LOSS CLAUSE(FOR REPAIRING RISKS INSURANCE)
There shall be no recovery for a Constructive Total Loss under this insurance unless the expense of the recovering andrestoring the Vessel to the condition she was in prior to the loss would exceed her value in that condition, which value shallbe that of the Vessel at the time of inception of the work (as specified in the Schedule, but excluding removed parts ormaterials on and after it is decided they are not to be reinstalled.) plus expenses and the cost of labor actually expended for
repair, conversion or reconversion and material actually incorporated in the Vessel at the time of the loss; but no claim fora Constructive Total Loss hereunder shall exceed this Policy’s proportion of the value so computed, plus this Policy’s
proportion of any damage to material insured hereunder and not yet installed in the Vessel, plus any salvage and special
charges, and sue and labor expenses.

1/4/91

CONSTRUCTIVE TOTAL LOSS CLAUSE(FOR SHIPREPAIRERS’ RISKS INSURANCE)
There shall be no recovery for a Constructive Total Loss under this insurance unless the expense of the recovering andrestoring the Vessel to the condition she was in prior to the loss would exceed her value in that condition, which value shallbe that of the Vessel at the time of inception of the work (as specified in the Schedule, but excluding removed parts ormaterials on and after it is decided they are not to be reinstalled.) plus expenses and the cost of labor actually expended for
repair, conversion or reconversion and material actually incorporated in the Vessel at the time of the loss including accrued
overhead and profit on such labor and material; but no claim for a Constructive Total Loss hereunder shall exceed thisPolicy’s proportion of the value so computed, plus this Policy’s proportion of any damage to material insured hereunderand not yet installed in the Vessel, plus any salvage and special charges, and sue and labor expenses.

1231/10/92

SUBJECT-MATTER INSURED CLAUSE(FOR BUILDERS’ RISKS INSURANCE)The subject-matters insured by this insurance shall be those enumerated below which belong to the Assured (including
those supplied by the orderer of the Vessel, if any) and which are within the trading warranty specified in the Schedule.
(1) hull, machinery, electric apparatus, navigational aids, equipment, fittings, etc. of the Vessel and building materials
thereof(2) blueprints, moulds and wooden models used for building the Vessel(3) fuel and lubricating oil used in trial trip or voyage for fitting out, docking or delivering the Vessel

1/10/92

SUBJECT-MATTER INSURED CLAUSE(FOR REPAIRING RISKS INSURANCE)
1. The subject-matters insured by this insurance shall include those enumerated below and which are within the trading
warranty specified in the Schedule in addition to the hull and machinery of the Vessel.
(1) parts or materials removed from the Vessel(2) repairing materials of the Vessel supplied by the Assured
2. The parts or materials, which provided for in item (1) of preceding paragraph and have been removed and shall not bereinstalled, shall be excluded from the subject-matter insured on and after it is decided they are not to be reinstalled.

1/10/92

SUBJECT-MATTER INSURED CLAUSE(FOR SHIPREPAIRERS’ RISKS INSURANCE)
1. The subject-matters insured by this insurance shall be those enumerated below which belong to the Assured (including
those supplied by the orderer of the Vessel, if any) and which are within the trading warranty specified in the Schedule.
(1) hull, machinery, electric apparatus, navigational aids, equipment, fittings, etc. of the Vessel and repairing materials
thereof(2) parts or materials removed from the Vessel(3) blueprints, moulds and wooden models used for repairing the Vessel(4) fuel and lubricating oil used in trial trip or voyage for fitting out, docking or delivering the Vessel
2. The parts or materials, which provided for in item (2) of preceding paragraph and have been removed and shall not bereinstalled, shall be excluded from the subject-matter insured on and after it is decided they are not to be reinstalled.

1/4/2010

INSURED VALUE CLAUSES(FOR BUILDERS’ RISKS INSURANCE)The insured value shall be determined at not less than the building contract price of the Vessel (if any parts are to besupplied by the Orderer, the value thereof shall be added to the building contract price of the Vessel; hereinafter to be sointerpreted).

124

1/4/96

PERILS CLAUSE(EARTHQUAKE RISKS ONLY)
The provisions of Clauses 5 and 6 of the Institute Clauses for Builders’ Risks 1/6/88 Amended (4/96) shall be replaced by
the following.
5 PERILS
5.1 SUBJECT ALWAYS TO ITS TERMS, CONDITIONS AND EXCLUSIONS this insurance covers loss of ordamage to the subject-matter insured caused by earthquake, volcanic eruption or tidal wave arising therefrom
and discovered during the period of this insurance. In no case shall this insurance cover the cost of renewing
faulty welds.
5.2 In case of failure of launch caused by earthquake, volcanic eruption or tidal wave arising therefrom, theUnderwriters to bear all subsequent expenses incurred in completing launch.
6 EXCLUSION
This insurance excludes loss damage liability or expense covered by the Institute Clauses for Builders’ Risks 1/6/88
Amended (4/96) and the attached clauses thereof under separate insurance Policy (POLICY NO. :) on thesubject-matter insured or which would be recoverable thereunder but for Clause 10 thereof.

125

(5) OTHERS
1/4/2021

PREMIUM CLAUSES (A-2)
Article 1.
1. Person(s) effecting the insurance shall pay the premium by the due date specified in the Policy (or by the next business
day when the due date is bank holiday) or by the date 7days after the Company’s issuing debit note whichever later(hereinafter referred to as “dead line for the premium”).
The Company may accept an extension of the dead line for premium up to 30 days from the due date upon the requestof Person(s) effecting the insurance before risk attaching date.
2. In respect of the additional premium specified in the Endorsement, Person(s) effecting the insurance shall pay thepremium by the due date specified in the Endorsement (or by the next business day when the due date is bank holiday)
or by the 7days after the Company’s issuing debit note whichever later (hereinafter referred to as “dead line for
additional premium”).
The Company may accept an extension of the dead line for additional premium up to 30 days from the due date upon
the request of Person(s) effecting the insurance before the date of Endorsement.
Article 2.
Even after the risk attaching date, the Company shall not be liable for any losses occur during the period of non-payment
after the dead line for the premium and/or dead line for additional premium and such non-liable period may last till the
payment has been made.
Article 3.
In the event of non-payment of the premium within 30 days after the due date, the Company shall not be liable for any
losses occur after the due date.
Article 4.
In the event of non-payment of the premium within 30 days after the due date, the Company shall be entitled to cancel
the insurance by sending notice of cancellation to Person(s) effecting the insurance. Such cancellation shall take effectfrom the due date to the future.
Article 5.
The Company shall return the premium received corresponding to uncommenced period and shall have rights to collectthe unpaid premiums corresponding to the period before the cancellation is made in accordance with the provisions ofArticle 4.

1/4/2021

PREMIUM CLAUSES (B-2)
Article 1.
The Company hereby agrees that Person(s) effecting the insurance due to pay the total premium under this insurance
in installments in accordance with the numbers and amounts specified in the Policy (hereinafter referred to as“installment premium”).
Article 2.
1. Person(s) effecting the insurance shall pay the 1st installment premium by the due date specified in the Policy (or by
the next business day when the due date is bank holiday) or by the date 7days after the Company’s issuing debit note
whichever later (hereinafter referred to as “dead line for 1st installment”).
The Company may accept an extension of the dead line for 1st installment up to 30 days from the due date upon therequest of Person(s) effecting the insurance before risk attaching date.
2. In respect of the additional premium specified in the Endorsement (including 1st installment of additional premium if
it is agreed to pay in installments: hereinafter referred to as “1st additional premium”), Person(s) effecting the insurance
126

shall pay the premium by the due date specified in the Endorsement (or by the next business day when the due date isbank holiday) or by the date 7days after the Company’s issuing debit note whichever later (hereinafter referred to as“dead line for 1st additional premium”).
The Company may accept an extension of the dead line for 1st additional premium up to 30 days from the due dateupon the request of Person(s) effecting the insurance before the date of Endorsement.
Article 3.
Even after the risk attaching date, the Company shall not be liable for any losses occur during the period of non-paymentof the 1st installment premium and/or the 1st additional premium after the dead line and such non-liable period maylast till the payment has been made.
Article 4.
In the event of non-payment of the 1st installment and/or the 1st additional premium within 30 days after the due date,
the Company shall not be liable for any losses occur after the due date.
Article 5.
Person(s) effecting the insurance shall pay the 2nd or subsequent installment premium and/or 2nd or subsequentinstallment additional premium by the due date specified in the Policy or Endorsement (or by the next business day
when the due date is bank holiday).
Article 6.
If Person(s) effecting the insurance fail to pay the 2nd or subsequent installment premium and/or the 2nd or subsequent
additional premium by the corresponding date of the month after next month of the due date (last day of the monthshould be the date if there is no corresponding date within the month), the Company shall not be liable for any losses
occur after the due date.
Article 7.
1. In the event of non-payment of the 1st installment premium and/or 1st additional premium within 30 days after the duedate, the Company shall be entitled to cancel the insurance by sending notice of cancellation to Person(s) effecting theinsurance. Such cancellation shall take effect from the due date to the future.
2. If Person(s) effecting the insurance fail to pay the 2nd or subsequent installment premium by the corresponding date of
the month after next month of the due date (last day of the month should be the date if there is no corresponding datewithin the month), the Company shall be entitled to cancel the insurance by sending notice of cancellation to Person(s)effecting the insurance. Such cancellation shall take effect from the due date to the future whenever such notices are
given.
Article 8.
The Company shall return the premium received corresponding to uncommenced period and shall have rights to collectthe unpaid premiums corresponding to the period before the cancellation is made in accordance with the provisions ofArticle 7.

