(FOR USE ONLY WITH THE NEW MARINE
POLICY FORM)
INSTITUTE CLAUSES FOR
BUILDERS’ RISK
(This insurance is subject to
Indonesia law and practice)
Policy
No : xxxxx Reg. No
: xxxxx
Vessel : xxxx Contract or Yard No : -
BUILDERS : xxxxx
BUILDER’
YARD : xxxxx
SUBJECT OF INSURANCE
(Where
more than one part of the subject-matter insured is described of section I (A),
Section I(B) or Section II below, then the respective wording of Section I(A),
Section I(B) or Section II shall be applied to each part separately)
SECTION I.
Provisional
Period : xxx from : xxx to xxxx
but this
insurance to terminate upon delivery to Owners if prior to expiry of
Provisional Period.
(A) HULL and MACHINERY, etc. under construction at the yard
or other premises of the Builders.
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Description
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Vessel No
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Provisionally valued at
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To be built at/by
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xxx
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xxx
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xxxxx
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The
subject-matter of this sub-section (A) is covered with whilst at Builders’ Yard
and at Builders’ premises elsewhere within the port or place of construction at
which the Builders’ is situated and whilst in transit between such
locations. The Underwriters’ liability
in respect of each item of this sub-section (A) which is at such locations
shall attach from the time :
(i)
of
inception of this Section I if such item has already been allocated to the
Vessel .
(ii)
of
delivery to Builders of such item (if allocated) when delivered after inception
of this Section I ;
(iii)
of
allocation by Builders hereon whilst under construction by Sub-Contractors.
(B) MACHINERY etc. insured hereon whilst under
construction by Sub-Contractors.
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Description
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Contract or Yard No
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Provisionally valued at
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To be built at/by
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-
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-
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-
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-
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The
subject-matter of this sub-section (B) is covered whilst at Sub-Contractors’
works and at Sub-Contractors’ premises elsewhere within the port or place of
construction at which the Sub-Contractors’ works are situated and whilst in
transit between such locations.
The
Underwriters’ liability in respect of each item of this sub-section (B) which
is at such locations shall attach from the time :
(i)
of
inception of this Section I if such item has already been allocated to the
Vessel .
(ii)
of
delivery to the Sub-Contractors’ of such item (if allocated) when delivered
after inception of this Section I ;
(iii)
of
allocation by the Sub-Contractors’ if allocated after inception of this Section
I.
The
subject-matter of this sub-section (B) is also covered whilst : -
(a)
in
transit to Builders if the transit is within the port or place of construction
at which the Builders’ Yard is situated;
(b)
at
Builders’ Yard and at Builders’ premises elsewhere within the port or place of
construction at which the Builders’ Yard is situated and whilst in transit
between such locations.
SECTION II .
Provisional
Period from :
but
this insurance to terminate upon delivery to Owners if prior to expiry of
Provisional Period.
Machinery, etc insured
hereon from delivery to Builders.
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Description
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Contract or Yard No
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Provisionally valued at
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To be built at/by
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-
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-
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-
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-
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The
subject-matter of this Section II is covered whilst at Builders’ Yard and at
Builders’ premises elsewhere within the port or place of construction at which
the Builders’ is situated and whilst in transit between such locations. The Underwriters’ liability in respect of
each item of this Section II shall attach from the time of delivery to
Builders.
_____________________________________
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1
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INSURED
VALUE
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1.1
1.2
1.2.1
1.2.2
1.3
1.4
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Whereas the value stated herein is provisional, it
is agreed that the final contract price, or the total building cost plus 20%
whichever is the greater, of the subject-matter of this insurance shall be
the insured value.
Should the insured value,
determined as above,
exceed the provisional value stated
herein, the Assured agree to declare to the Underwriters hereon the amount of
such excess and to pay premium thereon at the full policy rates, and the
Underwriters agree to accept their proportionate shares of the increase,
or
be less than the provisional value
stated herein, the sum insured by this insurance shall be reduced
proportionately and the Underwriters agree to return premium at the full
policy rates on the amounts by which their respective lines are reduced.
Nevertheless, should the insured
value exceed 125% of the proportional value, then the limits of indemnity
under this insurance shall be 125% of the proportional value, any one
accident or series of accident arising out of the same event.
Notwithstanding the above it is
understood and agreed that any variation of the value for insurance on
account of material alteration in the plans or fittings of the Vessel or a
change in type from that originally contemplated does not come within the
scope of this clause and such a variation requires the specific agreement of
the Underwriters.
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2
3
4
5
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TRANSIT
Held covered at a premium to be
arranged for transit not provided for in Section I or II above.
DELAYED
DELIVERY
Held covered at a premium to be arranged in the
event of delivery to Owners being delayed beyond the provisional period(s)
mentioned above, but in no case shall any additional period of cover extend
beyond 30 days from completion of Builders’ Trials and class approval or
certification.
DEVIATION
OR CHANGE OF VOYAGE
Held cover in case of deviation or
change of voyage, provided notice be given to the Underwriters immediately
after receipt of advices and any amended terms of cover and any additional
premium required by them be agreed.
