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(FOR USE ONLY WITH THE NEW MI POUCY FORM)
INSTITUTE CARGO CLAUSES (A
RISKS
COVERED
1
This insurance covers all risks of loss of or damage to the
subject-matter insured except as provided in
Clauses 4, 5, 6 and 7 below.
2
This insurance covers general average and salvage charges,
adjusted or determined according to the contract of affreightment and/or the governing law and practice,
incurred to avoid or in connection with the avoidance of
loss from any cause except those excluded in Clauses 4, 5, 6
and 7 or elsewhere in this insurance.
3
This insurance is extended to indemnify the Assured against
such proportion of liability under the contract of
afireightment ‘ Both to Blame Collision” Clause as is in
respect of a loss recoverable hereunder. In the event of any
claim by shipowners under the said Clause the Assured agree
to notify the Underwriters who shall have the right, at
their own cost and expense, to defend the Assured against
such claim.
EXCLUSIONS
4
In no case shall this insurance cover
4.l
loss damage or expense attributable to wilful misconduct of
the Assured
4.2
ordinary leakage, ordinary loss in weight or volume, or
ordinary wear and tear of the subject-matter insured
4.3
loss damage or expense caused by insufficiency or
unsuitability of packing or preparation of the
subject-matter insured (for the purpose of this Clause 4.3
“packing” shall be deemed to include stowage in a container
or liftvan but only when such stowage is carried out prior
to attachment of this insurance or by the A or their
servants)
4.4
loss damage or expense caused by inherent vice or nature of
the subject-matter insured
4.5
loss damage or expense proximately caused by delay, even
though the delay be caused by a risk insured against (except
expenses payable under Clause 2 above)
4.6 loss damage or
expense arising from insolvency or financial default of the
owners managers charterers or operators of the vessel
4.7 loss damage or
expense arising from the use of any weapon of war employing
atomic or nuclear fission and/or fusion or other like
reaction or r force or matter.
5
5.1
In no case shall this insurance cover l or expense arising
from unseaworthiness of vessel or craft,
unfitness of vessel craft conveyance container or liftvan
for the safe carriage of the subject-matter insured,
where the Assured or their servants are privy to such
unseaworthiness or unfitness, at the time the
subject-matter insured is loaded therein.
5.2
The Underwriters waive any breach of the implied warranties
of seaworthiness of the ship and fitness of the ship to
carry the subject-mattei insured to destination, unless the
Assured or their servants are privy to such unseaworthiness
or unfitness.
6
In no case shall this insurance cover loss damage or expense
caused by
6.1
war civil war revolution rebellion insurrection, or civil
strife arising therefrom, or any hostile act by or against a
belligerent power
6.2
capture seizure arrest restraint or detainment (piracy
excepted), and the consequences thereof or any attempt
thereat
6.3
derelict mines torpedoes bombs or other derelict weapons of
war.
7
In no case shall this insurance cover loss damage or expense
7.1 caused by
strikers, locked-out workmen, or persons taking part in
labour disturbances, riots or civil commotions
7.2 resulting from
strikes, lock-outs, labour disturbances, riots or civil
commotions
7.3 caused by any
terrorist or any person acting from a political motive.
DURATION
8
8.1
This insurance attaches from the time the goods leave the
warehouse or place of storage at the place named herein for
the commencement of the transit, continues during the
ordinary course of Clause transit and terminates either
8.1.1 on delivery to the
Consignees’ or other final warehouse or place of storage at
the destination named herein,
8.1 .2 on delivery to any
other warehouse or place of storage, whether prior to or at
the destination named herein, which the Assured elect to use
either
8.1.2.1 for storage other
than in the ordinary course of transit or
8.1.2.2 for
allocation or distribution, or
8.1.3 on the expiry of
60 days after completion of discharge over of the goods
hereby insured from the oversea vessel at the final port of
discharge, whichever shall first occur.