1/4/2022

PREMIUM CLAUSES (A-3)
Article 1.
1. Person(s) effecting the insurance shall pay the premium by the due date specified in the Policy (or by the next business
day when the due date is bank holiday) or by the date 7days after the Company’s issuing debit note whichever later(hereinafter referred to as “dead line for the premium”).
The Company may accept an extension of the dead line for the premium up to 30 days from the due date upon therequest of Person(s) effecting the insurance before risk attaching date.
2. In respect of the additional premium specified in the Endorsement, Person(s) effecting the insurance shall pay thepremium by the due date specified in the Endorsement (or by the next business day when the due date is bank holiday)
or by the date 7days after the Company’s issuing debit note whichever later (hereinafter referred to as “dead line for
additional premium”).
127The Company may accept an extension of the dead line for additional premium up to 30 days from the due date upon
the request of Person(s) effecting the insurance before the date of Endorsement.
Article 2.
Even after the risk attaching date, the Company shall not be liable for any losses occur during the period of non-payment
after the dead line for the premium and/or dead line for additional premium and such non-liable period may last till the
payment has been made.
Article 3.
In the event of non-payment of the premium within 30 days after the due date, the Company shall not be liable for any
losses occur after the due date.
Article 4.
In the event of non-payment of the premium within 30 days after the due date, the Company shall be entitled to cancel
the insurance by sending notice of cancellation to Person(s) effecting the insurance. Such cancellation shall take effectfrom the due date to the future.
Article 5.
The Company shall return the premium received corresponding to uncommenced period and shall have rights to collectthe unpaid premiums corresponding to the period before the cancellation is made in accordance with the provisions ofArticle 4.
Article 6.
1. In respect of the additional premium specified in the Endorsement for deviation and/or change of trading warranty,
Articles 1 through 5 shall not be applied.
2. In respect of the additional premium specified in the Endorsement for deviation and/or change of trading warranty,
Person(s) effecting the insurance shall pay in lump by the due date all the additional premiums specified in theEndorsement(s) for Deviations and/or Changes of Trading Warranty issued during the period of the closing date of“Payment of Additional Premium for Deviation and Change of Trading Warranty” specified in the Policy.
Article 7.
Unpaid premium shown below at the time of payment should be deducted from claims other than total loss.
(1) Premium over due(2) Additional premium not yet due in accordance with the provision of “Payment of Additional Premium for
Deviation and Change of Trading Warranty”.

1/4/2022

PREMIUM CLAUSES (B-3)
Article 1.
The Company hereby agrees that Person(s) effecting the insurance due to pay the total premium under this insurance
in installments in accordance with the numbers and amounts specified in the Policy (hereinafter referred to as“installment premium”).
Article 2.
1. Person(s) effecting the insurance shall pay the 1st installment premium by the due date specified in the Policy (or by
the next business day when the due date is bank holiday) or by the date 7days after the Company’s issuing debit note
whichever later (hereinafter referred to as “dead line for 1st installment”).
The Company may accept an extension of the dead line for 1st installment up to 30 days from the due date upon therequest of Person(s) effecting the insurance before risk attaching date.
2. In respect of the additional premium specified in the Endorsement (including 1st installment of additional premium if
it is agreed to pay in installments: hereinafter referred to as “1st additional premium”), Person(s) effecting the insurance
shall pay the premium by the due date specified in the Endorsement (or by the next business day when the due date isbank holiday) or by the date 7days after the Company’s issuing debit note whichever later (hereinafter referred to as“dead line for 1st additional premium”).
128The Company may accept an extension of the dead line for 1st additional premium up to 30 days from the due dateupon the request of Person(s) effecting the insurance before the date of Endorsement.
Article 3.
Even after the risk attaching date, the Company shall not be liable for any losses occur during the period of non-paymentof the 1st installment premium and/or the 1st additional premium after the dead line and such non-liable period maylast till the payment has been made.
Article 4.
In the event of non-payment of the 1st installment and/or the 1st additional premium within 30 days after the due date,
the Company shall not be liable for any losses occur after the due date.
Article 5.
1. In respect of the 1st additional premium specified in the Endorsement for deviation and/or change of trading warranty,
Articles 1 through 4 shall not be applied.
2. In respect of the 1st additional premium specified in the Endorsement for deviation and/or change of trading warranty,
Person(s) effecting the insurance shall pay in lump by the due date all the additional premiums specified in theEndorsement(s) for Deviations and/or Changes of Trading Warranty issued during the period of the closing date of“Payment of Additional Premium for Deviation and Change of Trading Warranty” specified in the Policy.
Article 6.
Person(s) effecting the insurance shall pay the 2nd or subsequent installment premium and/or 2nd or subsequentinstallment additional premium by the due date specified in the Policy or Endorsement (or by the next business day
when the due date is bank holiday).
Article 7.
If Person(s) effecting the insurance fail to pay the 2nd or subsequent installment premium and/or the 2nd or subsequent
additional premium by the corresponding date of the month after next month of the due date (last day of the monthshould be the date if there is no corresponding date within the month), the Company shall not be liable for any losses
occur after the due date.
Article 8.
1. In the event of non-payment of the 1st installment premium and/or 1st additional premium within 30 days after the duedate, the Company shall be entitled to cancel the insurance by sending notice of cancellation to Person(s) effecting theinsurance. Such cancellation shall take effect from the due date to the future.
2. If Person(s) effecting the insurance fail to pay the 2nd or subsequent installment premium by the corresponding date of
the month after next month of the due date (last day of the month should be the date if there is no corresponding datewithin the month), the Company shall be entitled to cancel the insurance by sending notice of cancellation to Person(s)effecting the insurance. Such cancellation shall take effect from the due date to the future whenever such notices are
given.
Article 9.
The Company shall return the premium received corresponding to uncommenced period and shall have rights to collectthe unpaid premiums corresponding to the period before the cancellation is made in accordance with the provisions ofArticle 8.
Article 10.
Unpaid premium shown below at the time of payment should be deducted from claims other than total loss.
(1) Premium over due(2) Additional premium not yet due in accordance with the provision of “Payment of Additional Premium for
Deviation and Change of Trading Warranty”.

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1/4/90

FULL PREMIUM IF LOST CLAUSES
Article 1.
In the event of total loss or constructive total loss of the Vessel covered herein from an insured peril, the balance between
the annual premium and the premium already paid shall be paid as additional premium.
Article 2.
If the additional payment of the preceding Article has not been made before the Company make payment of a claim,
the Company shall deduct the amount of the additional premium from the amount of claim.

1/4/96CO-INSURERS CLAUSES
Article 1.
This insurance being a co-insurance of the insurance companies as specified in the Schedule (hereinafter referred to as“Co-Insurers”), they, each for themselves and not one for the others, shall severally and independently have the rights
and assume the liabilities in proportion to their respective insured amount or shares as specified in the Schedule.
Article 2.
The insurance company which is designated as the leading company by the Person effecting the insurance at the timeof effecting this insurance contract and which is specified as the leading company in the Schedule (hereinafter referred
to as the “Leading Company”), shall execute the following matters on behalf of all Co-Insurers.
(1) receipt of application for insurance and issue and delivery of insurance policies etc.
(2) receipt or return of insurance premiums(3) consent to alterations of insurance contract or cancellation of insurance contract(4) receipt of documents etc. connected with disclosure or notice based on provisions under insurance contract andconsent to of such disclosure or notice(5) receipt of documents etc. connected with assignment of right of claims etc. and consent to such assignment, or
receipt of documents etc. connected with establishment, assignment or extinguishment of right of pledge for rightof claims etc. and consent to such establishment, assignment or extinguishment(6) issue and delivery of endorsements etc. on insurance policy(7) investigation of subject-matter insured and any other matters connected with insurance contract(8) receipt of documents etc. connected with notice of occurrence of accidents or losses and receipt of documents etc.
connected with claims(9) survey for losses, assessment of losses, payment of claims etc. and preservation of right of Co-Insurers(10) any other matters incidental to the above
Article 3.
The matters listed in the Article 2 above which may be executed by the Leading Company in connection with thisinsurance contract shall be deemed as executed by all Co-Insurers.
Article 4.
Any notice or any other matters which may be given to the Leading Company by the Person effecting the insurance or
the Assured etc. in connection with this insurance contract shall be deemed as given to all Co-Insurers.

130

10/11/2003

INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL,BIOLOGICAL, BIO-CHEMICAL AND ELECTROMAGNETICWEAPONS EXCLUSION CLAUSE
This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith
1. In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed toby or arising from
1.1 ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste orfrom the combustion of nuclear fuel1.2 the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor
or other nuclear assembly or nuclear component thereof
1.3 any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive
force or matter
1.4 the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter. The
exclusion in this sub-clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes
are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific or other similarpeaceful purposes.
1.5 any chemical, biological, bio-chemical, or electromagnetic weapon.

1/1/99MARINE HULLCOMPUTER AND SOFTWARE DATE RECOGNITION EXCLUSION CLAUSE
1. This insurance does not cover any loss, damage, liability or expense directly or indirectly caused by or in any way inconsequence of(1) any change of date or recognition, exchange or process of any time, year, date or date like code or data of any
computer device or software belonging to or in possession of or under the management of or rented or leased by
the Person effecting the insurance or the Assured or the Manager of the Vessel(2) any measures taken in order to test or correct any failure or inability, whether actual or anticipated, in respect ofClause 1-(1).
2. Where the Person effecting the insurance or the Assured, under the instruction, supervision or guidance of
manufacturers of a computer device or software or any other person with equivalent expertise, has taken necessary or
effective measures, in advance, to correct any failure or inability in respect of Clause 1-(1) and can demonstrate a claim
has not resulted from want of due diligence by the Person effecting the insurance or the Assured, Clause 1 shall not
apply.
3. Notwithstanding Clause 2 in no circumstances shall this insurance be extended to cover any loss, damage, liability or
expense in respect of(1) any defect of a computer device or software caused by or in consequence of any failure or inability in respect ofClause 1-(1)(2) directly or indirectly, any malfunction or inability of any computer device or software caused by or in consequenceof any failure or inability in respect of Clause 1-(1)(3) any software(4) loss of hire or anticipated earnings arising from testing or correcting any of the matters referred to in Clause 3-(1),3-(2) or 3-(3).
4. The word computer device in Clause 1, 2 and/or 3 shall mean any computer system, hardware, integrated circuit,microchip and/or any other electronic device or component.
131

5. The word software in Clause 1, 2 and/or 3 shall mean any computer software, operating system, program or data.

1/4/2010

LAW AND PRACTICE CLAUSES
This insurance is subject to English law and practice as to liability for and settlement of any and all claims unless any
provision contained in this insurance is inconsistent therewith. In all other respects, this insurance is subject to Japanese
law and practice.