PERILS
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5.1
5.2
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SUBJECT ALWAYS TO ITS TERMS,
CONDITIONS AND EXCLUSIONS this insurance is against all risks of loss of or
damage to the subject-matter insured caused and discovered during the period
of this insurance including the cost of repairing replacing or renewing any
defective part condemned solely in consequence of the discovery therein
during the period of this insurance of a latent defect. In no case shall this insurance cover the
cost of renewing faulty welds.
In case of failure of launch, the
Underwriters to bar all subsequent expenses incurred in completing launch.
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6
7
8
9
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EARTHQUAKE
AND VOLCANIC ERUPTION EXCLUSION
In no case shall this insurance
cover loss, damage, liability or expense caused by earthquake or volcanic
eruption.
This exclusion applies to all
claims including claims under Clauses 13, 17, 19 and 20.
POLLUTION
HAZARD
This
insurance covers loss of or damage to the Vessel caused by any governmental
authority acting under the powers vested in it to prevent or mitigate a
pollution hazard or threat thereof, resulting directly from damage to the
Vessel for which the Underwriters are liable under this insurance, provided
that such act of governmental authority has not resulted from want of due
diligence by the Assured, Owners or Managers of the Vessel or any of them to
prevent or mitigate such hazard or threat.
Master Officers Crew or Pilots not to be considered Owners within the
meaning of this Clause 7 should they hold shares in the Vessel.
FAULTY DESIGN
Notwithstanding
anything to the contrary which may be contained in the policy or the clauses
attached thereto, this insurance includes
loss of or damage to the subject matter insured caused and discovered during
the period of this insurance arising from faulty design of any part or parts
there of. This insurance does not cover
the cost or expense of repairing,
modifying, replacing or renewing such part or parts, nor any cost or
expense incurred by reason of betterment
or alteration in design.
NAVIGATION
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9.1
9.2
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With leave to proceed to and from
any wet or dry docks, harbours, ways, cradles and pontoons within the port or
place of construction and to proceed under own power, loaded or in ballast,
as often as required, for fitting out, docking, trials or delivery, within a
distance by water of 250 nautical miles of the port or place of construction
or held covered at a premium to be arranged in the event of such distance
being exceeded.
Any movement of the Vessel in tow
outside the port or place of construction held covered at a premium to be
arranged, provided previous notice be given to the Underwriters.
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10
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DEDUCTIBLE
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10.1
10.2
10.3
10.4
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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 Clause 13, 17, 19 and
20) exceeds the deductible amount agreed in which case, this sum will 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 10.1 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 20 arising from the same accident
or occurrence.
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 10.2 shall be deemed to include contact with floating ice.
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.
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.
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11
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UNREPAIRED
DAMAGE
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11.1
11.2
11.3
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The
measure of indemnity in respect of claims for unrepaired damage shall be the
reasonable depreciation in the market value of the Vessel at the time this
insurance terminates arising from such unrepaired damage, but not exceeding
the reasonable cost of repairs.
In
no case shall the Underwriters be liable for unrepaired damage in the event
of a subsequent total loss (whether or not covered under this insurance)
sustained during the period covered by this insurance or any extension
thereof.
The
Underwriters shall not be liable in respect of unrepaired damage for more
than the insured value at the time this insurance terminates.
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12
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CONSTRUCTIVE
TOTAL LOSS
The
meaning of Constructive Total Loss is if the damage more than 75% or the
repair value is more than 75% from the Total Sum Insured, then we can put as
Constructive Total Loss.
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12.1
12.2
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In
ascertaining whether the Vessel is a constructive total loss, the insured
value shall be taken as the repaired value and nothing in respect of the
damaged or break-up value shall be taken into account.
No
claim for constructive total loss based upon the cost of recovery and/or
repair shall be recoverable hereunder unless such cost would exceed the
insured value. In making this
determination, only the cost relating to a single accident or sequence of
damages arising from the same accident shall be taken into account.
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13
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GENERAL AVERAGE AND
SALVAGE
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13.1
13.2
13.3
13.4
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This
insurance covers the Vessel’s proportion of salvage, salvage charges and/or
general average, reduced in respect of any under-insurance, but in case of
general average sacrifice of the Vessel, the Assured may recover in respect
of the whole loss without first enforcing their right of contribution from
other parties.
Adjustment
to be according to the law and practice obtaining at the place where the
adventure ends, as if the contract of affreightment contained no special
terms upon the subject ; but where the
contract of affreightment so provides the adjustment shall be according to
York-Antwerp Rules.
When
the Vessel sails in ballast, not under charter, the provisions of the
York-Antwerp Rules, 1974 (excluding Rules XI (d), XX and XXI) shall be
applicable, and the voyage for this purpose shall be deemed to continue from
the port or place of departure until the arrival of the Vessel at the first
port or place thereafter other than a port or place of refuge or a port or
place of call for bunkering only. If
at any such intermediate port or place there is an abandonment of the
adventure originally contemplated the voyage shall thereupon be deemed to be
terminated.