8.2
If, after discharge overside from the oversea vessel at the
final port of discharge, but prior to termination of this
insurance, the goods are to be forwarded to a destination
other than that to which they are insured hereunder, this
insurance, whilst remaining subject to termination as
provided for above, shall not extend beyond the commencement
of transit to such other destination.
8.3
This insurance shall remain in force (subject to termination
as provided for above and to the provisions of Clause 9
below) during delay beyond the control of the Assured, any
deviation, forced discharge, reshipment or transhipment and
during any variation of the adventure arising from the
exercise of a liberty granted to shipowners or charterers
under the contract of affreightment.
9
If owing to circumstances beyond the control of the Assured
either the contract of carriage is terminated at a port or
place other than the destination named therein or the
transit is otherwise terminated before delivery of the goods
as provided for in Clause 8 above, then this insurance shall
also terminate unless prompt notice is given to the
Underwriters and
continuation of cover is requested when the insurance shall
remain in force, subject to an additional premium if
required by the Underwriters, either
9.1
until the goods are sold and delivered at such port or
place, or, unless otherwise specially agreed, until the
expiry of 60 days after arrival of the goods hereby insured
at such port or place, whichever shall first occur, or
9.2
if the goods are forwarded within the said period of 60 days
(or any agreed extension thereof) to the destination named
herein or to an other destination, until terminated in
accordance with the provisions of Clause 8 above.
10 Where, after
attachment of this insurance, the destination is changed by
the Assured, held covered at a premium and on conditions to
be arranged subject to prompt notice being given to the
Underwriters.
CLAINIS
11
11.1
In order to recover under this insurance the Assured must
have an insurable interest in the subject-matter insured at
the time of the loss.
11.2
Subject to 11.1 above, the Assured shall be entitled to
recover for insured loss occurring during the period covered
by this insurance, notwithstanding that the loss occurred
before the contract of insurance was concluded, unless the
Assured were aware of the loss and the Underwriters were
not.
12 Where, as a result
of the operation of a risk covered by this insurance, the
insured transit is terminated at a port or place other than
that o which the subject-matter is covered under this
insurance, the Underwriters will reimburse the Assured for
any extra charges properly and reasonably incurred in
unloading storing and forwarding the subject-matter to the
destination to which it is insured hereunder.
This Clause 12, which does not apply to general average or
salvage charges, shall be subject to the exclusions
contained in Clauses 4, 5, 6 and 7 above, and shall not
include charges arising from the fault negligence insolvency
or financial 4efault of the Assured or their servants.
13
No claim for Constructive Total Loss shall be recoverable
hereunder unless the subject-matter insured
is reasonably abandoned either on account of its actual
total loss appearing to be unavoidable or because the cost
of recovering, reconditioning and forwarding the
subject-matter to the destination to which it is insured
would exceed its value on arrival.
14
14.1 If any Increased
Value insurance is effected by the Assured on the cargo
insured herein the agreed value of the cargo shall be deemed
to be increased to the total amount insured under this
insurance and all Increased Value insurances covering the
loss, and liability under this insurance shall be in such
proportion as the sum insured herein bears to such total
amount insured.
In the event of claim the Assured shall provide the
Underwriters with evidence of the amounts insured under all
other insurances.
14.2 Where
this insurance is on Increased Value the following clause
shall apply:
The agreed value of the
cargo shall be deemed to be equal to the total amount
insured under the primary insurance and all Inreàsed Value
insurances covering the loss and effected on the cargo by
the Assured, and liability under this insurance shall be in
such proportion as the sum insured herein bears to such
total amount insured.
In the event of claim the Assured shall provide the
Underwriters with evidence of the amounts insured under all
other insurances.
BENEFIT
OF INSURANCE
15
This insurance shall not inure to the benefit of the carrier
or other bailee.
