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Institute Yacht Clauses
1 VESSEL
Vessel means the hull, machinery,
boat(s), gear and equipment, such as would normally be sold with her if she
changed hands.
2.1 the vessel is covered subject
to the provisions of this insurance
2.2 Notwithstanding Clause 2.1
above the gear and equipment, including outboard motors, are covered subject to
the provisions of this insurance while in place of storage or repair ashore.
3 NAVIGATING AND CHARTER HIRE WARRANTIES
3.1 Warranted not navigating
outside the limits stated in the Schedule to the policy or, provided previous
notice be given to the Underwriters, held covered on terms to be agreed.
3.2 Warranted to be used solely
for private pleasure purposes and not for hire charter or reward, unless
specially agreed by the Underwriters.
4 LAID UP WARRANTY
Warranted laid up out of
commission as stated in the Schedule to the policy, or held covered on terms to
be agreed by the Underwriters.
5 SPEED WARRANTY
5.1 Warranted that the maximum
designed speed of the Vessel, or the parent vessel in the case of a vessel with
boat(s), does not exceed 17 knots.
5.2 Where the Underwriters have
agreed to delete this warranty, the conditions of the Speedboat clause 19 below
shall also apply.
6 CONTINUATION
Should the Vessel at the
expiration of this insurance be at sea or in distress or at a port or place of
refuge or of call, she shall, provided prompt notice be given to the
Underwriters, be held covered at a premium to be agreed and anchored or moored
at her next port of call in good safety.
7 ASSIGNMENT
No assignment of or interest in
this insurance or in any moneys which may be or become payable thereunder is to be binding on or recognized by the
Underwriters unless a dated notice of such assignment or interest signed by the
Assured, and by the assignor in the case of subsequent assignment, is endorsed
on the policy and the policy with such endorsement is produced before payment
of any claim or return of premium thereunder.
8 CHANCE OF OWNERSHIP
This clause 8 shall prevail
notwithstanding any provision whether written typed or printed in this
insurance inconsistent therewith.
8.1 Should the Vessel be sold or
transferred to new ownership, or , where the Vessel is owned by a company,
Should there be a change in the controlling interest(s) of the company, then,
unless the Underwriters agree in writing to continue the insurance, this
insurance shall become cancelled from the time of such sale transfer or change
and a pro rata daily net return of premium be made calculated on the premium
charged for the in commission and /or laid up period.
8.2 If however the Vessel shall
have left her moorings or be at sea at the time of sale or transfer such
cancellation shall if required by the Assured to suspended until arrival at
port or place of destination.
9 PERILS
Subject always to the exclusions
in this insurance
9.1 this insurance covers loss of or damage to the subject-matter i
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