No
claim under this Clause 13 shall in any case be allowed where the loss was
not incurred to avoid or in connection with the avoidance of a peril insured
against.
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14
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NOTICE
OF CLAIM
In the event of loss, damage,
liability or expense which may result in a claim under this insurance, prompt
notice shall be given to the Underwriters prior to repair and, if the
subject-matter is under construction abroad, to the nearest Lloyd’s agent so
that a surveyor may be appointed to represent the Underwriters should they so
desire.
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15
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CHANGE
OF INTEREST
Any change of interest in the subject-matter
insured shall not affect the validity of this insurance.
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16
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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 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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17
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COLLISION
LIABILITY
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17.1
17.1.1
17.1.2
17.1.3
17.2
17.2.1
17.2.2
17.3
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The Underwriters agree to indemnify
the Assured any sum or sums paid by the Assured to any other person or
persons by reason of the Assured becoming legally liable by way of damages
for
loss of or damage to any other vessel or property on any other vessel
delay to or loss of use of any such
other vessel or property thereon
general average of, salvage of, or
salvage under contract of, any such
other vessel or property thereon,
where such payment by the Assured
is in consequence of the Vessel hereby insured coming into collision with any
other vessel.
The indemnity provided by this
Clause 17 shall be in addition to the indemnity provided by the other terms
and conditions of this insurance and shall be subject to the following
provisions :
Where the insured Vessel is in
collision with another vessel and both vessels are to blame then, unless the
liability of one or both vessels becomes limited by law, the indemnity under
this Clause 17 shall be calculated on the principle of cross-liabilities as if the respective Owners have been compelled
to pay to each other such proportion of each other’s damages as may have been
properly allowed in ascertaining the balance or sum payable by or to the
Assured in consequence of the collision.
In no case shall the Underwriters’
total liability under Clauses 17.1 and 17.2 exceed their proportionate part
of the insured value of the Vessel hereby insured in respect of any one
collision.
The Underwriters will also pay the
legal costs incurred by the Assured or which the Assured may be compelled to
pay in contesting liability or taking proceedings to limit liability, with
the prior written consent of the Underwriters.
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EXCLUSIONS
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17.4
17.4.1
17.4.2
17.4.3
17.4.4
17.4.5
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Provided always that this Clause 17
shall in no case extend to any sum which the Assured shall pay for or in
respect of :
removal or disposal of
obstructions, wrecks, cargoes or any other thing whatsoever
any real or personal property or
thing whatsoever except other vessels or property on other vessels
the cargo or other property on, or
the engagements of, the insured vessel
loss of life, personal injury or
illness
pollution or contamination of any
real or personal property or thing whatsoever (except other vessels with
which the insured vessel is in collision or property on such other vessel).
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18
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SISTERSHIP
Should
the Vessel hereby insured come into collision with or receive salvage
services from another vessel belonging wholly or in part to the same Owners
or under the same management, the Assured shall have the same rights under
this insurance as they would have were the other vessel entirely the property
of Owners not interested in the Vessel hereby insured ; but in such cases the liability for the
collision or the amount payable for the services rendered shall be referred
to a sole arbitrator to be agreed upon between the Underwriters and the
Assured.
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19
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PROTECTION
AND INDEMNITY
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19.1
19.1.1
19.1.2
19.1.3
19.1.4
19.2
19.2.1
19.2.2
19.2.3
19.2.4
19.2.5
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The Underwriters agree to indemnify
the Assured for any sum or sums paid by the Assured to any other person or
persons by reason of the Assured becoming legally liable, as Owner of the
Vessel, for any claim, demand, damages and/or expenses, where such liability
is in consequence of any of the following matters or things and arises from
an accident or occurrence during the period of this insurance.
loss of or damage to any fixed or movable object
or property or other thing or interest whatsoever, other than the Vessel,
arising from any cause whatsoever in so far as such loss or damage is not covered by Clause 17.
any attempted or actual raising,
removal or destruction of any fixed or movable object or property or other
thing, including the wreck of the Vessel, or any neglect or failure to raise,
remove or destroy the same.
liability assumed by the Assured
under contracts of customary towage for the purpose of entering or leaving
port or manouvering within the port.
loss of life, personal injury,
illness or payments made for life salvage.
The Underwriters agree to indemnify
the Assured for any of the following arising from an accident or occurrence
during the period of this insurance :
the additional cost of fuel,
insurance, wages, stores, provisions and port charges reasonably incurred
solely for the purpose of landing from the Vessel sick or injured persons or
stowaways, refugees or persons saved at sea
additional expenses brought about
by the outbreak of infectious disease on board the Vessel or ashore
fines imposed on the Vessel, on the
Assured or on any Master Officer crew member or agent of the Vessel who is
reimbursed by the Assured for any act or neglect or breach of any statute or
regulation relating to the operation of the Vessel, provided that the
Underwriters shall not be liable to indemnify the Assured for any fines which
result from any act, neglect, failure or default of the Assured, their agents
or servants other than Master Officer or crew member
the expenses of the removal of the
wreck of the Vessel from any place owned, leased or occupied by the Assured
legal costs incurred by the Assured
or which the Assured may be compelled to pa, in avoiding minimising or
contesting liability with the prior written consent of the Underwriters.
