Marine Commercial Hull

Insurance policy
B
Contents
Marine Commercial Hull Insurance Policy 1
Your duty of disclosure 1
Our agreement 1
Definitions 1
Cover Commercial Vessel 3
Optional extensions 3
Cover Legal Liability 3
Optional extensions 3
Additional Benefits 4
Personal & crew property 4
Exclusions and Other Cover Limitations 4
Sanctions exclusion clause
this clause shall be paramount 6
Other Cover Limitations 6
Benefit of insurance and waivers of rights 6
Co-insurance clause 6
Third party interests 6
Due care 6
Survey and manning warranty 6
How Much We Will Pay 6
Cover commercial vessel 6
Cover Legal Liability 7
Cancellation 7
When you can cancel 7
When we can cancel 7
Claims 8
Authorisation 8
Claims procedure 8
Subrogation clause 8
Waiver clause 8
Claims documentation 8
Fraudulent claims 8
1
Marine
Commercial Hull
Insurance Policy
Your duty of disclosure
Before You enter into a contract of general insurance with an
insurer, You have a duty, under both the Marine Insurance Act
1909 and the Insurance Contracts Act 1984, to disclose to Us
every matter that You know or could reasonably be expected to
know which is relevant to Our decision to accept the risk of the
insurance and on what terms. You have the same duty of
disclosure before You renew, vary, extend or reinstate a contract
of general insurance.
Your duty does not require You to disclose a matter:
That diminishes the risk to be accepted by Us
That is of common knowledge
That We know, or in the ordinary course of business, should
know; and
In relation to which compliance with Your duty is waived by
the insurer.
If You fail to comply with Your duty of disclosure:
Where the Marine Insurance Act 1909 applies, We may
avoid the contract from inception.
Where the Insurance Contracts Act 1984 applies We
may be entitled to reduce Our liability under the contract
in respect of a claim, or, in certain circumstances, We may
cancel the Policy or declare it never existed because it was not
properly entered into. If Your non-disclosure was fraudulent,
We may also have the option of avoiding the contract from the
beginning.
Non-disclosure
If You fail to comply with Your duty of disclosure, the insurer may
be entitled to reduce its liability under the contract in respect of
a claim or may cancel the contract.
If Your non-disclosure is fraudulent, the insurer may also have
the option of avoiding the contract from its beginning.
Our agreement
We agree to provide You with the insurance as described in this
Policy including the Policy Schedule, for the Period of Insurance
shown in the Schedule and for any subsequent period where
renewal may be agreed, and in return You agree to pay Us the
premium by the dates advised to You.
Should there be any change in circumstances or any
change in the nature of the risks which are the basis of the
contract, You must advise Us immediately and in writing. If You
fail to comply, no claim arising after the change will be payable,
unless We have agreed otherwise.
Definitions
In this Policy certain words have special meanings. They
have the same meanings wherever they appear. These
words are:
Accidental
Means any occurrence or event which results in loss or damage
and is unforeseen and unintended and could not have been
expected by a person who has actual knowledge of the
Commercial Vessel and its operation
Commercial Vessel(s)
Means the Commercial Vessel (s) in use for payment or reward
specied in the Policy Schedule including hull and machinery,
trailer, equipment and accessories, sails, masts, spars, standing
and running rigging.
This excludes:
Any commercial vessel capable of a speed exceeding
50 knots; and
Moorings.
Crew
Means any person (including the skipper or Master) working on
board the Commercial Vessel as an employee.
Diving equipment
Means wet and dry suits, tanks, regulators, buoyancy devices,
ns and similar equipment used for the purpose of recreational/
sport diving.
Equipment and accessories
Means any equipment carried on board the Commercial Vessel
either in accordance with statutory requirements, for safety or
where used in conjunction with the operation of the Commercial
Vessel including navigation equipment, radios, GPS, autopilots,
lifesaving equipment, tender or life boats but does not include
shing or diving equipment unless You have specially
requested them to be covered and they are specied in the
Policy Schedule.
Tender boats, dinghies or lifeboats are not covered where they
are capable of a speed exceeding 50 knots.
Excess
Means the sum shown in the Schedule, this Policy, or an
endorsement to this Policy (if any) which any loss or claim must
exceed before We will be liable under this Policy and which We
will not be liable to pay in respect of each loss.
Where an Excess is expressed as:
A specied sum it means the amount specied
A percentage it means the monetary equivalent of such
percentage
provided that
where a claim is made in respect of more than one occurrence,
the Excess will apply as though a claim was made for each
individual occurrence.
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Fishing equipment
Means rods, reels, tackles and other similar equipment used for
the purpose of recreational/sports shing.