MINIMISING LOSSES
16
It is the duty of the Assured and their servants and agents
in respect of loss recoverable hereunder
16.1
to take such measures as may be reasonable for the purpose
of averting or minimising such loss,
and
16.2
to ensure that all rights against carriers, bailees or other
third parties are properly preserved and exercised and the
Underwriters will, in addition to any loss recoverable
hereunder, reimburse the Assured for any charges properly
and reasonably incurred in pursuance of these duties.
17
Measures taken by the Assured or the Underwriters with the
object of saving, protecting or recovering the
subject-matter insured shall not be considered as a waiver
or acceptance of abandonment or otherwise prejudice the
rights of either party.
AVOIDANCE OF DELAY
18
It is a condition of this insurance that the Assured shall
act with reasonable despatch in all circumstances
within their control.
LAW AND
PRACTICE
19
This insurance is subject to Iran law and practice.
NOTE: It is necessary for
the Assured when they become aware of an event which is
“held covered” under this insurance to give prompt notice to
the Underwriters and the right to such cover is dependent
upon compliance with this obligation.
INSTITUTE CARGO CLAUSES (B)
R1SK
COVERED
1
This insurance covers, except as provided in Clauses 4. 5, 6
and 7 below,
1.1
loss of or dasnage to the subject-matter insured reasonably
attributable to
1.1.1
fire or explosion
1.1.2 vessel or craft
being stranded grounded sunk or capsized
1.1.3
overmrmr.g or derailment of land conveyance
1.1.4 collision or
contact of vessel craft or conveyance with any external
object other than water
1.1.5 discharge of cargo
at a port of distress
1.1.6
earthquake volcanic eruption or lightning.
1.2 loss of or damage
to the subject-matter insured caused by
1.2. 1 general
average sacrifice
1.2.2 jettison or washing
overboard
1.2.3 entry of sea lake
or river water into vessel craft hold conveyance container
Iiftvan or place of storage.
1.3 total loss o any
package lost overboard or dropped whilst loading on to, or
unloading from, vessel or craft.
2
This insurance covers general average and salvage charges,
adjusted or determined according to the contract of
affreightment and/or the governing law and practice,
incurred o avoid or in connection with the avoidance of loss
from any cause except those excluded in Clauses 4, 5, 6 and
7 or elsewhere in this insurance.
3 This insurance is
extruded in indemnify the against such proportion of
liability under the contract of affreghtment “ Both to Blame
collision’’ Clause as is in respect of a loss recoverable
hereunder.
In the event of any claim by shipowners under the said
Clause the Assured agree to notify the Under- writers who
shall have the right, at their own cost and expense, to
defend the Assured against such claim.
EXCLUSIONS
4
In no case shall this insurance cover
4.l
loss damage or expense attributable to wilful misconduct of
the Assured
4.2
ordinary leakage, ordinary loss in weight or volume, or
ordinary wear and tear of the subject-matter insured
4.3 loss damage or
expense caused by insufficiency or unsuitability of packing
or preparation of the subject-matter insured ( fr the
purpose f this Clause 4.3 “ packing “ shall be deemed to
include stowage in a container or liftvan but only when such
stowage is carried out prior to attachment of this insurance
or by the Assured or their servants )
4.4
loss damage or expense caused by inherent vice or nature of
the subject-matter insured
4.5.
loss damage or expense proximately caused by delay, even
though the delay be caused by a risk insured against (except
expenses payable under Clause 2 above)
4.6
loss damage or expense arising from insolvency or financial
default of the owners managers charterers or operators of
the vessel
4.7
deliberate damage to or deliberate destruction of the
subject-matter insured or any part thereof by the wrongful
act of any person or persons
4.8
loss damage or expense arising from the use of any weapon of
war employing atomic or nuclear fission and/or fusion or
other like reaction or radioactive force or matter.
5
5.1
In no case shall this insurance cover loss damage or expense
arising from unseaworthiness
of vessel or craft,
unfitness of vessel craft conveyance container or liftvan
for the safe carriage of the subject-matter insured,
where the Assured or their servants are privy to such
unseaworthiness or unfitness, at the time the subject-matter
insured is loaded therein.
