The Joint Hull Committee (JHC) has produced a new set of insurance clauses to reflect the needs of today's shipowners.
The Joint Hull Committee (JHC) has produced a new set of insurance clauses to more accurately reflect the needs of today's shipowners.
The JHC stressed that the rules did not represent a rewrite, but were an update to embrace current market practice.
The rules, for use from November 1, place less emphasis on the use of warranties, but provide explanations of the consequences of failure to comply with conditions.
Simon Beale, chairman of the Joint Hull Committee, said: "The JHC undertook a widespread consultation procedure during the revision process.
"The result is a product which is more user-friendly to the global shipping industry and which further strengthens the position of the London market in the international marine insurance community."
The first clause contains principal conditions; the second a range of clauses required by assureds, and the third a set of claims provisions to streamline the claims process.
