Laws on Marine Insurance

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  • Topic: Insurance, Subject, Clause
  • Pages : 3 (841 words )
  • Download(s) : 54
  • Published : November 5, 2008
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The aim of this work is to look and investigate the essential changes in coverage provided by the Institute Time Clauses (Hulls) 1995 in comparison o the International Hull Clauses 2003. The case law will be based on the ITCH 1995 due to insignificant number of case based on IHC 2003. Over the last hundred years, the Institute Time Clauses have become an international standard for period insurances on vessels, and this is reflected in the new title of “International Hull Clauses”. The basis of their success has been providing the cover required by commercial interests, together with the greatest possible degree of certainty in the approach to claims. International Hull Clauses is an update to ITC 1995 due to reflect latest market practices, reflect the new International Safety Management (ISM) code . They also show the modern international world in which the shipowners operate by reflecting the development both in the shipping and the insurance industries. The new closures contain more provision than the predecessors due to incorporation of the wordings found in Cover Notes, to have a more valuable document. The general principle changes introduced in the IHC 2003 are that now that they are in three parts. This is done to create more logical and distinction sections. Part 1 contains the principle insuring conditions. Part 2 contain commonly used additional clauses, to include optional covers which may be agreed on placing . Part 3 contain the claims the provision and sets out the duties of the Assured and Underwriters. Clause 1.3 of the IHC 2003 is new and subjects the insurance contract to “the exclusive jurisdiction of the English High Court of Justice” unless the parties agree to the contrary. If the parties wish to apply other jurisdiction to the insurance policy they have to dismiss this clause. Clause 1.4 provides that if any provision of the contract in “invalid or unenforceable” will have no effect on the other provisions of the insurance....
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