5.2
The Underwriters waive any breach of the implied warranties
of seaworthiness of the ship and fitness of the ship to
carry the subject-matter insured to destination, unless the
Assured or their servants are privy to such unseaworthiness
or unfitness,
6
In no case shall this insurance cover loss damage or expense
caused by
6.1
war civil war revolution rebellion insurrection, or civil
strife arising thereform, or any hostile act by or
against a belligerent power
6.2
capture seizure arrest restraint or detamment, and the
consequences thereof or any attempt thereat
6.3
derelict mines torpedoes bombs or other derelict weapons of
war.
7
In no case shall this insurance cover loss damage or expense
7.1 caused by
strikers, locked-out workmen, or persons taking part in
labour disturbances, riots or civil commotions
7.2
resulting from strikes, lock-outs, labour disturbances.
riots or civil commotions
7.3
caused by any terrorist or any person acting from a
political motive.
DURATION
8
8.1
This insurance attaches from the lime the goods leave the
warehouse or place of storage at the place named herein for
the commencement of the transit, continues during the
ordinary course of transit and terminates either
8.1.1 on
delivery to the Consignees’ or other final warehouse or
place of storage at the destination named herein,
8.1.2 on delivery to any
other warehouse or place of storage, whether prior to or at
the destination named herein, which the Assured elect to use
either
8.1.2.1 for
storage other than in the ordinary course of transit or
8.1.2.2 for allocation or
distribution, or
8. 1 .3 on
the expiry of 60 days after completion of discharge overside
of the goods hereby insured from the oversea vessel at the
Final port of discharge, whichever shall first occur.
8.2 If. after discharge
overside from the oversea vessel at the final port of
discharge, but prior to termination of this insurance, the
goods are to be forwarded to a destination other than that
to which they are insured hereunder, this insurance, whilst
remaining subject to termination as provided for above,
shall not extend beyond the commencement of transit to such
other destination.
8.3 This insurance
shall remain in force (subject to termination as provided
for above and to the provisions of Clause 9 beiow ) during
de1ay beyond the control at the Assured, any deviation. r
discharge, reshipment or transhipment and during any
variation of the adventure arising from the exercise of a
liberty granted to shipowners or charterers under the
contract of affreightment.
9
If owing to circumstances beyond the control of the Assured
either the contract of carriage is terminated at a port or
place other than the destination named therein or the
transit is otherwise terminated before delivery of the goods
as provided for in Clause 8 above, then this insurance shad
also terminate unless prompt notice is given to additional
premium if required by the Underwriters, either
9.1
until the goods are sold and delivered at such port or
place, or, unless otherwise specially agreed, until the
expiry of 60 days after arrival of the goods hereby insured
at such port or place, whichever shall first occur, or
9.2
if the goods are forwarded within the said period of 60 days
(or any agreed extension thereof) to the destination named
herein or to any other destination, until terminated in
accordance with the provisions of Clause 8 above.
10 Where, after
attachment of this insurance, the destination is changed by
the Assured, held covered at a premium and on conditions to
be arranged subject to prompt notice being given to the
Underwriters.
CLAIMS
11
11.1
In order to recover under this insurance the Assured must
have an insurable interest in the subject-matter insured at
the time of the loss.
11.2
Subject to 11.1 above, the Assured shall be entitled to
recover for insured toss occurring during the period covered
by this insurance, notwithstanding that the loss occurred
before the contract of insurance was concluded, unless the
Assured were aware of the loss and the Underwriters were
not.
12
Where, s a result of the operation of a risk covered by
this insurance, the insured transit is terminated at a port
or places other than that to which the subject-matter is
covered under this insurance, the Underwriters will Charges
reimburse the Assured for any extra charges properly and
reasonably incurred in unloading storing and forwarding the
subject-matter to the destination to which it is insured
hereunder.