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EXCLUSIONS
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19.3
19.3.1
19.3.2
19.3.3
19.3.4
19.3.5
19.3.6
19.3.7
19.3.8
19.3.9
19.3.10
19.4
19.5
19.6
19.7
19.7.1
19.7.2
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Notwithstanding the provisions of
Clauses 19.1 and 19.2 this Clause 19 does not cover any liability cost or
expense arising in respect of :
any direct or indirect payment of
the Assured under workmen’s compensation or employers’ liability acts and any
other statutory or common law, general Maritime law or other liability
whatsoever in respect of accidents to or illness of workmen or any other
persons employed in any capacity whatsoever by the Assured or others in on or
about or in connection with the Vessel or her cargo materials or repairs
liability assumed by the Assured
under agreement expressed or implied in respect of death, illness of or
injury to any person employed under a contract of service or apprenticeship
by the other party to such agreement
punitive or exemplary damages,
however described
cargo or her property carried, to
be carried or which has been carried on board the Vessel but this Clause 19.3.4 shall not exclude
any claim in respect of the extra cost of removing cargo from the wreck of
the Vessel.
loss of or damage to property, owned by builders
or repairers or for which they are responsible which is on board the Vessel
liability arising under a contract
or indemnity in respect of containers, equipment, fuel or other property on
board the Vessel and which is owned or leased by the Assured.
cash, negotiable instruments,
precious metals or stones, valuables or objects of a rare or precious nature
belonging to persons on board the Vessel, or non-essential personal effects
of any Master, Officer or crew member
fuel, insurance, wages, stores,
provisions and port charges arising from delay to the Vessel while awaiting a
substitute for any Master, Officer or crew member
fines or penalties arising from overloading or illegal fishing
pollution or contamination of any
real or personal property or thing whatsoever
The indemnity provided by this
Clause 19 shall be in addition to the indemnity provided by the other terms
and conditions of this insurance.
Where the Assured or the
Underwriters may or could have limited their liability the indemnity under
this Clause 19 in respect of such liability shall not exceed Underwriters’
proportionate part of the amount of such limitation
In no case shall the Underwriters’
liability under this Clause 19 in respect of each separate accident or
occurrence or series of accidents arising out of the same event, exceed their
proportionate part of the insured value of the Vessel.
PROVIDED
ALWAYS THAT
prompt
notice must be given to the Underwriters of every casualty event or claim
upon the Assured which may be give rise to a claim under this Clause 19 and
of every event or matter which may be cause the Assured to incur liability
costs or expense for which he may be insured under Clause 19
the
Assured shall not admit liability for or settle any claim for which he may be
insured under this Clause 19 without the prior written consent of the
Underwriters.
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20
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DUTY
OF ASSURED (SUE AND LABOUR)
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20.1
20.2
20.3
20.4
20.5
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In case of loss or
misfortune, it is the duty of the Assured and their servants and agents to
take such measures as may be reasonable for the purpose of averting or
minimising a loss would be recoverable under this insurance.
Subject to the provisions below and
to Clause 10 the Underwriters will contribute to charges properly and
reasonably incurred by the Assured, their servants or agents for such
measures. General average, salvage
charges (except as provided for in
Clause 20.4) collision, defence or attack costs and costs incurred by the
Assured in avoiding, minimising or contesting liability covered by Clause 19
are not recoverable under this Clause 20.
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.
When a claim for total loss of the
subject-matter insured is admitted under this insurance and expenses have
been reasonably incurred in saving or attempting to save the subject-matter
insured and other property and there are no proceeds, or the expenses exceed
the proceeds, then this insurance shall bear its pro rata share of such
proportion of the expenses, or of the the expenses in excess of the proceeds,
as the case may be, as may reasonably be regarded as having been incurred in
respect of the subject-matter insured.
The sum recoverable under this
Clause 20 shall be in addition to the loss otherwise recoverable under this
insurance but shall in no circumstances exceed the amount insured under this
insurance in respect of the Vessel.
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The
following clauses shall be paramount and shall override any thing contained
in this insurance inconsistent therewith.
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21
|
WAR
EXCLUSION
In no case shall this insurance
cover loss, damage, liability or expense caused by :
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21.1
21.2
21.3
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war, civil war, revolution,
rebellion, insurrection or civil strife arising therefrom or any hostile act
by or against a belligerent power
capture, seizure, arrest, restrain
or detainment (barratry and piracy excepted) and the consequences thereof or
any attempt thereof
derelict mines torpedoes, bombs or
other derelict weapons of war.
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22
|
STRIKES
EXCLUSION
In no case shall this insurance
cover loss, damage, liability or expense caused by :
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22.1
22.2
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strikers, locked-out workmen or
persons taking part in labour disturbances, riots or civil commotion
any terrorist or any person acting
from a political motive.
