Page 10 - Marine Insurance IC67 EBOOK
P. 10
The Clause 12, which does not apply to general 15. Benefit of Insurance :
average or salvage charges, shall be subject to
the exclusion contained in Clauses 4, 5, 6 and 7 This insurance shall not insure to the benefit of
above, and shall not include charges arising from the carrier or other bailee.
the fault negligence insolvency or financial default
of the Assured or their servants. 16. Minimising Losses :
13. Constructive Total Loss Clause : It is the duty of the Assured and their servants
and agents in respect of loss recoverable
No claim for Constructive Total Loss shall be hereunder.
recoverable hereunder unless the subject-matter
insured is reasonably abandoned either on 1. to take such measure as may be reasonable
account of its actual total loss-appearing to the for the purpose of averting or minimising such
unavoidable or because the cost of recovering, loss,
reconditioning and forwarding subject-matter to
the destination to which it is insured would exceed and,
its value on arrival. 2. to ensure that all rights against carriers,
14. Increased Value Clause : bailees or other third parties are property
preserved and exercised and the Underwriters
1. If any increased value insurance is effected will, in addition to any loss recoverable
by the Assured on the cargo insured herein hereunder, reimburse the Assured for any
the agreed value of the cargo shall be deemed charges property and reasonably incurred in
to be increased to the total amount insured pursuance of these duties.
under this insurance and all increased value
insurance covering the loss, and liability 17. Waiver Clause :
under this insurance shall be in such
proportion as the sum insured herein bears to Measures taken by the Assured or the Underwriter
such total amount insured. with the object of saving, protecting or recovering
the subject-matter insured shall not be
In the event of claim the Assured shall provide considerable as a waiver or acceptance of
the Underwriters with evidence of the abandonment or otherwise prejudice the rights of
amounts insured under all other insurances. either party.
2. Where this insurance is on increased value 18. Avoidance of Delay :
the following clause shall apply;
It is a condition of this insurance that the Assured
The agreed value of the cargo shall be shall act with reasonable despatch in all
deemed to be equal to the total amount circumstances within their control.
insured under the primary insurance and all
increased value insurance covering the loss 19. Law and Practice :
and effected on the cargo by the Assured and
liability under this insurance shall be in such This insurance is subject to English law and
proportion as the sum insured herein bears to practice,
such total amount insured.
Note: It is necessary for the assured when they
In the event of claim the Assured shall provide become aware of an event which is "held covered"
the Underwriters with evidence of the under this insurance to give prompt notice to the
amounts insured under all other insurance. Underwriters and the right to such cover is
dependent upon compliance with this obligation.
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