| |
|
INSTITUTE TIMBER TRADE
FEDERATION CLAUSES |
| |
|
|
RISKS COVERED |
|
1. - Risks Clause |
1 - Cargo whilst stowed on deck
1.1 This insurance covers all risks of loss of or
damage to the subject-matter insured except as provided in Clauses 4, 5, 6 and 7
below
1.1.1
loss of or damage to the
subject-matter insured whilst stowed on deck of the oversea vessel, or any part
or item thereof whilst so stowed, reasonably attributable to
1.1.1.1 fire or
explosion
1.1.1.2 vessel
being stranded grounded
sunk or capsized
1.1.1.3
collision or contact of vessel
with any external object other than water
1.1.1.4
discharge of cargo at a port of
distress,
1.1.2
loss of or damage to the
subject-matter insured whilst stowed on deck of the oversea vessel, or any part
or item thereof whilst so stowed, caused by
1.1.2.1 general
average sacrifice
1.1.2.2 jettison or
washing overboard
1.1.2 3 theft or
non-delivery
1.1.2 4 malicious
act
1.2 - Cargo
whilst not stored on deck
This insurance covers all risks of loss of or damage to the
subject-matter insured excluding any part or item thereof whilst stowed on deck
on the oversea vessel, except as provided in Clauses 4, 5, 6 and 7 below.
Subject-matter insured or any part or item thereof stowed in poop, forecastle,
deck house, shelter deck, other enclosed space, or in a container, shall be
deemed to be subject-matter insured not stowed on deck |
|
2. - General Average Clause |
2
- This insurance covers general average and
salvage charges, adjusted or determined according to the contract of
affreightment and/or the governing law and practice, incurred to avoid or in
connection with the avoidance of loss from any cause except those excluded in
Clauses 4, 5, 6 and 7 or elsewhere in this insurance. |
|
3. - "Both to Blame Collision" Clause |
3 - This insurance is extended to indemnify the
Assured against such proportion of liability under the contract of
affreightment "Both to Blame Collision" Clause as is in respect of a
loss recoverable hereunder. In the event of any claim by shipowners under the
said Clause the Assured agree to notify the Underwriters who shall have the
right, at their own cost and expense, to defend the Assured against such
claim. |
| |
|
|
EXCLUSIONS |
|
4. - General Exclusion Clause |
4. - In no case shall this insurance cover
4.1 loss, damage, or expense attributable to willful misconduct of the
Assured
4.2 ordinary leakage, ordinary loss in weight or volume, or ordinary wear
and tear of the subject-matter insured
4.3 loss damage or expense caused by insufficiency
or unsuitability of packing or preparation of the subject-matter insured (for
the purpose of this Clause 4.3 "packing" shall be deemed to include
stowage in a container or liftvan but only when such stowage is carried out
prior to attachment of this insurance or by the Assured or their servants)
4.4 loss damage or expense caused by inherent vice or nature of the
subject-matter insured
4.5 loss damage or expense proximately caused by delay, even though the
delay be caused by a risk insured against (except expenses payable under Clause
2 above)
4.6 loss damage or expense arising from insolvency or financial default
of the owners managers charterers or operators of the vessel
4.7 loss damage or expense arising from the use of any weapon of war
employing atomic or nuclear fission and/or fusion or other like reaction or
radioactive force or matter.
|
|
5. - Unseaworthiness and Unfitness Exclusion Clause |
5.1 In no case shall this insurance cover loss
damage or expense arising from
5.1.1
unseaworthiness of
vessel or craft or unfitness of vessel or craft for the safe carriage of the
subject-matter insured, where the Assured are privy to such unseaworthiness
or unfitness at the time the subject-matter insured is loaded therein
5.1.2 .unfitness
of container liftvan or land conveyance for the safe carriage of the
subject-matter insured, where loading therein is carried out prior to
attachment of this insurance or by the Assured or their servants
5.2
Where this insurance has been assigned to the
party claiming hereunder who has bought or agreed to but the subject-matter
insured in good faith under a binding contract, exclusion 5.1.1 above shall
not apply.
5.3
The Underwriters waive any breach of the
implied warranties of seaworthiness of the ship and fitness of the ship to
carry the subject matter insured to destination.
|
|
6. - War Exclusion Clause |
6
In no case shall this insurance cover loss
damage or expense caused by
6.1 war civil war revolution rebellion insurrection, or civil strife
arising therefrom, or any hostile act by or against a belligerent power
6.2 capture seizure arrest restraint or detainment (piracy excepted),
and the consequences thereof or any attempt thereat
6.3 derelict mines torpedoes bombs or other derelict weapons of war.
|
|
7. - Strikes Exclusion Clause |
7 . - In no case shall this insurance cover loss
damage or expense
7.1 caused by strikers, locked-out workmen, or persons taking part in
labour disturbances, riots or civil commotions
7.2 resulting from strikes, lock-outs, labour disturbances, riots or
civil commotions
7.3 caused by any terrorist or any person acting from a political
motive.
|
| |
|
|
DURATION |
|
8. - Transit Clause |
8. - This insurance attaches from the time the goods
leave the warehouse or place of storage at the place named herein for the
commencement of the transit, continues during the ordinary course of transit and
terminates either
8.1.1
on delivery of the goods by land or water into
the mill, warehouse, factory, yard or premises at their final destination,
whether at the port of discharge of the oversea vessel or (further sea voyage
excepted) elsewhere, and are there made available to the Assured or Receivers
8.1.2
on delivery to any other warehouse or place of
storage, which the Assured elect to use for storage other than in the ordinary
course of transit
- or -
8.1.3
on the expiry of 60 days after completion of
discharge overside of the goods hereby insured from the oversea vessel at the
final port of discharge,
-- whichever shall first occur.