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23
|
MALICIOUS
ACTS EXCLUSION
In no case shall this insurance
cover loss, damage, liability or expense arising from :
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23.1
23.2
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the detonation of an explosive
any weapon of war
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and
caused by any person acting maliciously or from a political motive.
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24
|
NUCLEAR
EXCLUSION
In no case shall this insurance
cover loss, damage, liability or expense directly or indirectly caused by or
contributed to by or arising from :
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24.1
24.2
24.3
|
ionising, radiations from any
contamination by radiactivity from any nuclear fuel or from any nuclear waste
or from combustion of nuclear fuel.
the radioactive, toxic, explosive
or other hazardous properties of any explosive assembly or nuclear component
thereof
any weapon of war employing atomic
or nuclear fission and/or fusion or other like reaction or radioactive force
or matter.
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SHEDULE OF THE POLICY
|
Policy
No
|
:
|
xxx
|
Reg.
xxx
|
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|
Type of
Insurance
|
:
|
Builder
Risks Insurance
|
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|
Name of
Insured
|
:
|
xxx
|
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|
Location
of Risk
|
:
|
xxxxx
|
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Business
|
:
|
Shipbuilding
Industry and/or other activities related to the Assured trade or Business
|
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Interest
Insured
|
:
|
Hull,
Machinery, Materials, etc. including Main Propelling Machinery and/or
Auxiliary Machine and/or Interest of every description value as may be
declared
|
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Type of
Vessel
|
:
|
xxx
|
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Period of
Insurance
|
:
|
xxxx
|
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Specification
of Vessel :
Ø
Length
Overall 57.50 M
Ø
Length
Waterline 55.30 M
Ø
Length
between Perpendiculars 52.00 M
Ø
Breadth
Moulded 13.80 M
Ø
Depth
Moulded 5.50 M
Ø
Design
Draft Moulded 4.50 M
Main Engine :
Ø
Main
Propulsion Plant DIESEL
ENGINE
Ø
Made Katapilar
Ø
Type 3606
DITA
Tonnage :
Ø
Tonnage
– GRT 1200 GRT
Capacity (100% Full) :
Ø
Fuel
Oil 370 M³
Ø
Fresh
Water 200 M³
Ø
Drill
Water 390 M³
Ø
MUD
(S.G. – 2.5) 250 M³
Ø
Dry
Bulk Tanks (4x1650 FT³=6600 FT³) 186 M³
Ø
Clear
Deck Area (Deck Loading = 7 T/M²) 350
M²
Others
:
Ø
Total
Power 5400 HP
Ø
Bollard
Pull 68 Tonns
Ø
Speed 13.0 Knots
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Sum
Insured
|
:
|
Hull USD ……………
Machinery USD …………….
USD ..000,000.-
|
|||
|
Total Sum
Insured
|
:
|
USD ……………...-
|
|||
|
Conditions
|
:
|
o Institute Clauses for Builders
Risks 01/06/88 (Cl. 351)
o Institute Clauses for Builders
Risks (Strikes) 01/06/88 (Cl. 350)
o Institute Clauses for Builders
Risks (Strikes for War) 01/06/88 (Cl. 349)
o Institute Clauses for Builders Risks
(Faulty Design) 01/06/88 (Cl. 352)
o Builders’ Risks Insurance Clauses
o LSW 1001 (Insurance) several
Liability Clause
o Institute Radioactive
Contamination, Chemical, Biological, Bio-Chemical and Electromagnetic Weapons
Exclusion Clause (Cl. 370)
o Delivery at the Yard
o Including Loss of/or Damage during
Launching and Sea Trial
o Y2K Clause (LSW 2003)
o Bankers Clause i.f.f.o. PT. Bank
Mandiri
o Including Collision and/or Third
Party (Limit USD 3,000,000.-)
o Cut Through Clause
o Deferred Premium Clause
|
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|
Rate
|
:
|
xxx%
|
|||
|
Deductible
|
:
|
USD ………. a.o.a / a.o.o / e.e.l.
|
|||
PREMIUM CALCULATION
USD
…,000,000.- x xxxx% USD
xxxx
Policy
Charge USD 5.00
Stamp
Duty USD 5.00
USD
87,760.00
NOTE
:
Indemnity
under this Policy is only granted if at the date of any loss destruction or
damage premium due at the date has been paid in full. In witness thereof the
undersigned being duly authorized by the Insurers and on behalf of the Insurers
has (have) hereunto set his (their) hand(s).
Signed for
and on behalf of Insurers :
Jakarta,
5 April 2005
BUILDERS’
RISKS INSURANCE CLAUSE
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I.
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Period
of Insurance
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|
|
|
Subject
to the period of insurance specified in the Schedule to the Policy, the
insurance attaches from the day of commencement of the building of the
Insured Vessel or from the day on which the Insured Vessel is allocated to
the building berth until the time of delivery to the Orderer or Owner of the
Insured Vessel upon completion of building, or until the time of expiry of
the period of insurance, whichever first occurs.
