Page 314 - Agriculture Policy Wording Binder

SPECIFIC EXCEPTIONS (applicable to all Sub-Sections)
The Company shall not be liable for any accident, injury, loss, damage or liability of whatsoever nature directly and/or indirectly caused by or contributed to by or arising from:
1. capture, seizure, arrest, restraint or detainment and the consequences thereof or of any attempt thereat; also from the consequence of hostilities or warlike operations, whether war be declared or not; but this exception shall not exclude collision, contact with any fixed or floating object (other than a mine or torpedo), stranding, heavy weather or fire unless caused directly (and independently of the nature of the voyage or service which the vessel concerned or, in case of collision, any other vessel involved therein, is performing) by a hostile act by or against a belligerent power; and for the purpose of this exclusion “power” includes any authority maintaining naval, military or air forces in association with a power;
2. piracy;
3. the act of any lawfully established authority in controlling, preventing, suppressing or in any other way dealing with any occurrence referred to in clauses 1 and 2 above.
If the Company alleges that by reason of clauses 1 to 3 above, loss or damage is not covered by this Section, the burden of proving the contrary shall rest on the Insured.
SPECIFIC CONDITION Assignment
No assignment of or interest in this Section or in any money which may be or become payable thereunder is to be recognised by or binding on the Company unless a dated notice of such assignment or interest signed by the Insured and (in the case of subsequent assignment) by the assignor be endorsed on this Section and the Section with such endorsement be produced before payment of any claim or return of premium thereunder, but nothing in this clause to have effect as an agreement by the Company to a sale or transfer to new management.
Claims
The wording of General Condition 8 is amended to read as follows:
1. Notification of claims
Should the geographical and cruising range be extended by Endorsement immediate notice must be given to the nearest Lloyd’s Agent in the event of an occurrence taking place within such extended range.
2. Repairs and tenders
The Company shall be entitled to decide the port or place to which the vessel shall proceed for docking or repair;
PROVIDED THAT:
the additional expense of the voyage arising from compliance with the Company’s requirements being refunded to the Insured. The Company shall have a right of veto concerning the place of repair or repairing firm and may also take tenders or may require tenders to be taken for the repairs of the vessel or other property insured under this Section.
3. Reinstatement
The Company may at their option reinstate or replace any part of the insured property lost or damaged instead of paying the amount of the loss or damage in money. Reinstatement effected as nearly as reasonably practicable to be deemed sufficient notwithstanding that the former appearance and condition of the property may not be precisely restored. If the Company elects to reinstate or replace, the Insured shall provide them when required, with all such plans, specifications and information as may be deemed necessary or expedient for the purpose.
4. Constructive total loss
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 breakup value of the vessel or wreck shall be taken into account. No claim for constructive total loss based upon the cost of recovery and/or repair of the vessel shall be recoverable hereunder unless such cost would exceed the insured value.
Motorboats, yachts and small crafts
Page | 312 Policy Wording – Agriculture – Binder – Version 2 2023