1/4/2010

DUTY OF ASSURED AND RIGHTS OF INSURER CLAUSES
1. Disclosure
The Person effecting the insurance and/or the Assured must disclose to the Company, before the insurance contract isconcluded, every material circumstance which is known to the Person effecting the insurance and/or the Assured, and
the Person effecting the insurance and/or the Assured is deemed to know every circumstance which, in the ordinary
course of business, ought to be known by the Person effecting the insurance and/or the Assured. Every circumstance ismaterial which would influence the judgment of the Company in fixing the insurance terms and conditions, ordetermining whether the Company will take the risk.
2. Inspection
The Company is entitled to inspect the Vessel at any time during the period of this insurance, and, if the Person effecting
the insurance and/or the Assured refuses an inspection without any justifiable reason, the Company may cancel thisinsurance contract.
3. Value
When the value of the insured interest decreases substantially during the period of this insurance, the Company may
request reduction of the insured value.
4. Subrogation
When the Vessel becomes a total loss and the Company indemnifies therefor, the Company shall be entitled to choose
whether or not to acquire the proprietary right of the Vessel.

1/4/2010

LIEN CLAUSES
Article 1
These paragraphs shall be applied in the event the Company becomes liable to indemnify the Assured for any damage
caused by reason of the Assured becoming liable (hereinafter referred as “liability damage”).
Article 2
1. In case where the Liability Damage Claimant (who is defined as the person who has the right to demand from theAssured for liability damage, hereinafter to be so interpreted) has lien over the right of the Assured and/or the
Beneficiaries to claim insurance proceeds against the Company (which is limited to liability damage, hereinafter to be
so interpreted) based upon the Insurance Contract Act in Japan, the Company shall pay insurance proceeds (which islimited to liability damage, hereinafter to be interpreted) should any of the following cases apply:(1) In the event that the Company pays liability damage to the Assured, after the Assured paid such damage to the
Liability Damage Claimant. However, the indemnity to be paid by the Company shall be limited to the amountwhich the Assured has paid or is due to pay to the Liability Damage Claimant.
132

(2) In the event that the Company pays liability damage directly to the Liability Damage Claimant in accordance withthe payment order by the Assured, before the Assured pays such damage to the Liability Damage Claimant.
(3) In the event that the Company pays liability damage directly to the Liability Damage Claimant by reason of the
Liability Damage Claimant exercising lien over the right to claim insurance proceeds, before the Assured pays
such damage to the Liability Damage Claimant.
(4) In the event that the Company pays liability damage to the Assured based upon the agreement by the Liability
Damage Claimant for the Company to do so, before the Assured pays such damage to the Liability Damage
Claimant. However, the indemnity to be paid by the Company shall be limited to the amount agreed by the Liability
Damage Claimant.
2. In an instance where the Liability Damage Claimant has lien or the same kind of special right which shall limit the rightof the Assured and/or the Beneficiaries to claim insurance proceeds against the Company based upon Foreign Laws orTreaties, the indemnity to be paid by the Company shall be subject to such laws or treaties.

1/4/2012

CANCELLATION AND PREMIUM RETURN CLAUSES
This Clause shall prevail notwithstanding any provision in this insurance inconsistent therewith.
1. The Company shall adjust premium as follows:(1) Return pro rata daily premium if this insurance be cancelled by the Company.
(2) Return or charge difference between premium received and premium corresponding to expired period calculatedwith the table below if this insurance be cancelled by the Person(s) effecting the insurance.
More
Up to
Up to
Up to
Up to
Up to
Up to
Up to
Up to
than
Period
1
2
3
4
5
6
7
8
8
month
monthsmonthsmonthsmonthsmonthsmonthsmonthsmonthsPercent ofannual
20%
30%
40%
50%
60%
70%
80%
90%
100%
premium
2. Notwithstanding preceding Article 1.(2), the Company shall return pro rata daily premium if this insurance be cancelledby the Person(s) effecting the insurance by reason of:(1) Termination of insurable interest(2) Cancellation and Replacement (excluding replacement from/to Port Risks) but subject to not smaller coverage
3. Notwithstanding preceding Articles 1. and 2., where this insurance be Builders’ Risks, the Company shall return or
charge difference between premium received and premium corresponding to expired period if this insurance be
cancelled by the Person(s) effecting the insurance.
Notwithstanding preceding Articles 1.,2. and 3., where this insurance be Voyage Risks, the Company shall not return any
premium if this insurance be cancelled by the Company or the Person(s) effecting the insurance.

1/6/2019

JURISDICTION CLAUSE
This insurance is subject to the jurisdiction of the court in the district where the Company’s Head Office is situated.

133

8/11/2010

SANCTION LIMITATION AND EXCLUSION CLAUSE
No insurer shall be deemed to provide cover and no insurer shall be liable to pay any claim or provide any benefit hereunderto the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that insurer
to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or
regulations of the European Union, Japan, United Kingdom or United States of America.

1/4/2013

IRANIAN OIL EXCLUSION CLAUSEIn the event of the Vessel being employed in a transport of crude oil, petroleum products and petrochemical products,
natural gas and other gaseous hydrocarbons from Iran, no claim shall be recoverable under this insurance for loss, damage,liability or expense.
1/4/2023

RUSSIAN OIL EXCLUSION CLAUSE (FOR OIL PRICE CAP EXCEPTION)
In the event of the Vessel being employed in a transport of Russian-origin Crude Oil (HS Code 2709.00) or Petroleum
Products (HS Code 2710), no claim shall be recoverable under this insurance for loss, damage, liability or expense.
Notwithstanding the preceding paragraph, if the Assured submit an Attestation required by the Company or the Company
specifically agrees to such transportation(s), this exclusion shall not apply.

――――――――――――――――――――――――――――――――――――――――――
1/4/2007

CLASSIFICATION CLAUSE
1. It is warranted that the vessel maintains a class of Member or Associate of International Association of Classification
Societies Ltd. which is approved by the Company at the inception of this insurance.
2. The company shall not indemnify the Assured for any loss or damage subsequent to the following incidents unless such
incident has ceased or has been corrected and written agreement by the Company has been given.
(1) Change of the classification society not approved by the Company.
(2) Withdrawal or expiry of the class.
(3) Suspension or discontinuance of the class.
(4) Failure to follow or satisfy any recommendation, requirement or restriction given by the classification society
concerning the seaworthiness of the vessel, within the designated date given by the classification society.
3. In the event of any of the incidents enumerated in the foregoing 2.(1) to 2.(4), this insurance may be canceled by theCompany. Such cancellation shall be effective only after such event has occurred. However, the right to cancel the
insurance by the company shall cease unless the right is exercised within 30 days from the time the company has
acknowledged such incident.
11/11/2019

MARINE CYBER ENDORSEMENT - LMA5403
1

Subject only to paragraph 3 below, in no case shall this insurance cover loss, damage, liability or expense directly or
134

indirectly caused by or contributed to by or arising from the use or operation, as a means for inflicting harm, of any
computer, computer system, computer software programme, malicious code, computer virus, computer process or any
other electronic system.
2 Subject to the conditions, limitations and exclusions of the policy to which this clause attaches, the indemnity otherwise
recoverable hereunder shall not be prejudiced by the use or operation of any computer, computer system, computer
software programme, computer process or any other electronic system, if such use or operation is not as a means for
inflicting harm.
3 Where this clause is endorsed on policies covering risks of war, civil war, revolution, rebellion, insurrection, or civil
strife arising therefrom, or any hostile act by or against a belligerent power, or terrorism or any person acting from a
political motive, paragraph 1 shall not operate to exclude losses (which would otherwise be covered) arising from theuse of any computer, computer system or computer software programme or any other electronic system in the launch
and/or guidance system and/or firing mechanism of any weapon or missile.

10/11/2003

INSTITUTE CYBER ATTACK EXCLUSION CLAUSE - CL380
1.1

Subject only to clause 1.2 below, in no case shall this insurance cover loss, damage, liability or expense directly
or indirectly caused by or contributed to by or arising from the use or operation, as a means for inflicting harm,of any computer, computer system, computer software programme, malicious code, computer virus or computer
process or any other electronic system.
1.2 Where this clause is endorsed on policies covering risks of war, civil war, revolution, rebellion, insurrection, or
civil strife arising therefrom, or any hostile act by or against a belligerent power, or terrorism or any person actingfrom a political motive, Clause 1.1 shall not operate to exclude losses (which would otherwise be covered) arisingfrom the use of any computer, computer system or computer software programme or any other electronic systemin the launch and/or guidance system and/or firing mechanism of any weapon or missile.

LOSS PAYABLE CLAUSE (A)(1) In the event of losses other than Actual and/or Constructive Total Loss, the insurance proceeds shall be directly paidby the Underwriter to the Contractor (Bareboat-charterer)(2) In the event of Actual and/or Constructive Total Loss, the insurance proceeds shall be directly paid by the Underwriter
to the shipowner.
(3) In respect of Collision Clauses, the Underwriter regards the Contractor as the Assured and the insurance proceeds
shall be directly paid by the Underwriter to the Contractor.
(4) In the event of the establishment of Pledge(s) (“Shichiken” under Japanese Law) on this insurance policy, theinsurance proceeds shall be paid to Pledgee(s).

