INSTITUTE TIME CLAUSES HULLS
PORT RISKS
This insurance is subject to Australian law and practice
1 NAVIGATION
The Vessel has leave to proceed to and from any wet or dry docks harbours ways cradles and pontoons, within the limits specified in this insurance.
2 TERMINATION
This Clause 2 shall prevail notwithstanding any
provision whether written typed or printed in this insurance inconsistent
therewith.
Unless Underwriters agree to the contrary in writing, this insurance shall terminate automatically at the time of
2.1 change of the
Classification Society of the Vessel, or change, suspension, discontinuance,
withdrawal or expiry of her Class therein. However where such change,
suspension, discontinuance or withdrawal of her Class has resulted from loss or
damage covered by Clause 4
2.2 any change, voluntary or otherwise, in the ownership or flag, transfer to new management, or charter on a bareboat basis, or requisition for title or use of the Vessel. However, in the event of requisition for title or use without the prior execution of a written agreement by the Assured, such automatic termination shall occur fifteen days after such requisition whether the Vessel is in port or at sea.
3 ASSIGNMENT
No assignment of or interest in this insurance or in any moneys which may be or become payable thereunder is to be binding on or recognised by the Underwriters unless a dated notice of such assignment or interest signed by the Assured, and by the assignor in the case of subsequent assignment, is endorsed on the Policy and the Policy with such endorsement is produced before payment of any claim or return of premium thereunder.
4 PERILS
4.1 This insurance covers loss of or damage to the subject-matter insured caused by
4.2 This insurance covers loss of or damage to the subject-matter insured caused by
provided such loss or damage has not resulted from want of due diligence by the Assured, Owners or Managers.
4.3 Master Officers Crew or Pilots not to be considered Owners within the meaning of this Clause 4 should they hold shares in the Vessel.
5 EARTHQUAKE AND VOLCANIC
ERUPTION EXCLUSION
In no case shall this insurance cover loss damage liability or expense caused by earthquake or volcanic eruption. This exclusion applies to all claims including claims under Clauses 7, 9, 11 and 13.
6 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 for which 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 6 should they hold shares in the Vessel.
7 COLLISION LIABILITY
7.1 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 for