8.2
This insurance shall remain in force (subject
to termination as provided for above and to the provisions of Clause 9 below)
during delay beyond the control of the Assured, any deviation, forced discharge,
reshipment or transshipment and during any variation of the adventure arising
from the exercise of a liberty granted to shipowners or charterers under the
contract of affreightment.
8.3
Each bill of lading to be deemed a separate
insurance if required by the Assured at any time.
8.4
The provisions of Clause 8 shall apply
notwithstanding that the description of the voyage in the body of the policy may
state only the ports and places of shipment and discharge.
|
|
9. - Termination of Contract of Carriage Clause |
9 If
owing to circumstances beyond the control of the Assured either the contract
of carriage is terminated at a port or place other than the destination named
therein or the transit is otherwise terminated before delivery of the goods as
provided for in Clause 8 above, then this insurance shall also terminate
unless prompt notice is given to the Underwriters and continuation of cover is
requested when the insurance shall remain in force, subject to an additional
premium if required by the Underwriters, either
9.1 until the goods are sold and delivered at such port or place, or
unless otherwise specially agreed, until the expiry of 60 days after arrival
of the goods hereby insured at such port or place, whichever shall first
occur, or
9.2 if the goods are forwarded within the said period of 60 days (or
any agreed extension thereof) to the destination named herein or to any other
destination, until terminated in accordance with the provisions of Clause 8
above.
|
|
10. - Change of Voyage Clause |
10 Where, after attachment of this insurance, the
destination is changed by the Assured, held covered at a premium and on
conditions to be arranged subject to prompt notice being given to the
Underwriters. |
| |
|
|
CLAIMS |
|
11. - Insurable Interest Clause |
11.1 In order to recover under this insurance the
Assured must have an insurable interest in the subject-matter insured at the
time of the loss.
11.2 Subject to 11.1 above, the Assured shall be entitled to recover for
insured loss occurring during the period covered by this insurance,
notwithstanding that the loss occurred before the contract of insurance was
concluded, unless the Assured were aware of the loss and the Underwriters were
not.
|
|
12. - Forwarding Charges Clause |
12 - Where, as a result of the operation of a risk
covered by this insurance, the insured transit is terminated at a port or place
other than that to which the subject-matter is covered under this insurance, the
Underwriters will reimburse the Assured for any extra charges properly and
reasonably incurred in unloading storing and forwarding the subject-matter to
the destination to which it is insured hereunder.
This Clause 12, which does not
apply to general average or salvage charges, shall be subject to the exclusions
contained in Clauses 4, 5, 6 and 7 above, and shall not include charges arising
from the fault negligence insolvency or financial default of the Assured or
their servants. |
|
13. - Constructive Total Loss Clause |
13 - No claim for Constructive Total Loss shall be
recoverable hereunder unless the subject-matter insured is reasonably
abandoned either on account of its actual total loss appearing to be
unavoidable or because the cost of recovering, reconditioning and forwarding
the subject-matter to the destination to which it is insured would exceed its
value on arrival. |
|
14. - Increased Value Clause |
14.1 If any Increased Value insurance is effected
by the Assured on the cargo insured herein the agreed value of the cargo shall
be deemed to be increased to the total amount insured under this insurance and
all Increased Value insurances covering the loss, and liability under this
insurance shall be in such proportion as the sum insured herein bears to such
total amount insured.
In the event of claim the Assured shall provide the
Underwriters with evidence of the amounts insured under all other insurances.
14.2 Where this insurance is on Increased Value the following clause
shall apply: The agreed value of the cargo shall be deemed to be equal to the
total amount insured under the primary insurance and all Increased Value
insurances covering the loss and effected on the cargo by the Assured, and
liability under this insurance shall be in such proportion as the sum insured
herein bears to such total amount insured.
In the event of claim the Assured
shall provide the Underwriters with evidence of the amounts insured under all
other insurances.
|
| |
|
|
BENEFIT OF INSURANCE |
|
15. - Not to Inure Clause |
15. - This insurance shall not inure to the benefit of
the carrier or other bailee. |
| |
|
|
MINIMISING LOSSES |
|
16. - Duty of Assured Clause |
16. - It is the duty of the Assured and their servants
and agents in respect of loss recoverable hereunder
16.1 to take such measures as may be reasonable for the purpose of
averting or minimising such loss, and
16.2 to ensure that all rights against carriers, bailees or other third
parties are properly preserved and exercised and the Underwriters will, in
addition to any loss recoverable hereunder, reimburse the Assured for any
charges properly and reasonably incurred in pursuance of these duties.
|
|
17. - Waiver Clause |
17. - 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. |
| |
|
|
AVOIDANCE OF DELAY |
|
18. - Reasonable Despatch Clause |
18. - It is a condition of this insurance that the
Assured shall act with reasonable despatch in all circumstances within their
control. |
| |
|
|
LAW AND PRACTICE |
|
19. - English Law and Practice Clause |
19. - This insurance is subject to English law and practice. |
|
|
|
NOTE:
It is necessary for the Assured when they become aware of an event
which is "held covered" under this insurance to give prompt notice to
the Underwriters and the right to such cover is dependent upon compliance with
this obligation. |