LOSS PAYABLE CLAUSE (B)(1) In the event of losses other than Actual and/or Constructive Total Loss, the insurance proceeds, shall be directly paidby the Underwriter to the Contractor (Bareboat-charterer)(2) In the event of Actual and/or Constructive Total Loss, the insurance proceeds shall be directly paid by the Underwriterto (as specified in the schedule)(3) In respect of Collision Clauses, the Underwriter regards the Contractor as the Assured and the insurance proceeds,
shall be directly paid by the Underwriter to the Contractor.
(4) In the event of the establishment of Pledge(s) (“Shichiken” under Japanese Law) on this insurance policy, the135insurance proceeds shall be paid to Pledgee(s).

1/4/2005

ASSURED CLAUSEIn respect of liability covered under this insurance, the Person effecting the insurance shall be added to the Assured(s) andsuch coverage shall also be given to the Person effecting the insurance accordingly.

LEASED EQUIPMENT CLAUSE
This insurance is extended to cover equipment and apparatus, not owned by the Assured but installed for use on theinsured vessel, and for which the Assured has assumed liability, whether such equipment or apparatus be in the nature ofaids to navigation or communication or otherwise, subject to all other terms and conditions of this policy but in no event
shall the liability of Underwriters exceed the contractual liability of the Assured for such equipment or apparatus. All such
equipment or apparatus installed on the vessel but not owned by the Assured shall be included in the agreed valuation of
the Hull & c., unless its function is directly related to the propulsion of the vessel in which event such equipment andapparatus shall be included in the agreed valuation of Machinery.

WAGES AND MAINTENANCERECOVERABLE IN PARTICULAR AVERAGE
It is agreed that the following sentence is added at the end of the clause 16 of the Institute Time Clauses-Hulls 1/10/83.
This exclusion shall not apply to overtime or similar extraordinary payments to Officers or Crew members incurred in
shifting the vessel for tank cleaning or repairs or while specifically engaged in these activities, either in port or at sea.

1/4/84

FIRE AND POLLUTION HAZARD CLAUSES (A)Article 1.
In the event of the Vessel suffering loss or damage as the result of the undermentioned emergency measures taken by
the Japanese or foreign government authorities (hereinafter referred to as “loss or damage caused by emergency
measures”), such loss or damage shall be deemed to be caused by the maritime accident which has necessitated theemergency measures and shall be indemnified subject to the terms and conditions of this insurance.
Provided, however, that the cost of repairs arising from the loss or damage caused by the emergency measures isrecoverable only when the Company is liable to pay, under the provisions of this insurance, the cost of repairs of thedamage to the Vessel caused by the maritime, accident which has necessitated such emergency measures.
(1) Emergency measures taken to extinguish a fire which is covered by this insurance and/or to prevent the fire fromspreading and/or to save human life when it has broken out on the Vessel.
(2) Emergency measures taken for the same purpose as is stipulated in paragraph (1) when the Vessel is about to catch
fire in consequence of the damage to the Vessel which was caused by the maritime accident covered by thisinsurance (hereinafter referred to as “damage by insured perils”)(3) Emergency measures taken to prevent or to mitigate pollution, where the Vessel has suffered damage by insured
perils and the oil or any other substance which has leaked or been discharged from the Vessel pollutes or threatens
to pollute seas, waters, rivers, etc.
136Article 2.
Notwithstanding the preceding Article 1, the Company shall not be liable for loss or damage caused by emergency
measures in case such emergency measures have resulted from want of due diligence by the person(s) effecting thisinsurance, the Assured, the Owners or Managers of the Vessel or any of them to prevent or mitigate such hazard or
threat thereof. Master, Officers, Crew or Pilots not to be considered Owners within the meaning of these clauses should
they hold shares in the Vessel.
Article 3.
The Company shall not be liable for the cost or expense incurred as the result of the emergency measures unless these
are recoverable under the provisions of the other clauses of this insurance.
Article 4.
These clauses shall prevail notwithstanding anything contained in this insurance inconsistent therewith.

1/4/84

FIRE AND POLLUTION HAZARD CLAUSES (B)
Article 1.
In the event of the Vessel suffering loss or damage as the result of the undermentioned emergency measures taken by
the Japanese or foreign government authorities, such loss or damage shall be deemed to be caused by the maritime
accident which has necessitated the emergency measures and shall be indemnified for subject to the terms andconditions of this insurance.
(1) Emergency measures taken to extinguish a fire which is covered by this insurance and/or to prevent the fire fromspreading and/or to save human life when it has broken out on the Vessel.
(2) Emergency measures taken for the same purpose as is stipulated in paragraph (1) when the Vessel is about to catch
fire in consequence of the damage to the Vessel which was caused by the maritime accident covered by thisinsurance (hereinafter referred to as “damage by insured perils”)(3) Emergency measures taken to prevent or to mitigate pollution, where the Vessel has suffered damage by insured
perils and the oil or any other substance which has leaked or been discharged from the Vessel pollutes or threatens
to pollute seas, waters, rivers, etc.
Article 2.
Notwithstanding the preceding Article 1, the Company shall not be liable for loss or damage caused by emergency
measures in case such emergency measures have resulted from want of due diligence by the person(s) effecting thisinsurance, the Assured, the Owners or Managers of the Vessel or any of them to prevent or mitigate such hazard or
threat thereof. Master, Officers, Crew or Pilots not to be considered Owners within the meaning of these clauses should
they hold shares in the Vessel.
Article 3.
The Company shall not be liable for the cost or expense incurred as the result of the emergency measures unless these
are recoverable under the provisions of the other clauses of this insurance.
Article 4.
These clauses shall prevail notwithstanding anything contained in this insurance inconsistent therewith.

1/4/84TANK CLEANING AND/OR GAS-FREEING CLAUSE
In cases where repairs and/or inspection on the Assured’s account which require the tanks being cleaned and/or gas
freed, whether they are immediately necessary to make the Vessel seaworthy or not, are executed concurrently with otherrepairs for the cost of which the Company is liable and which also require the tanks being cleaned and/or gas freed, the137cost of such cleaning and/or gas freeing as is common to both repairs and/or inspection shall be divided equally between
the Assured and the Company.

1/4/2010

REPAIR CLAUSES
Article 1.
Notwithstanding anything to the contrary contained in this insurance, it is understood and agreed that the cost of
repairing damage to the Vessel caused by an insured peril shall be adjusted subject to Japanese law and practice.
Article 2.
1. If the Vessel sustains damage by an insured peril, the Assured shall repair the damage without delay.
2. The Company shall indemnify the Assured for the cost of repairs of such damage as referred to in the preceding
paragraph after the repairs have been completed but in case the Assured fails to repair the damage without delay
and repairs it later the Company shall indemnify the Assured for the cost of repairs within the limit of the estimatedcost of repairs which would have been required had the repairs been made without delay.
Article 3.
Notwithstanding the preceding Article 2, if the Vessel damaged by an insured peril is sold in the unrepaired condition,
the Company shall indemnify the Assured for the reasonable estimated cost of repairs within the limit of the reasonable
depreciation in value of the Vessel due to the said damage, provided that the Company should have been liable toindemnify the Assured for the cost of repairs had the repairs been made.
However, this Article 3 shall not affect Clauses 18.2 and 18.3 of the Institute Time Clauses-Hulls 1/10/83 Amended forJapanese Clauses Class No.5 (4/90) or No.6 (4/93).

1/4/90

RIGHTS AND DUTIES ON THE VESSEL CLAUSES
Article 1.
The Assured may not make a claim for total loss by way of abandonment of the Vessel to the Company under thisinsurance.
Article 2.
When the Vessel becomes a total loss and the Company indemnifies therefore, the Company shall be entitled to choose
whether or not to acquire the proprietary right of the Vessel.
Article 3.
In case that the Company does not acquire the proprietary right of the Vessel in accordance with the preceding Article,
the Company shall so inform the Assured before making the payment of indemnity.
Article 4.
In case that the Company acquires the proprietary right of the Vessel in accordance with Article 2 above, the Company
shall, by the payment of total loss, acquire the proprietary right of the Vessel in such proportion as the insured amountbears to the insured value.
Article 5.
When the Vessel becomes a total loss, the Assured or the Beneficiary must inform the Company of the following facts
before they make a claim for the indemnity of total loss:(1) Existence or non-existence of any preferential right, pledge, mortgage, right of charter-by-demise, lien and anyother rights existing on the Vessel which may restrict the proprietary right thereof and, if there exists any, thecontents thereof.
(2) Existence or non-existence of any legal liabilities attaching to the Vessel either under the public or private law or138

any fact that may give rise to such Liabilities.
Article 6.
The Company may withhold the payment of indemnity until the information is provided by the Assured or the
Beneficiary in accordance with the preceding Article.
Article 7.
Even after the Company has acquired the proprietary right of the Vessel in accordance with Article 2 above, any sumof money necessary to satisfy or extinguish the rights enumerated in item (1) of Article 5 above, or, to discharge theliabilities stipulated in item (2) of Article 5 above, shall be borne by the Assured or the Beneficiary.

1/4/90

RIGHT OF CLAIM FOR COMPENSATION AGAINST A THIRD PARTY CLAUSE
If, in case where loss has been caused by the perils insured against, the Assured has acquired a right of claim forcompensation against a third party and the Company has indemnified the Assured for the loss, the Company shall acquire
such right, to the extent of the amount paid and in so far as the right of the Assured is not prejudiced.

SPECIAL NAVIGATION CLAUSEThe Company shall not indemnify loss or damage occurring subsequent to any breach of the Conditions of Navigation
enumerated in this policy, except where the Company’s consent in writing has been given.

