Page 26 - Marine Insurance IC67 EBOOK
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Trading Warranty (*) Percentage OTL effect of applying the Fleet Rating Level is
rate chargeable reflected only on the OTL component.
'A'
'B' 60% l OTC Hulls Port Risks 20.7.87
'C' 75%
'D' 80% Such a cover will be given when the vessel is
'E' 85% to ply in any one named port only
90%
l ITC Hulls Port Risks including Limited
* Please refer Section II: Initial Rating: Rule 6(i) Navigation 20.7.87
& (iii) of the Marine Hull Manual for a description Reduction in the OTL rate will correspond to
of the Trading Warranties. that Trading Warranty which will include the
place(s) named by the insured to which the
B. Standard Conditions of Insurance: vessel is likely to go for any dry-doing or for
such other purposes as envisaged in the
The Matrices have been prepared for Institute clause.
Time Clauses Hulls 1.10.83
For the covers mentioned under items (iii) and
However, cover will be available for other (iv) above, 6% loading is to be applied on the
conditions of insurance also for which the H & M rate i.e. 3% for the additional 1/4th
relevant TL/OTL/H&M rates shall be modified Collision Liability and 3% for P & I Risks.
as explained below:
l The sum total of Matrix TL and OTL rates,
1. ITC Hulls 1.10.83 with Clause 8 amended to modified for Trading Warranty, if applicable,
include 4/4ths Collision Liability for which the would yield an H&M rate. This H&M rate is to
H^M rate will be loaded by 3%, i.e. for be loaded by 6% to include cover for
additional 1/4th Collision Liability. additional 1/4th Collision Liability and P&I
risks. The H&N rate shall then be modified as
2. ITC Hulls 1.10.83 extended to include explained under Rule 3 given hereinafter for
Protection & Indemnity risks as per Clause 9 Fleet Rating Level.
of ITC Hulls Port Risks 20.7.87 or Clause
no.10 of the ITC Hulls Port Risks including Thereafter, the TL and OTL components are
Limited Navigation 20.7.87 for which the H&M tobe reworked in such a way that the TL
rate will be loaded by 3%. component remains unaltered and the total
effect of the loading for 1/4th Collision Liability
l The sum total of Matrix TL and OTL rates, and P & I risks and/or the effect of applying
modified for Trading Warranty if applicable, the Fleet Rating Level is reflected on the OTL
would yield an H&M rate. This H&M rate is to component.
be loaded as above to include cover for
additional 1/4th Collision Liability and or P&I u ITC Hulls Total Loss only (including Salvage,
risks. The H&M rate shall then be modified as Salvage Charges and sue and Labour)
explained under Rule 3 given hereinafter for 1.10.83.
Fleet Rating Level. Thereafter, the TL and OTL
components are to be reworked in such a The Matrix TL rate itself would be the H&M
way that the TL component remains unaltered rate for this cover.
and the total effect of the loading for 1/4th
Collision Liability and/or P&I risks and/or the P&I cover as per Clause No.9 of the ITC Hulls
Port Risks 20.7.87 or Clause no.10 of the ITC
Hulls Port Risks including Limited Navigation
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