Hull
Means the structure of the Commercial Vessel including bottom,
superstructure, deck, cabins and xtures and ttings normally
sold with the hull and not normally removable.
Machinery
Means the mechanical and electrical components of the
Commercial Vessel not normally removable from it, excluding
the items listed as equipment and accessories but including
inboard/outboard motors, stern drive or jet units, thrusters, gear
boxes, propellers, shafts, wiring harnesses/looms, fuel tanks
and lines, instruments, generators and refrigeration or cooling
machinery.
Limit of liability
Means the limit of liability specied in the Policy Schedule. Our
liability is limited to the amount stated for any one loss or series
of losses arising from the one event, plus any amount provided
for under the Additional Benets in this policy.
Legal liability
Means Your responsibility at law to compensate another party
for death, injury or property damage.
Policy
Means this Policy wording, the current Schedule, and any
endorsement, all of which are to be read together.
Premium
Means the premium specied in the current Policy Schedule
and any endorsement premium.
Removal of wreck
Means the physical act of removing from a site/position,
generally as a result of a legal or statutory responsibility, a
Commercial Vessel which has been damaged to the extent that
it has no residual commercial value.
Salvage
Has a dual meaning which can be either:
The physical act of recovering a Commercial Vessel which
has been lost or damaged where it has residual commercial
value; or
What remains of the Commercial Vessel after the act of
salvage.
Salvage costs
Those costs incurred in connection with saving a Commercial
Vessel which has been lost or damaged.
Seaworthy
Means the expected state of the Commercial Vessel which is
such that it is in good order and repair and t including being
properly manned to encounter the normal perils of the sea and
inland waters comprising its navigational limits detailed in the
Policy Schedule.
Total sum insured
Means the amount We have agreed to insure Your Commercial
Vessel for and is the total of the values for the hull, motors/
machinery, sails, masts, spars, standing and running rigging,
equipment and accessories and trailer.
This will be specied in the Policy Schedule.
Usage
Means the specied Commercial Vessel use shown in the Policy
Schedule declared by You. This usage automatically includes
voluntary rescue work and incidental private use by You and
Your authorised employees provided that statutory commercial
licencing, registration, classication and survey requirements are
complied with.
You or Your
Means the person(s) or entity named in the Policy Schedule as
the Insured.
We or Our or Us
Means the insurance company named in the Policy Schedule.
3
Cover
Commercial Vessel
We will indemnify You, the insured named in the Schedule,
against loss or damage to the Commercial Vessel (s) specied in
the Policy Schedule:
Subject to the conditions contained in this policy
Whilst navigating, laid up ashore at any slipway, marina or
location or in transit within the navigational and geographical
limits specied in the policy schedule
During the period of insurance specied in the policy
schedule; and
As a result of one of the following events:
Accidental damage, or damage caused by stranding,
grounding or sinking provided the Commercial Vessel
was seaworthy at the time of the sinking.
Accidental land transit damage provided the
Commercial Vessel is:
In transit on its own trailer, designed to be trailered and in
compliance with all statutory requirements
Being transported by a professional road transporter,
provided You have advised Us in writing prior to the
transit commencing and you have agreed to and You
have complied with any conditions We may have
including application of a variation to the standard
excess, where necessary, and paid any additional
premium We have advised.
Latent defect within the hull, motors or machinery that has
not resulted from Your lack of due diligence and excluding
the cost of repairing and/or replacing the latently defective
part itself
Negligence of external repairers or charterers, crew, master
or skipper provided that incident has not resulted from Your
lack of due diligence
Theft of the entire Commercial Vessel or of parts of the
Commercial Vessel from the Commercial Vessel itself or
place of storage provided that You have taken all reasonable
precautions to prevent such theft and the party(ies) involved
have no interest in the Commercial Vessel
Damage caused by strikers, locked out workers or
persons taking part in labour disturbances, riots or civil
commotions
The wilful act of a third party which was committed
without Your knowledge or connivance
Deliberate damage by State, Federal or Local
Authorities exercising their rights under current legislation
in order to prevent or minimise an environmental hazard/
pollution resulting from an insured peril and provided this
has not resulted from your lack of due diligence
Salvage Costs incurred in order to minimise loss or
damage to the Commercial Vessel or to remove the
Commercial Vessel to safety. You do not need Our authority
to take such action if it is an emergency and You are unable
to contact Us in time.
Optional extensions
Sports, fishing and diving equipment
Only where specied in the Policy Schedule and provided You
have provided Us with a list of such equipment, We agree to
provide additional cover for:
Accidental damage to Your sports, shing and/or diving
equipment while on Your Commercial Vessel but excluding
any damage whilst the item is in use
Theft, provided there is visible evidence of forcible
and violent entry:
Into a securely locked place of storage; or
Into the securely locked Commercial Vessel or carrying
compartment of the Commercial Vessel.