1/4/2011

BOTTOM PAINTING CLAUSES (A)Article 1.
Only that part of the cost and painting expenses of boot topping and anticorrosive paints which is allocated to thedamaged portion may be included in the “cost of repairs”
Article 2.
In cases where the repair of damage covered under this insurance requires the Vessel to be put in a drydock or on a
slipway, the cost and painting expenses of anti-fouling paint (including the expense for scraping the bottom) may be
included in the “cost of repairs” only up to the limit of amount undermentioned;
Article 3.
Where the repair of damage covered under this insurance is made concurrently with other work and/or inspection, one
half of the following cost, expenses and charges shall be included in the “cost of repairs”.
(1) the expenses for putting the Vessel in and out of a drydock or putting the Vessel on and off a slipway.
(2) the charges for the use of a drydock or a slipway calculated according to the number of days which would havebeen required had the Vessel been separately drydocked or placed on a slipway solely for the repair of damage
covered under this insurance, provided, however, that only one half of such charges are allowable for the numberof days overlapping.
(3) the cost and painting expenses of anti-fouling paint stipulated in Article 2 above.
Article 4.
Notwithstanding item (3) of the preceding Article, the whole cost and painting expenses of anti-fouling paint stipulated
in Article 2 above shall be included in the “cost of repairs” when anti-fouling paint is painted only in the damaged areaon the bottom.

139

Type of vessel
Tonnage appliedin the calculationof hull rates *under

100 tons
100 tons and over
200
〃
500
〃
700
〃
1,000
〃
2,000
〃
3,000
〃
4,000
〃
5,000
〃
6,000
〃
7,000
〃
8,000
〃
9,000
〃
10,000〃20,000〃30,000〃40,000〃50,000〃60,000〃70,000〃80,000〃90,000〃100,000〃
110,000〃
120,000〃
130,000〃
140,000〃
150,000〃
160,000〃
170,000〃
180,000〃
190,000〃A
all types
other thanthose in B
to E
400,000
700,000
1,000,000
1,200,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
3,800,000
4,200,000
4,500,000
4,900,000
5,500,000
7,000,000
9,000,000
11,000,000
12,500,000
14,000,000
15,500,000
17,000,000
18,500,000
19,500,000
21,000,000
22,500,000
24,000,000
25,000,000
26,500,000
28,000,000
29,000,000
30,500,000
32,000,000
33,500,000

B
Container,
Pure Car
Carrier and
Car Ferry
500,000
900,000
1,200,000
1,500,000
1,800,000
2,400,000
3,000,000
3,600,000
4,400,000
4,600,000
5,100,000
5,400,000
5,900,000
6,500,000
8,500,000
11,000,000
13,000,000
15,500,000
17,000,000
18,500,000
20,000,000
22,000,000
23,500,000

C
L.N.G.
Carrier

9,000,000
10,000,000
11,000,000
12,000,000
13,000,000
14,000,000
15,000,000
16,000,000
17,000,000
18,000,000
18,500,000

D
Vessels
without
Engines
300,000
600,000
800,000
900,000
1,200,000
1,500,000
1,900,000
2,300,000
2,700,000
2,900,000
3,200,000
3,400,000
3,700,000
4,000,000
5,500,000
7,000,000
8,000,000
9,500,000
10,500,000
11,500,000
12,500,000
13,500,000
14,500,000**

the tonnage applied in the calculation of hull rates for a floating dock shall be deemed to be as follows;
length (m) × breadth (m) × height of the side wall (m) ÷ 2.832 × 0.24

140unit : yen
ECatamaran
type vessels

800,000
1,400,000
1,800,000
2,300,000
2,700,000
3,600,000
4,500,000
5,400,000
6,600,000
6,900,000
7,700,000
8,100,000
8,900,000
9,500,000
12,500,000

1/4/2011

BOTTOM PAINTING CLAUSES (B)
Article 1.
Only that part of the cost and painting expenses of boot topping and anticorrosive paints which is allocated to thedamaged portion may be included in the “cost of repairs”.
Article 2.
In cases where the repair of damage covered under this insurance requires the Vessel to be put in a drydock or on a
slipway, the cost and painting expenses of anti-fouling paint (including the expense for scraping the bottom) may be
included in the “cost of repairs” only up to the limit of amount undermentioned;
Article 3.
Where the repair of damage covered under this insurance is made concurrently with other work and/or inspection, one
half of the following cost, expenses and charges shall be included in the “cost of repairs”.
(1) the expenses for putting the Vessel in and out of a drydock or putting the Vessel on and off a slipway.
(2) the charges for the use of a drydock or a slipway calculated according to the number of days which would havebeen required had the Vessel been separately drydocked or placed on a slipway solely for the repair of damage
covered under this insurance, provided, however, that only one half of such charges are allowable for the numberof days overlapping.
(3) the cost and painting expenses of anti-fouling paint stipulated in Article 2 above.
Article 4.
Notwithstanding item (3) of the preceding Article, the whole cost and painting expenses of anti-fouling paint stipulated
in Article 2 above shall be included in the “cost of repairs” when anti-fouling paint is painted only in the damaged areaon the bottom.

141Type of vessel
Tonnage appliedin the calculationof hull rates
under
100 tons
100 tons and over
200
〃
500
〃
700
〃
1,000
〃
2,000
〃
3,000
〃
4,000
〃
5,000
〃
6,000
〃
7,000
〃
8,000
〃
9,000
〃
10,000〃20,000〃30,000〃40,000〃50,000〃60,000〃70,000〃80,000〃90,000〃100,000〃
110,000〃
120,000〃
130,000〃
140,000〃
150,000〃
160,000〃
170,000〃
180,000〃
190,000〃A
all types
other thanthose in B
to D
400,000
700,000
1,000,000
1,200,000
1,500,000
1,600,000
2,000,000
2,400,000
2,800,000
3,040,000
3,360,000
3,600,000
3,920,000
4,400,000
5,600,000
7,200,000
8,800,000
10,000,000
11,200,000
12,400,000
13,600,000
14,800,000
15,600,000
16,800,000
18,000,000
19,200,000
20,000,000
21,200,000
22,400,000
23,200,000
24,400,000
25,600,000
26,800,000

B
Container,
Pure Car
Carrier and
Car Ferry
500,000
900,000
1,200,000
1,500,000
1,800,000
1,920,000
2,400,000
2,880,000
3,520,000
3,680,000
4,080,000
4,320,000
4,720,000
5,200,000
6,800,000
8,800,000
10,400,000
12,400,000
13,600,000
14,800,000
16,000,000
17,600,000
18,800,000

C
L.N.G.
Carrier

1,120,000
1,400,000
1,700,000
2,000,000
2,150,000
2,400,000
2,600,000
2,820,000
3,170,000
4,030,000
5,180,000
6,340,000
7,200,000
8,000,000
8,800,000
9,600,000
10,400,000
11,200,000
12,000,000
12,800,000
13,600,000
14,400,000
14,800,000

unit : yen
DCatamaran
type vessels

800,000
1,400,000
1,800,000
2,300,000
2,700,000
2,880,000
3,600,000
4,320,000
5,280,000
5,520,000
6,160,000
6,480,000
7,120,000
7,600,000
10,000,000

1/4/93

BOTTOM TREATMENT CLAUSE
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
1.1 gritblasting and/or other surface preparation of new bottom plates ashore and supplying and applying any “shop”
primer thereto,142

1.2 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,
1.3 supplying and applying the first coat of primer/anti-corrosive to those particular areas mentioned in 1.1 and 1.2 above,
shall be allowed as part of the reasonable cost of repairs in respect of bottom plating damaged by an insured peril.

1/4/2010

SPECIAL CLAUSE FOR YORK-ANTWERP RULES(FOR AMENDED CLAUSES)“York-Antwerp Rules, 1974” in clauses applicable under this policy shall be hereby deleted and replaced by “YorkAntwerp Rules, 1994”

20/11/2020

JHC COMMUNICABLE DISEASE EXCLUSION
1. Notwithstanding any provision to the contrary in this (re)insurance, it is hereby agreed that this (re)insurance excludes
absolutely all Communicable Disease Loss, save where the conditions of the Infected Individual Exception are met.
2.1 “Communicable Disease Loss” shall mean all loss, damage, liability, or expense of whatsoever nature, proximately
caused by or significantly caused by or contributed to by or resulting from or arising out of or in connection with anyof the Excluded Circumstances, those Circumstances beinga) a Communicable Disease, and/orb) the fear or threat, whether actual or perceived, of a Communicable Disease, and/orc) any recommendation, decision or measure, made or taken to restrict, prevent, reduce or slow the spread of infectionof a Communicable Disease or to remove or minimise legal liability in respect of such a disease, whether made or
taken by a public authority or a private entity and/ord) any recommendation, decision or measure made or taken to alter, reverse or remove any circumstance fallingwithin (c) above, whether made or taken by a public authority or a private entity
regardless of any other cause or circumstance contributing concurrently or in any other sequence thereto.
2.2 Without prejudice to the effect of Clauses 2.1 (a), (b) and (d), recommendations, decisions and measures bywhomsoever taken to tie-up, lay-up or maintain at anchor, in port or elsewhere, any vessel, conveyance, rig or platformpending resumption of cruising, operation, trading, cargo loading or discharge or other customary use shall notconstitute Excluded Circumstances, notwithstanding they or any of them may have been taken for the reasons set out
in 2.1 (c) above.
2.3 Without prejudice to the effect of Clauses 2.1 (a), (b) and (d) for the purposes of a loss event first affecting a vessel,
conveyance, rig or platform during a voyage undertaken as a consequence of a diversion, a prior recommendation,
decision or measure by whomsoever taken to divert that vessel from an earlier loading or discharge or other destination
shall not constitute an Excluded Circumstance solely by reason of that diversion having been made for the reasons set
out in 2.1 (c) above.
2.4 Without prejudice to the effect of Clauses 2.1 (a), (b) and (d), where loss, damage or liability have first been incurredin circumstances which are not excluded under 2.1 (a) to (d) above, increased expense or increased liability for expense
shall not be excluded notwithstanding that increase may have been incurred for the reasons set out in 2.1(c) above.
3. “Communicable Disease” shall mean any disease, known or unknown, which can be transmitted by means of any
substance or agent from one organism to another where:a)the substance or agent includes but is not limited to a virus, bacterium, parasite or other organism or any variation143

