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