INSOLVENCY EXCLUSION CLAUSE / Business Protection Clause (CARGO – NON STANDARD CLAUSES)

Thursday 8 June 2017

INSOLVENCY EXCLUSION CLAUSE / Business Protection Clause (CARGO – NON STANDARD CLAUSES)

It is hereby agreed that the exclusion “loss damage or expense arising from insolvency or financial default of the owners, managers, charterers or operators of the vessel and/or aircraft” (incorporated in the Institute Clauses herein) is amended to read as follows:-

“In no case shall this insurance cover loss, damage or expense arising from insolvency or financial default of the owners, managers, charterers or operators of the vessel and/or aircraft where the Assured is unable to show that, prior to the loading of the subject-matter insured on board the vessel and/or aircraft, all reasonable practicable and prudent measures were taken by the Assured, their servants and agents, to establish the financial reliability of the party in default.”

This exclusion shall not apply where this insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the subject-matter insured in good faith under a binding contract.”

sudarno hardjo 21:15 Komentar