or mutation of any of the foregoing, whether deemed living or not, andthe method of transmission, whether direct or indirect, includes but is not limited to human touch or contact,
airborne transmission, bodily fluid transmission, transmission to or from or via any solid object or surface or liquid
or gas andc)the disease, substance or agent may, acting alone or in conjunction with other co-morbidities, conditions, genetic
susceptibilities, or with the human immune system, cause death, illness or bodily harm or temporarily or
permanently impair human physical or mental health or adversely affect the value of or safe use of property of any
kind.
4.1 The Infected Individual Exception shall apply where (1) the actions or decisions of any individual infected or allegedly
infected with a Communicable Disease cause or contribute to an alleged loss event and (2) neither such action nor
decision nor the alleged cause of the loss event itself was a recommendation, decision or measure as defined in 2.1 (c)or 2.1 (d) above.
4.2 Where those conditions are met, the fact or possibility that the individual’s action(s) or decision(s) were impaired oraffected by or caused by that individual’s alleged or actual infection shall not exclude recovery of a Loss otherwise
recoverable hereon provided always that there shall be no cover for loss, damage, liability, or expense arising from any
increase in the spread, incidence, severity or recurrence of a Communicable Disease or from any Circumstance as
defined in Clause 2.1 (c) or (d) consequent on that individual’s actions or decisions.
4.3 For the purposes of this Exception, the Infected Individual need not be physically present on or in an interest affectedby the loss event, provided that his or her actions or decisions causing or contributing to the loss event and affectingthat interest, directly or indirectly, were of a kind which, when not impaired or affected, would fall within the ordinary
course of his or her employment.
5. Loss, damage, liability and expense arising solely out of a loss event otherwise reinsured under this (re)insurance andnot excluded thereby nor excluded pursuant to this Clause remain covered in accordance with the terms and conditions
thereof.
b)144

(6) TRADING WARRANTIES
1/7/76

INSTITUTE WARRANTIES
1. Warranted no:－(a) Atlantic Coast of North America, its rivers or adjacent islands,(i) north of 52°10′ N. Lat. and west of 50° W. Long.;(ii) south of 52°10′ N. Lat. in the area bounded by lines drawn between Battle Harbour/Pistolet Bay; Cape
Ray/Cape North; Port Hawkesbury/Port Mulgrave and Baie Comeau/Matane, between 21st December and30th April both days inclusive.
(iii) west of Baie Comeau/Matane (but not west of Montreal) between 1st December and 30th April both days
inclusive.
(b) Great Lakes or St. Lawrence Seaway west of Montreal.
(c) Greenland Waters.
(d) Pacific Coast of North America, its rivers or adjacent islands north of 54°30′ N. Lat., or west of 130°50′ W. Long.
2. Warranted no Baltic Sea or adjacent waters east of 15° E. Long.
(a) North of a line between Mo (63°24′ N. Lat.) and Vasa (63°06′ N. Lat.) between 10th December and 25th May b.d.i.
(b) East of a line between Viipuri (Vyborg) (28°47′ E. Long.) and Narva (28°12′ E. Long.) between 15th Decemberand 15th May b.d.i.
(c) North of a line between Stockholm (59°20′ N. Lat.) and Tallinn (59°24′ N. Lat.) between 8th January and 5th May
b.d.i.
(d) East of 22° E. Long, and south of 59° N. Lat. between 28th December and 5th May b.d.i.
3. Warranted not North of 70° N. Lat. other than voyages direct to or from any port or place in Norway or Kola Bay.
4. Warranted no Bering Sea, no East Asian waters north of 46° N. Lat. and not to enter or sail from any port or place inSiberia except Nakhodka and/or Vladivostock.
5. Warranted not to proceed to Kerguelen and/or Croset Islands or south of 50° S. Lat., except to ports and/or places inPatagonia and/or Chile and/or Falkland Islands, but liberty is given to enter waters south of 50° S. Lat., if en route toor from ports and/or places not excluded by this warranty.
6. Warranted not to sail with Indian Coal as cargo:(a) between 1st March and 30th June, b.d.i.
(b) between 1st July and 30th September, b.d.i., except to ports in Asia, not West of Aden or East of or beyond
Singapore.

1/4/90VOYAGE WARRANTY “WORLD WIDE”
Trading world-wide, but excluding the waters mentioned below:
1. Atlantic Coast of North America (including its rivers and adjacent islands), but limited to the following waters:A) North of 52°10′ N. Lat. and west of 50°W. Long.
B) St.Lawrence Bay (the area bounded by lines drawn between Battle Harbour/Pistolet Bay; Cape Ray/Cape
North;Port Hawkesbury/Port Mulgrave and Baie Comeau/Matane) between 21st December and 30th April, b.d.i.
C) St.Lawrence River west of a line between Baie Comeau and Matane and east of Montreal between 1st December
and 30th April, b.d.i.
2. The Great Lakes and St.Lawrence Seaway west of Montreal, (excluding Montreal).
3. Greenland waters.
4. Pacific Coast of North America (including its rivers and adjacent islands) west of 130°50′ W. Long. and North Pacificwaters north of 54°30′ N. Lat. and east of 160°W. Long., excluding, however, the passing through these waters for the145purpose of navigating between ports or places in the aforementioned warranty.
5. Baltic Sea or adjacent waters east of 15°E. Long. but limited to the waters and the period stipulated below:A) North of a line between Mo (63°24′ N. Lat.) and Vasa (63°06′ N. Lat.) between 10th December and 25th May,b.d.i. (excluding Mo and Vasa)
B) East of a line between Viipuri (28°47′E. Long.) and Narva (28°12′ E. Long.) between 15th December and 15th
May, b.d.i. (excluding Viipuri and Narva)
C) North of a line between Stockholm (59°20′ N. Lat.) and Tallinn (59°24′ N. Lat.) between 8th January and 5th May,b.d.i. (excluding Stockholm and Tallinn)
D) East of 22° E. Long. and south of 59° N. Lat. between 28th December and 5th May, b.d.i.
6. North of 70° N. Lat., excluding, however, round voyages to and from Norwegian Coast (including its rivers and adjacentislands) or Kola Bay.
7. Bering Sea.
8. Siberian Coast (including its rivers and adjacent islands) and the Asian waters north of 46° N. Lat. and west of 180° E.
Long., excluding, however, the waters mentioned below:
A) Vladivostock and Nakhodka.
B) Proceeding to ports or places on the coast of Saghalien or on the Siberian Coast (including its rivers and adjacentislands) from Nikolaevsk and Mago to Vladivostock, between 15th March and 14th November, b.d.i. provided,
however, that the Vessel must leave by 14th November the last port on the above coasts for a port in the
aforementioned warranty.
C) Passing through the above waters for the purpose of navigating between ports or places in the aforementioned
warranty.
9. Kerguelen and Croset Islands.
10. Waters south of 50° S. Lat., but excluding the following:A) Patagonia, Chile and Falkland Islands.
B) Passing through the above waters for the purpose of navigating between ports or places in the aforementioned
warranty.

1/4/2022

BREACH OF NAVIGATING LIMIT REQUIREMENTS CLAUSE
It shall be a condition precedent to theliability of the Underwriters that:
1. the vessel shall be equipped and properly fitted with :1.1 two independent marine radar sets
1.2 at least one global positioning system receiver (such as US GPS, Russian GLONASS, European Galileo, ChineseCompass)
1.3 a radio transceiver and GMDSS
1.4 a weather facsimile recorder or alternative equipment for the receipt of weather and routeing information
1.5 a gyrocompass, incorporating latitude corrections approved by manufacturers or their agents, when North of 70°
N. Lat.
in each case all navigational aids, radar, arpa (automatic radar plotting aid), echosounders, speed logs, navtex, compasses, chronometers, communication systems etc
should be fully operational and operated by qualified personnel; and2. the vessel shall be in possession of appropriate navigational charts corrected to thelast available notice to mariners, sailing directions, lists of radio signals, log signals,
lights and pilot books; and3. the vessel shall adhere to all pilotage requirements, traffic regulations and controls
as may be established by the applicable coastal state authorities.
146

JH2011/002
8th March 2011

AMERICAN INSTITUTE TRADE WARRANTIES
1. Warranted no port or place on the Eastern Coast of North America, its rivers or adjacent islands(a) north of 52°10′ N. Lat. and west of 50° W. Long.
(b) in the Gulf of St. Lawrence, its connecting waters and the St. Lawrence River, in the area bounded by lines drawn
between Battle Harbour/Pistolet Bay; Cape Ray/Cape North; Port Hawkesbury/Port Mulgrave; and Baie
Comeau/Matane, between December 21st and April 30th, both days inclusive.
(c) west of Baie Comeau, but not West of Montreal, between December 1st and April 30th, both days inclusive.
2. Warranted no Great Lakes or St. Lawrence Seaway or St. Lawrence River west of Montreal.
3. Warranted no port or place in Greenland or its adjacent waters.
4. Warranted no port or place on the Western Coast of North America, its rivers or adjacent islands, north of 54°30′ N.
Lat. or west of 130°50′ W. Long.; except the port of Ketchikan, Alaska, provided.
(a) that qualified pilot having knowledge of local waters be on duty while the Vessel is in waters north of 54°30′ N.
Lat. and east of 132° W. Long. and(b) that the Vessel be equipped with operating Gyro Compass, Radio Direction Finder, Fathometer and Radar.
5. Warranted no Baltic Sea (or adjacent waters east of 15° E. Long.);(a) north of a line between Mo and Vaasa between November 15th and May 5th, both days inclusive.
(b) east of a line between Viipuri (Vyborg) and Narva between November 21st and May 5th, both days inclusive.
(c) north of a line between Stockholm and Tallinn between December 15th and April 15th, both days inclusive.
(d) east of 22° E. Long. and south of 59° N. Lat. between December 15th and April 15th, both days inclusive.
6. Warranted not north of 70° N. Lat. except when proceeding directly to or from any port or place in Norway or Kola
Bay.
7. Warranted no Bering Sea, no East Asian waters north of 46° N. Lat. and no port or place in Siberia except Vladivostok
and/or Nakhodka.
8. Warranted no Kerguelen or Croset Islands, nor waters south of 50° S. Lat., except ports or places in Patagonia, Chileand Falkland Islands, but liberty is given to enter waters south of 50° S. Lat. if proceeding to or from ports or places
not excluded by this warranty.
9. Warranted not to sail with Indian Coal as cargo:(a) between March 1st and June 30th, both days inclusive.
(b) between July 1st and September 30th, both days inclusive, except to ports in Asia, not west of Aden nor east of or
beyond Singapore.