The
insurance on the materials, machinery and equipment allocated to the Insured
Vessel prior to application for insurance attaches from the day of inception
or insurance specified in the schedule to the Policy.
The
insurance on the materials, machinery and equipment allocated or delivered to
the Builders after inception of the insurance attaches from the time of
allocation or delivery.
The
Company will return to the Insured the agreed premium if the Insured Vessel
is delivered to the Owner one month before expiry of the period of insurance
stipulated in the Schedule to the Policy. No premium will be return if the
Insured Vessel is delivered to the Owner less than one month before expiry of
the period of insurance. Where delivery is made beyond the period of
insurance, previous written notice shall be given to the Company for an
extension of the period of insurance. An agreed additional premium will be
charged if the time of extension attains one month; no additional premium
will be charged if it is less than one month.
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II.
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Insured
Value and Insured Amount
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The
total building cost or the final contract value of the Insured Vessel shall
be the Insured Value and the Insured Amount shall be determined upon the
basis of the Insured Value. Where at the time of application for insurance
the Insured Amount is based on the provisional value, the Insured shall
notify the Company to effect adjustment of the Insured Amount when the
Insured Vessel is completed or the final contract value is determined. On the
difference between the Provisional Value and the Insured Value an additional
premium will be charged pro rata if the provisional value is lower and a pro
rata return of premium will be made if the provisional value is higher.
Nevertheless,
should the Insured Value exceed the provisional value, then the indemnity
under this insurance shall be limited to 125% of the provisional value any
one accident or series of accidents arising out of the same event. This
provision, however, shall not apply to any variation of the building cost of
the Insured Vessel resulting from a material alteration in design, fittings
or type of the Vessel.
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III.
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Scope
of Cover
|
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The
Company shall be liable for the following loss of and/or damage to; and
liability and expenses in connection with, the Insured Vessel :
|
|
|
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1.
|
Loss
or damaged and expenses caused by the undermentioned events whilst the
Insured Vessel is in course of construction, trials and delivery, including
loading and unloading transportation, storage and installation of all the
materials, machinery and equipment necessary in building the Insured Vessel
within the Insured Value and within the Shipyard and whilst the Insured
Vessel is in course of launching proceeding to and from docks or mooring
alongside a wharf :
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|
|
1.1.
1.2.
1.3.
1.4.
1.5.
1.6.
1.7.
|
Natural calamities and/or accidents
;
Negligence, fault and lack of skill
of workers, technicians, Master, Crew and Pilots ;
Latent defects in hull, machinery
and equipment ;
Damage to or breakdown of docks,
cradles and other like equipment ;
Faulty design of any part or parts
of the Insured Vessel ;
Expenses necessarily incurred in
completing launch after failure or launch ;
Expenses reasonably incurred for
ascertaining the loss or damage falling within the scope of cover, and
expenses of sighting the bottom after stranding, if incurred specially for
the purpose, even though no damage is found.
|
|
|
2.
|
Liabilities
and expenses under the following headings :
|
|
|
2.1.
2.2.
2.3.
2.4.
2.5.
2.6.
|
Sacrifice in and contribution to
general average ;
Salvage Charges ;
In the case of collision, the
indemnity which the Insured Vessel shall be held legally liable to pay for
the loss and delay to and loss of use of the other ship in collision and the
goods aboard such other ship, floating objects, dock, wharf or other fixed
structures, as well as for sue and labour charges, general average and
salvage charges in connection therewith, but in no case shall the amount so
indemnified exceed the insured amount of the Insured Vessel ;
Expenses for the removal of the
wreck of the Insured Vessel and any sum or sums in respect of the liabilities
for death of or bodily injury to third parties consequent upon an accident to
the Insured Vessel falling within the scope of cover which are to be
reimbursed subject to Protection and Indemnity Clause of the PT. Asuransi
Buana Independent of Indonesia, but in no case shall such indemnity exceed
the insured amount of the Insured Vessel ‘
Legal cost incurred to limit
liability after collision or other occurrence subject to prior consent of the
Company in writing;
Where the insured amount of the
Insured Vessel is lower than the Insured Value, the Company’s indemnity for
the expenses and /or liabilities under this clause shall be in the proportion
that the Insured Amount bears to the Insured Value.
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IV.
|
Exclusions
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The
Company shall not be liable for :
|
|
|
|
1.
|
Loss
or damaged caused by wilful or unlawful acts the Insured ;
|
|
|
2.
|
Expenses
for repairing, modifying, replacing or remaking the part or parts of faulty
design, and any expenses incurred for betterment or lateration in design ;
|
|
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3.
|
Liabilities
and expenses assumed by the Insured in respect of loss of life of or injury
to or illness of any person employed by the Insured ;
|
|
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4.
|
Loss
or damage or expenses arising from nuclear reaction, nuclear radiation or
radioactive contamination ;
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5.
|
Loss
or damage, expenses or liabilities arising from war, hostile actions, armed
conflicts, detonation of explosives, weapons of war, confiscation,
requisition, strike, riot and civil commotion and loss or damage caused by
any person acting maliciously or from a political motive ;
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6.
|
Fine
stipulated in the Building Contract and indirect loss through rejection or
other causes ;
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|
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7.
|
Loss
or frustration of voyage caused by arrest, restraint or detainment by and
country or armed bloc.
