1/7/25. NEW CLAUSES INSTITUTE YACHT CLAUSES. 1. And it is further agreed that if the Ship hereby Insured shall come into collision with any other Ship or Vessel and the Assured shall in consequence thereof 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 Undersigned will pay the Assured such proportion of three-fourths of such sum or sums so paid as their respective subscriptions hereto bear to the value of the Ship hereby Insured, provided always that their liability in respect of any one such collision shall not exceed their proportionate part of three-fourths of the value of the Ship hereby Insured, and in cases in which the liability of the Ship has been contested, or proceedings have been taken to limit liability, with the consent in writing of the Undersigned, they will also pay a like proportion of three-fourths of the costs which the Assured shall thereby incur, or be compelled to pay; but when both Vessels are to blame, then unless the liability of the Owners of one or both of such Vessels becomes limited by law, claims under this clause shall be settled on the principle of cross-liabilities as if the Owners of each Vessel had been compelled to pay to the Owners 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. 2. Provided always that this clause shall in no case extend to any sum which the assured may become liable to pay, or shall pay for removal of obstructions under statutory powers, for injury to harbours, wharves, piers, stages, and similar structures, consequent on such collision; or in respect of the cargo or engagements of the Insured Vessel, or for loss of life or personal injury. 3. Should the Vessel be cruising at the expiration of this policy or be in distress, or at a port or place of refuge or of call, she shall, provided previous notice be given to the Underwriters, be held covered to her port or place of destination at a premium to be arranged. 4. Should the vessel be sold or transferred to new ownership, then, unless the Underwriters agree in writing to such sale or transfer, this policy shall thereupon become cancelled from the date of sale or transfer, and a pro rata daily return of premium shall be made calculated on the premium charged for the cruising and/or laying up period. If however the vessel shall have left her moorings or be at sea at the time of sale or transfer such cancellation shall be suspended until arrival at port or place of destination. 5. This insurance also specially to cover (subject to the free of average warranty, or any special conditions of the Policy) loss of, or damage to hull or machinery through the negligence of Master, Mariners, Engineers, or Pilots, or through explosions, bursting of boilers, breakage of shafts, or through any latent defect in the machinery or hull, provided such loss or damage has not resulted from want of due diligence by the Owners of the Ship, or any of them, or by the Manager. 6. Notwithstanding anything to the contrary herein contained, this policy is warranted free from any claim for particular average unless amounting to £20 or upwards, in respect of each separate accident. No deduction of thirds new for old shall be made. 7. Warranted free from all average in respect of damage to sails, masts, or spars sustained whilst racing, unless the same be caused by stranding, sinking, fire, or collision. 8. Motor machinery and its connections with the exception of the shaft and propeller are warranted free from Particular Average unless caused by the vessel being stranded, sunk, burnt, on fire, in collision, or in contact with any external substance (ice included) other than water. 9. 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. 10. In the event of accident whereby loss or damage may result in a claim under this policy notice shall be given in writing to the Underwriters where practicable and if abroad to the nearest Lloyd's Agent also prior to survey so that they may appoint their own surveyor if they so desire. 11. Warranted free of capture, seizure, arrest, restraint, or detainment, and the consequences thereof or of any attempt thereat (piracy excepted), and also from all consequences of hostilities or warlike operations whether before or after declaration of war. 12. No claim to attach in respect of metalling or repairs thereto unless directly resulting from stranding, collision, fire, or being in contact with some substance other than water. 13. Including stores and gear ashore but amount limited to 15 per cent. of the insured Value of the Vessel as herein stated unless otherwise agreed. 14. To return per cent. for every 15 consecutive days per cent. for every 15 consecutive days and arrival 1/7/25. INSTITUTE YACHT PROTECTION AND INDEMNITY CLAUSES. It is further agreed that if the Assured shall by reason of his interest in the insured ship become liable to pay and shall pay any sum or sums in respect of any responsibility, claim, demand, damages, and/or expenses arising from or occasioned by any of the following matters or things during the currency of this policy, that is to say: Loss of or damage to any other ship or goods, merchandise, freight, or other things or interests whatsoever, on board such other ship, caused proximately or otherwise by the ship insured in so far as the same is not covered by the running down clause i.e. No. 1 of the Institute Yacht Clauses: Loss of or damage to any goods, merchandise, freight, or other things or interest whatsoever, other than as aforesaid (not being builders' gear or material or cargo on the insured ship), whether on board the insured ship or not, which may arise from any cause whatsoever : Loss of or damage to any harbour, dock (graving or otherwise), slipway, way, gridiron, pontoon, pier, quay, jetty, stage, buoy, telegraph cable or other fixed or moveable thing whatsoever, or to any goods or property in or on the same howsoever caused: Any attempted or actual raising, removal, or destruction of the wreck of the insured ship or the cargo thereof, or any neglect or failure to raise, remove, or destroy the same: Any sum or sums for which the Assured may