This Clause 12. which does
not apply to general average or salvage charges, shall be
subject to the exclusions contained in Clauses 4, 5, 6 and 7
above, and shall not include charges arising from the fault
negligence insolvency or financial default of the Assured or
their servants.
13 No claim for
Constructive Total Loss shall be recoverable hereunder
unless the subject-matter insured is reasonably abandoned
either on account of its actual total loss appearing to be
unavoidable or because the cost of recovering,
reconditioning and forwarding the subject-matter to the
destination to which it is insured would exceed its value on
arrival.
14
14.1
If any Increased Value insurance is effected by the Assured
on the cargo insured herein the agreed value of the cargo
shall be deemed to be increased to the total amount insured
under this insurance and all Increased Value insurances
covering the toss, and liability under this insurance shall
be in such proportion as the sum insured herein bears to
such total amount insured.
In the event of claim the Assured shall provide the
Underwriters with evidence of the amounts insured under all
other insurances.
14.2
Where this insurance is on Increased Value the following
clause shall apply:
The agreed value of the
cargo shall be deemed to be equal to the total amount
insured under the primary insurance and all Increased Value
insurances covering the loss and effected on the cargo by
the Assured, and liability under this insurance shall be in
such proportion as the sum insured herein bears to such
total amount insured.
In the event of claim the Assured shall provide the
Underwriters with evidence of the amounts insured under all
other insurances.
BENEFIT
OF INSURANCE
15
This insurance shall not inure to the benefit of the carrier
or other bailee.
MINIMISING LOSSES
16
It is the duty of the Assured and their servants and agents
in respect of loss recoverable hereunder
16.1 to take such
measures as may be reasonable for the purpose of averting or
minimising such loss. and
16.2 to ensure that all
rights against carriers, bailees or other third parties are
property preserved and exercised
and the Underwriters will,
in addition to any loss recoverable hereunder, reimburse the
Assured for any charges properly and reasonably incurred in
pursuance of these duties.
17
Measures taken by the Assured or the Underwriters with the
object of saving, protecting or recovering the
subject-matter insured shall not be considered as a waiver
or acceptance of abandonment or otherwise prejudice the
rights of either party.
AVOIDANCE OF DELAY
18 It is a condition
of this insurance- that the Assured shall act with
reasonable despatch in all circumstances
within their control,
LAW AND
PRACTICE
19
This insurance is subject to Iran law and practice.
NOTE: It is necessary for
the Assured when they become aware of an event which is
“held covered” under this insurance to give prompt notice to
the Underwriters and the right to such cover is dependent
upon compliance with this obligation.
INSTITUTE CARGO CLAUSES (C)
RISKS
COVERED
1
This insurance covers except as provided in Clauses 4, 5. 6
and 7 below.
1. 1
loss of or damage to the subject-matter insured reasonably
attributable to
1.1.1 Fire
or explosion
1.1.2 Vessel or
craft being stranded grounded sunk or capsized
1.1.3
Overturning or derailment of land conveyance
1.1.4 Collision or
contact of vessel craft or conveyance with any external
object other than water
1.1.5 Discharge of cargo
at a port of distress.
1.2 loss of or damage
to the subject-matter insured caused by
l.2.1
general average sacrifice
1.2.2 Jettison.
2 This insurance
covers general average and salvage charges, adjusted or
determined according to the contract of affreightment and/or
the governing law and practice, incurred to avoid or in
connection with the avoidance of loss from any cause except
those excluded in Clauses 4.5.6 and 7 or elsewhere in this
insurance.
3
This insurance is extended to indemnify the Assured against
such proportion of liability under the contract of
affreightment “Both to Blame Collision” Clause as is in
respect of a loss recoverable hereunder.
‘
In the event of any claim by shipowners under the said
Clause the Assured agree to notify the Under-writers who
shall have the right, at their own cost and expense, to
defend the Assured against such claim.