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V.
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Location
Limit
|
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|
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1.
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During
the time of Building :
Within
the Shipyard. Held covered subject to previous notice to the Company and
payment of an agreed additional premium for any transportation, loading and
unloading and storage outside the Shipyard of materials, machinery and
equipment necessary in building the Vessel and any movement of the Vessel in
tow outside the Shipyard.
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2.
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During
the time of Trial and Delivery :
Single
voyage for the Vessel over 20,000 gross tons under own to be within 500
nautical miles; between 1,000 and 20,000 gross tons within 250 nautical
miles; below 1,000 gross tons within 100 nautical miles. Should the aforesaid
distances be exceeded, prior notice to be given to the Company and an agreed
additional premium paid before such extended cover attaches.
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VI.
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Treatment
of Claim
|
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1.
|
In
lodging a claim, the Insured shall submit to the Company a written statement
giving the circumstances and cause of the accident, statement of claim,
invoice, survey report and other necessary documents and evidence. In the
event of third party liability being involved, the correspondence exchanges
with such third party for recovery purposes and other necessary documents
shall be furnished to the Company.
|
|
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2.
|
The
Company will be liable for the reasonable cost of replacement of part or
parts and repairing charges without deduction new for old.
|
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3.
|
No
claim for partial losses to the Insured Vessel arising from a peril insured
against shall be payable under the Policy unless the agreement of all such
claims arising our of each separate accident or occurrence including sue and
labour charges, collision damage and expenses for the removal of the wreck of
the Insured Vessel, etc. exceeds the deductible stipulated in the Policy in
which case only the amount in excess of the deductible will be paid.
Claim
for loss or damage by heavy weather occurring during a single sea passage
between two successive ports shall be treated as being due to one accident.
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|
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4.
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In
the case of sailing for trial, if no news is received to the whereabouts of
the Insured Vessel over a period of 6 months after the date on which she is
expected to return to the site of building, it shall constitute an event of
missing of the ship.
Where
the Insured Vessel is missing or the estimated aggregate of salvage charges,
cost of repairs and other necessary disbursements incurred after loss or
damage to the Insured Vessel exceeds the insured value of the Insured Vessel,
it may be deemed a s total loss. In case of a subsequent total loss following
loss of or damage to the Insured Vessel which is yet unrepaired, the Company
shall only be liable for the total loss.
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5.
|
The
time of validity of a claim in respect of any one accident insured against
shall not exceed a period of three months counting from the date of delivery.
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VII.
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Obligations
of the Insured
|
|
|
|
1.
|
The
Insured shall provide the Company with a copy of the Building Contract,
Schedule of progress of building and other necessary documents at the time of
applying for Insurance.
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2.
|
The
Insured shall comply with all relative statutory requirements and take
reasonable precautionary measure to avoid accidents. The representative of
the Company shall have the right to inspect the condition related to the
construction of the Vessel. The Insured shall render all reasonable
assistance for that purpose and give serous consideration to and
representatives of the Company.
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3.
|
In
case of accident to the Insured Vessel falling under the scope of cover, the
Insured shall notify the Company immediately and take all necessary measures
to avoid aggravation of loss. The Company will pay for the expenses
reasonably incurred in this respect, but in no case shall the amount exceed
the insured amount of the property so saved. When repairs to such property
are necessary, prior consent of the Company shall be obtained.
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4.
|
The
Insured shall notify the Company in writing in good time of any material
change in the risks covered under the Policy and request the Company to
endorse the policy accordingly.
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5.
|
In
the event that third party liability is involved in the loss of or damage to
the Insured Vessel, the Insured shall take all necessary measures to pursue
remedy against such responsible party, and the Company will pay reasonable
expenses necessarily incurred for such purpose.
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6.
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The
Company may disclaim liability in event of intentional omission on the part
of the Insured or his representatives to fulfil the aforesaid obligations.
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VIII.
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Treatment
of Dispute
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All
disputes arising out of this insurance between the Insured and the Company
shall be settled through friendly negotiation. Where a settlement fails after
negotiation, such dispute shall be submitted to arbitration of legal action
shall be carried out at the place where the defendant is domiciled.