become liable or incur from causes not herein before specified, but which are absolutely or conditionally recoverable from or undertaken by the Liverpool and London Steamship Protection Association Limited, and/or North of England Protecting and Indemnity Association : Costs of and expenses properly incurred by the Assured in connection with Board of Trade Enquiries and Coroners' Inquests and also Law Costs incurred with the consent in writing of Underwriters in defending any action : Loss of life or personal injury or payments made on account of salvage, whether of life or property, or Hospital, Medical and Funeral Expenses arising from accident on board or near the vessel insured or any other vessel : the Undersigned will pay the Assured such proportion of such sum or sums so paid, or which may be required to indemnify the Assured for such loss, as their respective subscriptions bear to the insured value of the ship hereby insured, provided always that the amount recoverable hereunder in respect of any one accident or series of accidents arising out of the same event shall not exceed the sum hereby insured, and when the liability of the Assured has been contested with the consent in writing of the Underwriters on the ship hereby insured, the Undersigned will also pay a like proportion of the costs which the Assured shall thereby incur or be compelled to pay. Notwithstanding the foregoing, this Policy is warranted free from any claim arising directly or indirectly under Workmen's Compensation or Employers' Liability Acts and any other Statutory or Common Law liability in respect of accidents to or illness of workmen or any other person employed in any capacity whatsoever by the assured or others in on or about or in connection with the insured ship or her cargo materials or repairs. 7/4/25. INSTITUTE BAILEE CLAUSE. "Warranted free from liability for loss of or damage to merchandise whilst in the custody or care of any carrier or other bailee who may be liable for such loss or damage thereto but only to the extent of such bailee's liability. Warranted free from any claim in respect to merchandise shipped under a Bill of Lading or contract of carriage stipulating that the carrier or other bailee shall have the benefit of any insurance on such merchandise, but this warranty shall apply only to claims for which the carrier or other bailee is liable under the Bill of Lading or contract of carriage." 1/7/25. and per cent. it is agreed: INSTITUTE STRIKE RISK CLAUSES. In consideration of an additional premium of (1) To cover the risks excluded by the clause :"Warranted free of loss or damage caused by strikers, locked-out workmen, or persons taking part in labour disturbances, or riots, or civil commotions. (2) To cover theft, pilferage, breakage and damage directly caused by strikers, locked-out workmen or persons taking part in labour disturbances or riots or civil commotions. but this policy is warranted free of any claim arising from delay or deterioration or loss of market. Held covered at a premium to be arranged in case of deviation or change of voyage, or other variation of the risk, by reason of the exercise of any liberty granted to the shipowner or charterer under the contract of affreightment, or of any omission or error in the description of the interest vessel or voyage. The risks covered by this Policy attach from the time the goods leave the shipper's or manufacturer's warehouse at the port of shipment, unless otherwise stated, and continue during the ordinary course of transit, including customary transhipment if any, until the goods are safely deposited in the consignee's or other warehouse at the destination named in the Policy or until the expiry of fifteen days from midnight of the day on which the discharge of the goods hereby insured from the overseas vessel is completed which may first occur. When the destination to which the goods are insured is without the limits of the port of discharge of the overseas vessel the risks covered by this Policy continue until the goods are safely deposited in the consignee's or other warehouse at the destination named in the Policy or until the expiry of 30 days from midnight of the day on which the discharge of the goods hereby insured from the overseas vessel is completed, whichever may first occur. Transhipment if any, otherwise than as above, and/or delay arising from circumstances beyond the control of the assured, held covered at a premium to be arranged. 14/9/25. INSTITUTE REINSTATEMENT CLAUSE. The Assurers agree that in the event of the sum insured by the annexed policy being reduced by reason of a claim becoming payable, they will issue further policies for the amount by which the original insurance is so reduced on payment of premiums (on a pro rata basis) together with the amount of stamp duty chargeable on the further policies. 1/12/25. INSTITUTE DANGEROUS DRUGS CLAUSE. "It is understood and agreed that no claim under this policy will be paid in respect of drugs to which the International Opium Convention of 1912 applies unless 5/5/25. (1) the drugs shall be expressly declared as such in the policy and the name of the country from which, and the name of the country to which they are consigned shall be specifically stated in the policy and (2) the proof of loss is accompanied either by a licence, certificate or authorization issued by the Government of the country to which the drugs are consigned showing that the importation of the consignment into that country has been approved by that Government, or, alternatively, by a licence, certificate or authorization issued by the Government of the country from which the drugs are consigned showing that the export of the consignment to the destination stated has been approved by that Government : and (3) the route by which the drugs were conveyed was usual and customary." WAR INSURANCE PERMISSION CLAUSE. It is agreed that this insurance shall not be prejudiced by reason of the amounts insured against War Risks exceeding the amount insured for Marine Risks or being in any way different therefrom. |