EXCLUSIONS
4 In no case shall
this insurance cover
4.1 loss damage or
expense attributable to willful misconduct of the Assured
4.2
ordinary leakage, ordinary loss in weight or volume, or
ordinary wear and tear of the subject-matter insured
4.3
loss damage or expense caused by insufficiency or
unsuitability of packing or preparation of the
subject-matter insured (for the purpose of this Clause 43
“packing” shall be deemed to include stowage in a container
or liftvan but only when such stowage is carried out prior
to attachment of this insurance or by the Assured or their
servants)
4.4
loss damage or expense caused by inherent vice or nature of
the subject-matter insured
4.5
loss damage or expense proximately caused by delay, even
though the delay be caused by a risk Insured against (except
expenses payable under Clause 2 above)
4.6
loss damage or expense arising from insolvency or financial
default of the owners managers charterers or operators of
the vessel
4.7
deliberate damage to or deliberate destruction of the
subject-matter insured or any part thereof by the wrongful
act of any person or persons
4.8
loss damage or expense arising from the use of any weapon of
war employing atomic or nuclear fission and/or fusion or
other like reaction or radioactive force or matter.
5
5.1
In no case shall this insurance cover loss damage or expense
arising from
unseaworthiness of vessel or
craft, unfitness of vessel craft conveyance container or
liftvan for the safe carriage of the subject-matter insured,
where the Assured or their servants are privy to such
unseaworthiness or unfitness, at the time the subject-matter
insured is loaded therein.
5.2
The Underwriters waive any breach of the implied warranties
of seaworthiness of the ship and fitness of the ship to
carry the subject-matter insured to destination, unless the
Assured or their servants are privy to such unseaworthiness
or unfitness.
6
in no case shall this insurance cover loss damage or expense
caused by
6.1
war civil war revolution rebellion insurrection, or civil
strife arising therefrom, or any hostile act by or against a
belligerent power
6.2
capture seizure arrest restraint or detainment, and the
consequences thereof or any attempt thereat
6.3
derelict mines torpedoes bombs or other derelict weapons of
war.
7
In no case shall this insurance cover loss damage or expense
7.1
caused by strikers, locked-out workmen, or persons taking
part in labour disturbances, riots or civil commotions
7.2 resulting from
strikes, lock-outs, labour disturbances, riots or civil
commotions
7.3 caused by any
terrorist or any person acting from a political motive.
DURAT1O
8
8.1
This insurance attaches from the time the goods leave the
warehouse or place of storage at the place named herein for
the commencement of the transit, continues during the
ordinary course of transit and terminates either
8.1.1 on delivery to the
Consignees’ or other final warehouse or place of storage at
the destination named herein,
8.1.2 on delivery to any
other warehouse or place of storage, whether prior to or at
the destination named herein, which the Assured elect to use
either
8.1.2.1 for storage other
than in the ordinary course of transit or
8.1.2.2 for allocation
or distribution, or
8.1.3 on the expiry of
60 days after completion of discharge overside of the goods
hereby insured from the oversea vessel at the final port of
discharge, whichever shall first occur.
8.2 If. after discharge
overside from the oversea vessel at the fInal port of
discharge, but prior to termination of this insurance, the
goods are to be forwarded to a destination ocher than that
to which they are insured hereunder, this insurance, whilst
remaining subject to termination as provided for above,
shall not extend beyond the commencement of transit to such
ocher destination.
8.3 This insurance shall
remain in force (subject to termination as pro for above and
to the provisions of Clause 9 below) during delay beyond the
control of the Assured, any deviation, forced discharge,
reshipment or transhipment and during any variation of the
ad arising from the exercise of a liberty granted to
shipowrners or charterers under the contract of affreghtment
.