AMENDMENT FOR AMERICAN INSTITUTE TRADE WARRANTIESIt is understood and agreed that Article 5 of American Institute Trade Warranties (July 1, 1972) are amended as follows.
5. Warranted no Baltic Sea or adjacent waters east of 15° E. Long.
(a) North of a line between Mo (63°24′ N. Lat.) and Vaasa (63°06′ N. Lat.) between 10th December and 25th May
b.d.i.
(b) East of a line between Viipuri (Vyborg) (28°47′ E. Long.) and Narva (28°12′ E. Long.) between 15th Decemberand 15th May b.d.i.
(c) North of a line between Stokholm (59°20′ N. Lat.) and Tallinn (59°24′ N. Lat.) between 8th January and 5th May
b.d.i.
(d) East of 22° E. Long. and south of 59° N. Lat. between 28th December and 5th May b.d.i.

147

INDEXPAGEAAMENDMENT FOR AMERICAN INSTITUTE TRADE WARRANTIES .................................................................... 147
AMERICAN HULL INSURANCE SYNDICATE LINER NEGLIGENCE CLAUSE FOR ATTACHMENT TOAMERICAN INSTITUTE HULL CLAUSES (JANUARY 18, 1970) ............................................................................... 73
AMERICAN INSTITUTE HULL CLAUSES (JUNE 2, 1977) ......................................................................................... 45
AMERICAN INSTITUTE INCREASED VALUE AND EXCESS LIABILITIES CLAUSES (NOVEMBER 3,
1977) ................................................................................................................................................................................... 52
AMERICAN INSTITUTE TRADE WARRANTIES ....................................................................................................... 147
ASSURED CLAUSE ........................................................................................................................................................ 136

B
BERING SEA TRANSIT CLAUSE AMENDED .............................................................................................................. 59
BERING SEA TRANSIT CLAUSES (FOR I.T.C. AMENDED) ....................................................................................... 59
BLOCKING AND TRAPPING ETC. WORDING (LOSS OF HIRE/LOSS OF TIME) (1/4/2013) ................................. 91
BOTTOM PAINTING CLAUSES (A) ............................................................................................................................. 139
BOTTOM PAINTING CLAUSES (B) ............................................................................................................................. 141
BOTTOM TREATMENT CLAUSE ................................................................................................................................. 142
BREACH OF NAVIGATING LIMIT REQUIREMENTS CLAUSE ............................................................................... 146

C
CANCELLATION AND PREMIUM RETURN CLAUSES............................................................................................ 133
CLASSIFICATION CLAUSE .......................................................................................................................................... 134
CO-INSURERS CLAUSES.............................................................................................................................................. 130
COLLISION LIABILITY CLAUSES (4/90)...................................................................................................................... 33
CONSTRUCTIVE TOTAL LOSS CLAUSE (FOR REPAIRING RISKS INSURANCE) .............................................. 123
CONSTRUCTIVE TOTAL LOSS CLAUSE (FOR SHIPREPAIRERS’ RISKS INSURANCE) .................................... 123
3/4THS COLLISION LIABILITY CLAUSE (A) .............................................................................................................. 67
3/4THS COLLISION LIABILITY CLAUSE (B)............................................................................................................... 68

D
DEDUCTIBLE CLAUSES (A) .......................................................................................................................................... 68
DEDUCTIBLE CLAUSES (A) (FOR 3/4THS COLLISION LIABILITY)....................................................................... 70
DEDUCTIBLE CLAUSES (B) .......................................................................................................................................... 69
DEDUCTIBLE CLAUSES (C) .......................................................................................................................................... 69
DEDUCTIBLE CLAUSES (C) (FOR 3/4THS COLLISION LIABILITY) ....................................................................... 71
DEDUCTIBLE CLAUSES (D) .......................................................................................................................................... 70
DEDUCTIBLE CLAUSES (FOR WORK BOAT ETC. AMENDED NO.5) ..................................................................... 72
DEDUCTIBLE CLAUSES (G) (FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES-HULLS 1/10/83) ......... 72
DEDUCTIBLE CLAUSES (G) (FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES-HULLSAMENDED FOR JAPANESE CLAUSES CLASS NO.6 4/93)......................................................................................... 72
DEDUCTIBLE CLAUSES (H) (FOR USE ONLY WITH THE INSTITUTE TIME CLAUSES-HULLSAMENDED FOR JAPANESE CLAUSES CLASS NO.5 4/90)......................................................................................... 73
DISBURSEMENTS WARRANTY CLAUSE (A) ............................................................................................................. 65
DISBURSEMENTS WARRANTY CLAUSE (B).............................................................................................................. 65
DUTY OF ASSURED AND RIGHTS OF INSURER CLAUSES ................................................................................... 132

E
EARTHQUAKE RISKS CLAUSE ................................................................................................................................... 122
EXCESS COLLISION LIABILITY CLAUSE (A-2) (FOR 3/4THS COLLISION LIABILITY) ..................................... 60
EXCESS COLLISION LIABILITY CLAUSE (A-2) (FOR 4/4THS COLLISION LIABILITY) ..................................... 61
EXCESS COLLISION LIABILITY CLAUSE (B-2) (FOR 3/4THS COLLISION LIABILITY) ..................................... 60
EXCESS COLLISION LIABILITY CLAUSE (B-2) (FOR 4/4THS COLLISION LIABILITY) ..................................... 61
EXPENSE OF SIGHTING THE BOTTOM CLAUSE ...................................................................................................... 68

F
FIRE AND POLLUTION HAZARD CLAUSES (A) ...................................................................................................... 136
FIRE AND POLLUTION HAZARD CLAUSES (B)....................................................................................................... 137
FISHING GEAR CLAUSES .............................................................................................................................................. 62
FISHING VESSEL CLAUSE (NO.6) ................................................................................................................................ 68
FULL PREMIUM IF CLAIM CLAUSES (FOR LOSS OF CHARTER HIRE INSURANCE EXCLUDING WAR
ABS 1/10/83 WORDING) .................................................................................................................................................. 80
FULL PREMIUM IF CLAIM CLAUSES (FOR LOSS OF CHARTER HIRE INSURANCE INCLUDING WAR
ABS 1/10/83 WORDING) .................................................................................................................................................. 80
FULL PREMIUM IF LOST CLAUSES ........................................................................................................................... 130

G
G.A. ETC. CONTRIBUTION CLAUSE ............................................................................................................................ 62
GENERAL AVERAGE EXTENDED COVERAGE .......................................................................................................... 74

H
HULL WAR SPECIAL CLAUSE IN RESPECT OF FISHING OR REEFER BOAT ....................................................... 95

I
ICE CLAUSE (A) ............................................................................................................................................................... 67
INCORPORATION CLAUSE ............................................................................................................................................ 97
INSTITUTE ADDITIONAL PERILS CLAUSES-HULLS (FOR USE ONLY WITH THE INSTITUTE TIME
CLAUSES-HULLS 1/10/83) .............................................................................................................................................. 57
INSTITUTE ADDITIONAL PERILS CLAUSES-HULLS AMENDED (4/93) (FOR USE ONLY WITH THE
INSTITUTE TIME CLAUSES-HULLS 1/10/83*) ............................................................................................................ 57
INSTITUTE CLAUSES FOR BUILDERS’ RISKS AMENDED (4/96)............................................................................ 99
INSTITUTE CLAUSES FOR BUILDERS’ RISKS AMENDED (4/96) (REPAIRING RISKS INSURANCE) ............. 106
INSTITUTE CLAUSES FOR BUILDERS’ RISKS AMENDED (4/96) (SHIPREPAIRERS’ RISKS INSURANCE).......................................................................................................................................................................................... 113
INSTITUTE CYBER ATTACK EXCLUSION CLAUSE - CL380 ............................................................................... 135
INSTITUTE MACHINERY DAMAGE ADDITIONAL DEDUCTIBLE CLAUSE (FOR USE ONLY WITH THE
INSTITUTE TIME CLAUSES-HULLS 1/10/83) .............................................................................................................. 60
INSTITUTE NOTICE OF CANCELLATION AUTOMATIC TERMINATION OF COVER AND WAR AND
NUCLEAR EXCLUSIONS CLAUSE-HULLS, ETC. (FOR I.W.S.C. AMENDED ETC.)............................................... 96
INSTITUTE NOTICE OF CANCELLATION AUTOMATIC TERMINATION OF COVER AND WAR AND
NUCLEAR EXCLUSIONS CLAUSE-HULLS, ETC. AMENDED .................................................................................. 95
INSTITUTE PROTECTION AND INDEMNITY CLAUSES HULLS-TIME AMENDED(1/06).................................... 41
INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIO-CHEMICAL AND
ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE ....................................................................................... 131