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INSTITUTE RADIOACTIVE CONTAMINATION,
CHEMICAL, BIOLOGICAL, BIO-CHEMICAL AND ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE
This
clause shall be paramount and shall override anything contained in this
insurance inconsistent therewith
1. In
no case shall this insurance cover loss damage liability or expense directly or
indirectly caused by or contributed to by or arising from
1.1 ionising radiations from or contamination
by radioactivity from any nuclear fuel or from any nuclear waste or from the
combustion of nuclear fuel
1.2 the radioactive, toxic, explosive or other
hazardous or contaminating properties of any nuclear installation, reactor or
other nuclear assembly or nuclear component thereof
1.3 any weapon or device employing atomic or
nuclear fission and/or fusion or other like reaction or radioactive force or
matter
1.4
the radioactive, toxic, explosive or other
hazardous or contaminating properties of any radioactive matter. The exclusion in this sub-clause does not
extend to radioactive isotopes, other than nuclear fuel, when such isotopes are
being prepared, carried, stored, or used for commercial, agricultural, medical,
scientific or other similar peaceful purposes
1.5
any chemical, biological, bio-chemical, or
electromagnetic weapon.
Y2K
CLAUSE
Words
that appear in quotation marks in this endorsement have special meaning Refer
to Section B – Definitions.
|
A.
|
Exclusion
Notwithstanding any other terms and conditions
this Policy, including any other
endorsement which may be attached to it, does not insure against any
loss, damage, cost, claim or expense directly or indirectly arising out of or
relating to :
|
|
1.
2.
|
The failure of any “system”, whether the property
of the Insured or others, to “recognize” any “data” involving any “date
change” or
Any “modification” of any “system” whether the
property of the Insured or other, to permit such “system” to “recognize” any
“data” involving any “date change”
This
exclusion shall apply regardless of any other cause or event that contributes
concurrently or in any sequence to the loss, damage, cost, claim or expense.
However,
if physical loss or damage not otherwise excluded b this Policy results, then
subject to all its terms and conditions, this Policy shall be liable only for
such resulting loss or damage. Each occurrence of resulting physical loss or
damage shall be adjusted separately, and each occurrence shall be subject to
the provisions regarding sublimits and deductibles specified elsewhere in
this Policy.
In
the event physical loss or damage not otherwise excluded by this Policy
results to any “system”, this Policy including any other endorsement which
may be attached to it, does not insure against any loss, damage, cost or
claim or expense, whether preventative, remedial or otherwise, arising out of
or relating to any “modification” of any “system”, whether the property of
the Insured or others, to permit such “system” to “recognize” any “data”
involving any “date change”
|
|
B.
|
Definitions.
|
|
1.
2.
3.
4.
5.
|
“System” means any computer system, hardware,
firmware, program or software or any microchip, integrated circuit, or
similar device in computer equipment or non-computer equipment.
“Recognise” means to recognise, intepret,
calculate, compare, differentiate, distinguish, accept, sequence or process.
“Data” means any data, instruction or
information.
“Date change” means the date change to year 2000,
the date change in any leap year or any other date change.
“Modification” means any modification, change,
addition, alteration or correction.
Nothing herein contained
shall be held to very, alter, waive, or extend any of the terms, condition
limitation of the policy to which this endorsement is attached other than as
above stated.
|
BANKER CLAUSE i.f.f.o PT. BANK MANDIRI
It is
noted and agreed that the property insured by this policy has been mortgaged to
bank :
PT. BANK MANDIRI – BATAM BRANCH
and that is consequence thereof, it has been
agreed with the said mortgagee and the Insured, that in case of loss, if any,
payable under this policy any payment up to the amount to which the said mortgagee is entitled for principal, interest
accrued and costs shall be made to the said
mortgage without prejudice to the rights the Insured may have on the
difference. This clause to be null and void on receipt of advice from the said
Bank that they are no longer interest in the property insured under this
policy.
CUT THROUGH CLAUSE
It
is understood and agreed that if so required by the Original Assured, the
Reinsurers shall pay directly to the Original Assured that proportion of any
claim due to the Original Assured from the Reassured which represents the
liability of the Reinsurers to the Reassured under the terms of the policy,
whereby Reinsurers can act independently.
It being agreed that such payment by the Reinsurers to the said Original
Assured shall fully discharge and release the Reinsurers from any and all
further liability in connection with such claim and providing any such payments
are in full compliance with any legislation.
DEFERRED PREMIUM CLAUSE
It
is hereby understood and agreed that the premium shall be payable in the
following installment :
|
1st Installment
|
:
|
25%
= USD
|
xxx
|
|
Due
Date
|
:
|
xxx
|
|
2nd
Installment
|
:
|
25%
= USD
|
xxx
|
|
Due
Date
|
:
|
xxx
|
|
3rd
Installment
|
:
|
25%
= USD
|
xxx
|
|
Due
Date
|
:
|
xxx
|
|
4th
Installment
|
:
|
25%
= USD
|
xxx
|
|
Due
Date
|
:
|
xxx
|
Nevertheless
it is further understood and agreed that :
In
the event of any installment not being received by the company prior to or on
its due date, the cover afforded by this policy shall be deemed to have ceased
at same time in the manner stipulated on the Policy of such due date as
stipulated above under heading due date, without the Company being obliged to
give notice of default whatsoever.
In the
event of a claim arising hereunder which exceeds the installment premiums paid
on this Policy, all the installments of premium then outstanding shall become
due and payable for with.
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