9
If owing to circumstances beyond the control of the Assured
either the contract of carriage is terminated at a port or
place other than the destination named therein or the
transit is otherwise terminated before delivery of the goods
as provided for in Clause S above, then this insurance shall
also terminate unless prompt notice is given to the
underwriters and continuation of cover is requested when the
insurance shall remain in force, subject to an additional
premium if required by the Underwriters, either
9.1
until the goods are sold and delivered at such port or
place, or. unless otherwise specially agreed, until the
expiry of 60 days after arrival of the goods hereby insured
at such port or place, whichever shall first occcur, or
9.2
if the goods are forwarded within the said period of 60 days
(or any agreed extension thereof) to the destination named
herein or to any other destination, until terminated in
accordance with the provisions of Clause 8 above.
10 Where, after
attachment of this insurance, the destination is changed by
the Assured, held covered at a premium and on conditions to
be arranged subject to prompt notice being given to the
Underwriters.
CLAIMS
11
11.1 In order to
recover under this insurance the Assured must have an
insurable interest in the subject-matter insured at the time
of the loss.
11.2 Subject to 11.1
above, the Assured shaft be entitled to recover for insured
loss occurring during the period covered by this insurance,
notwithstanding that the loss occurred before the contract
of insurance was concluded, unless the Assured were aware of
the loss and the Underwriters were not.
12 Where, as a result
of the operation of a risk covered by this insurance, the
insured transit is terminated at a port or place other than
that to which the subject-matter is covered under this
insurance, the Underwriters will reimburse the Assured for
any extra charges properly and reasonably incurred in
unloading storing and forwarding the subject-matter to the
destination to which it is insured hereunder.
This Clause 12, which does not apply to general average or
salvage charges, shall be subject to the exclusions
contained in Clauses 4, 5, 6 and 7 above, and shall not
include charges arising from the fault negligence insolvency
or financial default of the Assured or their servants.
13 No claim for
Constructive Total Loss shaft be recoverable hereunder
unless the subject-matter insured is reasonably abandoned
either on account of its actual total loss appearing to be
unavoidable or because the cost of recovering,
reconditioning and forwarding the subject-matter to the
destination to which it is insured would exceed its value on
arrival.
14
14.1 If any Increased
Value insurance effected by the Assured on the cargo insured
herein the agreed value of the cargo shall be deemed to be
increased to the total amount insured under this insurance
and all Increased Value insurances covering the loss, and
liability under this insurance shall be in such proportion
as the sum insured herein bears to such total amount
insured.
In the event of claim the Assured shall provide the
Underwriters with evidence of the amounts insured under all
other insurances.
14.2 Where this
insurance is on Increased Value the following dame shaft
apply:
The agreed value of the cargo shall be deemed to be equal to
the total amount insured under the primary insurance and all
increased value insurances covering the loss and effected on
the cargo by the Assured, and liability under this insurance
shall be in such proportion as the sum insured herein bears
to such total amount insured.
In the event of claim the Assured shaft provide the
Underwriters with evidence of the amounts insured under all
other insurances.
BENEFIT
OF INSURANCE
15
This insurance shall not inure to the benefit of the carrier
or other bailee.
MJNIMISING LOSSES
16
It is the duty of the Assured and their servants and agents
in respect of loss recoverable hereunder
16.1
to take such measures as may be reasonable for the purpose
of averting or minimising such loss,
and
16.2
to ensure that all rights against carriers, bailees or other
third parties are properly preserved and exercised and the
Underwriters will, in addition to any loss recoverable
hereunder, reimburse the Assured for any charges properly
and reasonably incurred in pursuance of these duties.
17
Measures taken by the Assured or the Underwriters with the
object of saving, protecting or recovering the
subject-matter insured shall not be considered as a waiver
or acceptance of abandonment or otherwise prejudice the
rights of either party.
AVOIDANCE OF DELAY
18
It is a condition of this insurance that the Assured shall
act with reasonable despatch in all circumstances within
their control.
LAW AND
PRACTICE
19
This insurance is subject to Iran law and practice.
NOTE: It is necessary for
the Assured when they become aware of an event which is
“held covered” under this insurance to give prompt notice to
the Underwriters and the right to such cover is dependent
upon compliance with this obligation.
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