This insurance is subject to English law and practice.

RISKS COVERED

1 Risks Clause　This insurance covers all risks of loss of or damage to the subject-matter insured, except as provided in Clauses 4, 5, 6, 7 and 8 below.

2 General Average Clause　This insurance covers general average salvage 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 5, 6, 7 and 8 or elsewhere in this insurance, For the purpose of claims for general average contribution salvage and salvage charges recoverable hereunder the subject-matter insured shall be deemed to be insured for its full contributory value.

3 “Both to Blame Collision Clause　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 Underwriters who shall have the right, at their own cost and expense, to defend the Assured against such claim.

4 Machinery Clause　The Underwriters shall only be liable under Clauses 1 and 2 above for loss of or damage to the machinery of the container

4.1 when the container is a total loss (actual or constructive)

4.2 when such damage is caused by

4.2.1 fire or explosion originating externally to the machinery

4.2.2 vessel or craft being stranded grounded sunk or capsized

4.2.3 overturning derailment or other accident to land conveyance or aircraft

4.2.4 collision or contract of vessel or craft with any external object other than water

4.2.5 general average sacrifice

Exclusions

5 General Exclusion Clause　In no case shall this insurance cover

5.1 loss damage or expense attributable to wilful misconduct of the Assured

5.2 ordinary wear and tear, ordinary corrosion and rust, or gradual deterioration

1.3 mysterious disappearance, unexplained loss and loss discovered upon taking inventory

5.4 loss damage or expense caused by inherent vice or nature of the subject-matter insured

5.5 loss damage or expense proximately caused by delay, even though the delay be caused by risk insured against (except expenses payable under Clause 2 above)

5.6 loss damages or expense arising from insolvency or financial default

5.7 loss damage or expense arising from unseaworthiness of vessel or craft,

unfitness of vessel craft or conveyance for the safe carriage of the subject-matter insured,

where the Assured or their servants are privy to such unseaworthiness or unfitness.

6 War Exclusion Clause　In no case shall this insurance cover loss damage liability 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 (barratry and piracy excepted), and the consequences thereof or any attempt thereat

6.3 derelict mines torpedoes bombs or other derelict weapons of war

6.4 confiscation nationlisation requisition or pre-emption.

7 Strike Exclusion Clause　In no case shall this insurance cover loss damage liability or expense

7.1 caused by strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotion

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.

8 Nuclear Exclusion Clause　In no case shall this insurance cover loss damage liability or expense arising from any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.

9 Limits Clause　Each container is covered, including whilst on deck, within the sea and territorial limits specified in the Schedule below. Breach of these limits held covered at a premium to be agreed, subject to prompt notice being given to the Underwriters.

10　Sale or Hire Clause　If a container insured hereunder is sold leased or hired to a party not named as an Assured, the insurance of that container shall terminate automatically unless the Underwriters agree in writing to continue to cover.

This Clause 10 shall prevail notwithstanding any provision whether written, typed or printed in this insurance inconsistent therewith.

11 Cancellation Clause　This insurance may be cancelled by either the Underwriters or the Assured giving 30 day’ notice (such cancellation becoming effective on the expiry of days from midnight of the day on which notice of cancellation is issued by or to the Underwriters).

11.1 In the event of cancellation by the Underwriters, they shall allow pro rata daily net return of premium to the Assured.

11.2 In the event of cancellation by the Assured, the Underwriters shall allow such return of premium as may be agreed.

12　 Assignment Clause　No assignment of or interest in this insurance or in any moneys which may be or become payable hereunder is to be binding on or recognised 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.

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