Deductibles Flashcards
ITC Hulls 1/10/83 Clause 12
12.1 No claim arising from a peril insured against shall be payable under this insurance unless the aggregate of all such claims arising out of each separate accident or occurrence (including claims under Clauses 8,11 and 13) exceeds __ in which case this sum shall be deducted. Nevertheless, the expense of sighting the bottom after stranding, if reasonably incurred specially for that purpose, shall be paid even if no damage be found, This Clause 12,1 shall not apply to a claim for total or constructive total loss of the Vessel or in the event of such a claim, to any associated claim under Clause 13 arising from the same accident or occurrence.
12.2 Claims for damage by heavy weather occurring during a single sea passage between two successive ports shall be treated as being due to one accident. In the case of such heavy weather extending over a period not wholly covered by this insurance the deductible to be applied to the claim recoverable hereunder shall be the proportion of the above deductible that the number of days of such heavy weather falling within the period of this insurance bears to the number of days of heavy weather during the single sea passage, The expression “heavy weather” in this Clause 12.2 shall be deemed to include contact with floating ice.
12.3 Excluding any interest comprised therein, recoveries against any claim which is subject to the above deductible shall be credited to the Underwriters in full to the extent of the sum by which the aggregate of the claim unreduced by any recoveries exceeds the above deductible.
12.4 Interest comprised in recoveries shall be apportioned between the Assured and the Underwriters, taking into account the sums paid by the Underwriters and the dates when such payments were made, notwithstanding that by the addition of interest the Underwriters may receive a larger sum than they have paid.
Institute Machinery Damage Additional Deductible Clause
(For use only with the Institute Time Clauses –Hulls 1/10/83)
Notwithstanding any provision to the contrary in this insurance a claim for loss of or damage to any machinery, shaft, electrical equipment or wiring, boiler condenser heating coil or associated pipework, arising from any of the perils enumerated in Clauses 6.2.2.to 6.2.5 inclusive of the Institute Time Clauses - Hulls 1/10/83 or from fire or explosion when either has originated in a machinery space, shall be subject to a deductible of…………………………….
Any balance remaining, after application n of this deductible, with any other claim arising from the same accident or occurrence, shall then be subject to the deductible in Clause 12.1 of Institute Time Clauses – Hulls 1/10/83.
The provisions of Clauses 12.3 and 12.4 of the Institute Time Clauses – Hulls 1/10/83 shall apply to recoveries and interest comprised in recoveries against any claim which is subject to this clause.
This clause shall not apply to a claim for total or constructive total loss of the vessel.
Additional Deductible Adaptation Clause (For use whenever the Institute Machinery Damage Additional Deductible Clause and the Institute Clauses 1/10/83 (For use only with the Institute Time Clause 1/10/83) are included in the same insurance.
The Institute Machinery Damage Additional Deductible Clause 1/10/83 shall also apply to any claim or part thereof in respect of any machinery, shaft, electrical equipment or wiring, boiler condenser heating coil or associated pipework, where such claim or part thereof is recoverable hereunder solely by reason of the inclusion of the Institute Additional Perils Clauses – Hulls 1/10/83 in this insurance.
