The Joint Hull Committee (JHC) has released the International Hull Clauses 2003 following a review of the existing wording.
JHC said the basic structure remained unaltered, with clauses divided into three sections comprising the principal insuring conditions, a range of additional and optional clauses, and the claims provisions.
JHC said specific changes from the 2002 clauses included a broadening of latent defect coverage, the adoption of the Bimco general average absorption wording, the removal of under insurance for claims in general average, salvage and sue and labour, and extended bottom treatment cover.
It said the 2003 clauses incorporated a revised set of navigating limits which succeeded the outdated Institute warranties, and which had evolved through a separately initiated review process.
William Beveridge, chairman of the JHC said: "We are very pleased to have developed a modern set of clauses which we are confident will gain broad acceptance and usage amongst shipowners and brokers alike as the preferred coverage form for Hull and machinery both within the London market and in the broader international arena."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