INSTITUTE STRIKES CLAUSES BUILDERS’ RISKS AMENDED (4/96) ................................................................. 121
INSTITUTE TIME CLAUSES HULLS ............................................................................................................................. 1
INSTITUTE TIME CLAUSES HULLS AMENDED FOR JAPANESE CLAUSES CLASS NO.5 (4/90) ....................... 13
INSTITUTE TIME CLAUSES HULLS AMENDED FOR JAPANESE CLAUSES CLASS NO.6 (4/93) ....................... 20
INSTITUTE TIME CLAUSES-HULLS DISBURSEMENTS AND INCREASED VALUE (TOTAL LOSS ONLY,
INCLUDING EXCESS LIABILITIES) ............................................................................................................................... 9
INSTITUTE TIME CLAUSES-HULLS DISBURSEMENTS AND INCREASED VALUE (TOTAL LOSS ONLY,
INCLUDING EXCESS LIABILITIES) AMENDED FOR JAPANESE CLAUSES CLASS NO.5 (4/90) ....................... 33
INSTITUTE TIME CLAUSES-HULLS DISBURSEMENTS AND INCREASED VALUE (TOTAL LOSS ONLY,
INCLUDING EXCESS LIABILITIES) AMENDED FOR JAPANESE CLAUSES CLASS NO.6 (4/90) ....................... 37
INSTITUTE TIME CLAUSES-HULLS TOTAL LOSS ONLY (INCLUDING SALVAGE, SALVAGE CHARGESAND SUE AND LABOUR) AMENDED FOR JAPANESE CLAUSES CLASS NO.2 (4/90) ......................................... 28
INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME ...................................................................................... 82
INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME (AMENDED TO COVER DISB’TS INCLUDINGEXCESS LIABILITIES) ................................................................................................................................................... 83
INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME AMENDED (1/4/97) ...................................................... 85
INSTITUTE WAR AND STRIKES CLAUSES HULLS-TIME AMENDED TO COVER DISBURSEMENTS ETC.
AGAINST T.L.O. (4/96) ..................................................................................................................................................... 87
INSTITUTE WAR CLAUSES BUILDERS’ RISKS AMENDED (4/2023)..................................................................... 120
INSTITUTE WARRANTIES ........................................................................................................................................... 145
INSURED VALUE CLAUSES (FOR BUILDERS’ RISKS INSURANCE) ................................................................... 124
IRANIAN OIL EXCLUSION CLAUSE .......................................................................................................................... 134

J
JHC COMMUNICABLE DISEASE EXCLUSION ......................................................................................................... 143
JURISDICTION CLAUSE ............................................................................................................................................... 133

L
LAID UP RETURN CLAUSES (DISBURSEMENTS) ..................................................................................................... 66
LAID UP RETURN CLAUSES (HULLS) ......................................................................................................................... 65
LAID UP RETURN CLAUSES (LOH).............................................................................................................................. 80
LAW AND PRACTICE CLAUSES ................................................................................................................................. 132
LEASED EQUIPMENT CLAUSE ................................................................................................................................... 136
LIEN CLAUSES............................................................................................................................................................... 132
LINER NEGLIGENCE CLAUSE (LONDON FORM) ..................................................................................................... 74
LONDON BLOCKING AND TRAPPING ADDENDUM (FOR USE WITH INSTITUTE WAR AND STRIKES
CLAUSES HULLS (1/10/83)) ............................................................................................................................................ 94
LONDON BLOCKING AND TRAPPING ADDENDUM (FOR USE WITH INSTITUTE WAR AND STRIKES
CLAUSES HULLS 1/10/83 AMENDED (1/4/97) ............................................................................................................. 95
LOSS OF CHARTER HIRE INSURANCE EXCLUDING WAR (ABS 1/10/83 WORDING)......................................... 78
LOSS OF CHARTER HIRE INSURANCE INCLUDING WAR (ABS 1/10/83 WORDING) .......................................... 76
LOSS PAYABLE CLAUSE (A)........................................................................................................................................ 135
LOSS PAYABLE CLAUSE (B) ........................................................................................................................................ 135

M
MACHINERY DAMAGE CO-INSURANCE CLAUSE FOR USE WITH AMERICAN INSTITUTE HULL
CLAUSES ........................................................................................................................................................................... 74
MACHINERY DAMAGE CO-INSURANCE CLAUSE FOR USE WITH AMERICAN INSTITUTE HULL
CLAUSES (AMENDMENT) ............................................................................................................................................. 74

MARINE CYBER ENDORSEMENT - LMA5403 .......................................................................................................... 134
MARINE HULL COMPUTER AND SOFTWARE DATE RECOGNITION EXCLUSION CLAUSE .......................... 131

N
NECESSARY REPAIR CLAUSE ...................................................................................................................................... 68

P
PERILS CLAUSE (EARTHQUAKE RISKS ONLY) ...................................................................................................... 125
PREMIUM CLAUSES (A-2) ........................................................................................................................................... 126
PREMIUM CLAUSES (A-3) ........................................................................................................................................... 127
PREMIUM CLAUSES (ADDITIONAL PREMIUM FOR WAR RISKS DEVIATION) .................................................. 95
PREMIUM CLAUSES (B-2)............................................................................................................................................ 126
PREMIUM CLAUSES (B-3)............................................................................................................................................ 128
PREMIUM PAYMENT CLAUSE (LSW3000 AMENDED) ............................................................................................. 98
PROCEEDING CLAUSE ................................................................................................................................................. 122

R
REPAIR CLAUSES .......................................................................................................................................................... 138
REPAIR CLAUSES (FOR I.B.C. AMENDED (4/2010))................................................................................................. 123
REPLACED CLAUSE FOR CLAUSE 6.4.3 ..................................................................................................................... 12
REPLACED CLAUSE FOR CLAUSE 8 ............................................................................................................................. 8
RIGHT OF CLAIM FOR COMPENSATION AGAINST A THIRD PARTY CLAUSE.................................................. 139
RIGHTS AND DUTIES ON THE VESSEL CLAUSES .................................................................................................. 138
RUSSIAN OIL EXCLUSION CLAUSE (FOR OIL PRICE CAP EXCEPTION)............................................................. 134

S
SANCTION LIMITATION AND EXCLUSION CLAUSE ............................................................................................. 134
SCRAP VOYAGE CLAUSES ............................................................................................................................................ 62
SCRAP VOYAGE CLAUSES (FOR AMENDED NO.2) .................................................................................................. 63
SCRAP VOYAGE CLAUSES (FOR USE WITH AMERICAN INSTITUTE HULL CLAUSES 2/6/77) ........................ 64
SMALL GENERAL AVERAGE CLAUSES ...................................................................................................................... 62
SPECIAL CLAUSE FOR SUBJECT-MATTER INSURED .............................................................................................. 68
SPECIAL CLAUSE FOR YORK-ANTWERP RULES (FOR AMENDED CLAUSES) ................................................ 143
SPECIAL NAVIGATION CLAUSE ................................................................................................................................. 139
SUBJECT-MATTER INSURED CLAUSE (FOR BUILDERS’ RISKS INSURANCE) ................................................. 124
SUBJECT-MATTER INSURED CLAUSE (FOR REPAIRING RISKS INSURANCE) ................................................. 124
SUBJECT-MATTER INSURED CLAUSE (FOR SHIPREPAIRERS’ RISKS INSURANCE)....................................... 124

T
TANK CLEANING AND/OR GAS-FREEING CLAUSE ............................................................................................... 137
TERMINATION CLAUSE ................................................................................................................................................. 64

V
VIOLENT THEFT, PIRACY AND BARRATRY EXCLUSION - FOR USE WITH INSTITUTE TIME CLAUSESHULLS 1/10/83 .................................................................................................................................................................. 57
VIOLENT THEFT, PIRACY AND BARRATRY EXCLUSION - FOR USE WITH INSTITUTE TIME CLAUSESHULLS DISBURSEMENTS AND INCREASED VALUE (TOTAL LOSS ONLY, INCLUDING EXCESSLIABILITIES) 1/10/83 ....................................................................................................................................................... 58
VIOLENT THEFT, PIRACY AND BARRATRY EXTENSION-FOR USE WITH THE INSTITUTE WAR &STRIKES CLAUSES HULLS-TIME 1/10/83.................................................................................................................... 93
VIOLENT THEFT, PIRACY AND BARRATRY EXTENSION-FOR USE WITH THE INSTITUTE WAR &STRIKES CLAUSES HULLS-TIME (AMENDED TO COVER DISBURSEMENTS INCLUDING EXCESSLIABILITIES) 1/10/83 ....................................................................................................................................................... 93
VOYAGE WARRANTY “WORLD WIDE” .................................................................................................................... 145

W
WAGES AND MAINTENANCE RECOVERABLE IN PARTICULAR AVERAGE ..................................................... 136“WAR ETC.” P. AND I. CLAUSE...................................................................................................................................... 94
WAR RISK PROTECTION AND INDEMNITY CLAUSES (CREW LIABILITY)......................................................... 90
WAR RISK PROTECTION AND INDEMNITY CLAUSES (DISBURSEMENTS) ........................................................ 90
WAR RISK PROTECTION AND INDEMNITY CLAUSES (DISBURSEMENTS) (FOR USE WITH INSTITUTEWAR AND STRIKES CLAUSES HULLS-TIME 1/10/83 AMENDED (4/93))................................................................ 90
WAR RISK PROTECTION AND INDEMNITY CLAUSES (HULLS) ............................................................................ 88
WAR RISK PROTECTION AND INDEMNITY CLAUSES (HULLS) (FOR USE WITH INSTITUTE WAR ANDSTRIKES CLAUSES HULLS-TIME 1/10/83 AMENDED (4/93)) ................................................................................... 89