Commentary

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Section 3: Separate insurances against total loss

  • Clause 18-39. Insurance against total loss and excess collision liability (hull interest insurance)

    This Clause corresponds to Cl. 18-15 of the 1996 Plan, but is in the 2013 Plan verbatim the same as Cl. 14-1. Similarly to Cl. 18-37 it introduces a cap on the collision/striking liability. Reference is made to the Commentary to Cl. 14-1.

    Cl. 18-39 (b) provides that the hull interest insurer, as opposed to the freight interest insurer, cover collision/striking liability in accordance with Cl. 18-35 – 18-37 with a separate sum insured equal to the sum insured under the hull interest insurance. 

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    Clause 18-39. Insurance against total loss and excess collision liability (hull interest insurance)

    If insurance has been effected against total loss and excess collision liability (hull interest insurance), the insurer is liable for the amount stated in the insurance contract : for total loss in accordance with the rules contained in Cl. 18-8 to Cl. 18-16,  and  separately for the assured’s...

  • Clause 18-40. Insurance against loss of long-term freight income (freight interest insurance)

    This Clause was new in the 2013 Plan and is verbatim the same as Cl. 14-2. Reference is made to the Commentary to Cl. 14-2.

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    Clause 18-40. Insurance against loss of long-term freight income (freight interest insurance)

    If insurance has been effected against loss of long-term freight income (freight interest insurance), the insurer is liable for total loss in accordance with the rules contained in Cl. 18-8 to Cl. 18-16 for the amount stated in the insurance contract .

  • Clause 18-41. Common rules for separate insurances against total loss

    This Clause was new in the 2013 Plan and is verbatim the same as Cl. 14-3. Reference is made to the Commentary to Cl. 14-3.

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    Clause 18-41. Common rules for separate insurances against total loss

    The insurer’s liability is subject to the condition that the assured claims for a total loss against the H&M insurer. If the H&M insurer has paid the sum insured in accordance with Cl. 4-21, the assured may claim compensation from the insurer provided that he is prepared to transfer the wreck to...

  • Clause 18-42. Limitations on the right to insure separately against total loss

    This Clause was new in the 2013 Plan and is verbatim the same as Cl. 14-4. Reference is made to the Commentary to Cl. 14-4.

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    Clause 18-42. Limitations on the right to insure separately against total loss

    If hull interest insurance has been effected for more than 25 % of the agreed insurable value under the hull insurance which covers the same perils, the excess part of the hull interest insurance is void. The same applies to freight interest insurance.  If more than one hull interest insurance or...