Cover
Legal Liability
Where specied in the Policy Schedule We will pay the amount
that You as owner of the Commercial Vessel are legally liable to
pay for:
Damage to other peoples property (other than fare
paying passengers unless You have requested the optional
extension detailed below)
Personal injury to or death of any person other than:
You
Your crew
Paying passengers unless You have requested the
optional extension detailed below.
This insurance cover and any optional extensions specied in
the Policy Schedule are extended to any person navigating or in
charge of the Commercial Vessel with Your permission other
than a person operating or employed by a repairer, marina,
yacht club, slip way, sales agency or other similar organisation.
Optional extensions
Passenger liability
Only where specied in the Policy Schedule We cover You for
the amount You are liable to pay following an accident caused
by the use of Your Commercial Vessel or carriage of passengers
on Your Commercial Vessel that causes:
Damage to paying passengers property (excluding
watches, mobile phones, Personal Data Assistants (PDA)
and laptop computers, mobile GPRS units, precious metals
and stones, money (which means any coin or banknote),
bullion, cheques, credit or other card sales vouchers,
securities, shares, bonds, deeds, bills of exchange, or any
documents that represent money); and/or
Personal injury to or death of any paying passenger:
While being carried on or whilst entering or leaving the
Commercial Vessel via a jetty, pontoon or wharf owned
by or maintained by You; and/or
Caused by food or drink which You have prepared and
served on the Commercial Vessel.
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Pollution liability
Only where specied in the Policy Schedule We cover You for
the amount You are liable to pay for:
The costs of cleaning up an accident site, up to
$25,000 unless otherwise specied in the Policy Schedule,
following an insured event; and/or
Actual physical damage to property caused by
accidental discharge, spillage, leakage or emission of oil,
petroleum products or sewage
provided that the event or discharge, spillage, leakage or
emission was not caused by Your negligence or wilful
misconduct.
This cover extension specically excludes:
Death, bodily injury or illness
Contractual or assumed liability
Consequential loss or loss of use
Breaches of Federal, State or local legislation
regulating or controlling discharge, spillage, leakage or
emission of substances from the Commercial Vessel.
Additional Benets
Personal & crew property
Where We pay a claim under this Policy for loss or damage to
the Commercial Vessel, We will also pay up to $1000 for loss
or damage to any personal property of You or Your employees
which were carried on the Commercial Vessel at the time of the
incident, excluding watches, mobile phones, PDA and laptop
computers, mobile GPRS units, precious metals and stones,
money (which means any coin or banknote), bullion, cheques,
credit or other card sales vouchers, securities, shares, bonds,
deeds, bills of exchange, or any documents that represent money.
Stranding grounding & submersion
If Your Commercial Vessel is grounded or stranded,
We will pay the cost of inspecting the hull to see if it is
damaged, provided that:
Such grounding or stranding was not deliberately caused
by You or
You can show that the Commercial Vessel was
deliberately grounded as part of a general average act or
to avoid or minimise further damage to the Commercial
Vessel following an accident.
If Your motor is submerged We will pay the reasonable
costs to:
Dismantle, clean and oil the motor
Dry all electrical equipment and instruments.
Substitute boat
If Your Schedule includes legal liability cover then the legal
liability cover also applies when You are using a substitute
Commercial Vessel not owned by You, Your household or any
person in Your employ because Your own Commercial Vessel is
unable to be used whilst undergoing unscheduled maintenance
or repairs.
Return to base cover
We will pay up to $1000 towards the cost of returning Your
Commercial Vessel from:
The site of the accident
Port/place of refuge; or
The place of repairs,
to its normal place of storage following an event causing loss or
damage to the Commercial Vessel to the extent that the
Commercial Vessel cannot be used in addition to the salvage
costs incurred to tow or remove the Commercial Vessel to safety.
Removal of wreck
Where Your Commercial Vessel has been sunk or damaged by
an insured event to the extent that it no longer has a residual
commercial value, or the recovery costs would exceed the
residual commercial value, but You nevertheless have a legal
responsibility to remove the Commercial Vessel, We will pay the
reasonable costs of such removal up to $1,000,000 for each
and every loss or series of losses caused by the insured event in
addition to the sum insured expressed in the Schedule above
for either the legal liability or Commercial Vessel cover.
Exclusions and Other
Cover Limitations
This Policy does not cover You for:
Commercial Vessels other than those listed in the Policy
Schedule
Events other than those listed in the cover(s) and option(s)
listed in the Policy Schedule
Navigation or Transits outside the navigational and
geographical limits shown on the Policy Schedule
Usage other than that advised to Us, except for:
Incidental private use by You and Your authorised
employees; and
Voluntary rescue work.
provided that statutory commercial licencing, registration,
classication and survey requirements are complied with:
Racing, speed tests or trials
Loss or damage occurring whilst the Commercial
Vessel is undergoing major hull repairs or
alteration, unless You tell Us beforehand and We agree
to cover You
Unlawful usage
Operation of the Commercial Vessel or transport
of the Commercial Vessel on land by an unlicensed
person, or one whose faculties were impaired by
drugs or alcohol in excess of that permitted by law,
unless You did not know or suspect, or could not
reasonably have known or suspected the circumstances
or condition of the person controlling the Commercial
Vessel or driving the conveying vehicle.
Operation of the Commercial Vessel:
While in an unseaworthy state
At a speed exceeding the maximum design speed;
With a motor more powerful than recommended
by the manufacturer
5
With a load or number of passengers in excess of
that recommended by the manufacturer
When not in compliance with statutory/licencing
requirements or outside any limits imposed by any
certicate of construction and performance,
licence or similar
unless the speed, motor or condition of the Commercial
Vessel or overloading did not contribute to the loss and/or
the condition was not reasonably detectable or known by You.
Loss, damage or destruction of the boat or any cost
or expense directly or indirectly caused by or
contributed to by or arising from any of the following:
1. Damage to your commercial vessel before this
insurance started.
2. Reduction in value of your commercial vessel
due to age or condition or because of repairs or
resulting from any unrepaired damage.
3. Financial loss because of loss of use of your
commercial vessel following damage.
4. Damage caused by your misconduct or
intentionally caused by you or any person acting
with your expressed or implied consent.
5. Delay, loss of market, nancial or consequential
loss of any description.
6. Unseaworthiness or lack of repair.
7. The cost of repairing or replacing any part of the
commercial vessel defective by reason of fault
or error in design or construction.
8. Ordinary wear and tear to any part or parts of your
commercial vessel including wet or dry rot,
mould, rusting or other forms of corrosion, vermin,
or marine growth or any damage arising therefrom.
9. Loss of data from any computer hardware or software.
10. Electrical, mechanical or electronic breakdown
or malfunction including failure to recognise, interpret
or process any date or to function correctly as a result
of such breakdown or malfunction. We will pay for the
resultant damage to your commercial vessel due to the
breakdown or malfunction but not for the item that
broke down.
11. Sinking, loss or damage caused by your
misconduct or intentionally caused by you or any
person acting with your expressed or implied consent
except where required by law.
12. Theft by persons to whom you have loaned your
commercial vessel.
13. Damage to sails and protective covers caused by
water or the force of the wind while set.
14. Unsecured outboard motors falling off the
commercial vessel.
15. Damage to tyres on your trailer which results
from application of the brakes, punctures, cuts
or bursting.
16. Legal seizure, conscation, nationalisation or
requisition of the commercial vessel.
17. War or warlike activities, which means invasion, act
of foreign enemy, hostilities (whether war is declared or
not), civil war, rebellion, revolution, insurrection or civil
strife following any of these.
18. The absence, shortage or withholding of labour
of any description resulting from strike, lockout, labour
disturbance, riot or civil commotion.
19. Loss, damage or expense caused directly or
indirectly by radiation, radioactive material,
nuclear process or from nuclear weapons or
material.
20. Arising from the use or operation, as a means of
inicting harm, of any computer, computer
system, computer software program, computer
virus or process or any other electronic system.
Your costs of liability for:
1. Incidents which happened before this insurance
started.
2. Death or bodily injury or third party property
damaged caused deliberately by you.
3. Death or bodily injury to:
You, your family or your crew
Any tradesperson or company you or an
authorised user employs including where
engaged in the repair, servicing or
maintenance of your commercial vessel
and/or
Any other person who is covered, or should
have been covered by compulsory third party
or workers compensation insurance.
4. Property belonging to you or your crew, or in
your or your crews control except as provided for
in the additional benets personal & crew property.
5. Claims arising either directly or indirectly from
pollution or contamination by any substance,
except where the optional extension pollution liability
has been selected and is shown on the schedule and
only to the extent outlined in that cover.
6. Death or bodily injury to passengers, or liability
for passengers property except where the optional
extension passenger liability has been selected and
is shown on the schedule and only to the extent
outlined in that cover.
7. Claims arising from the use of any shing or
diving equipment or from the activities of or in
connection with instructions given regarding:
Boom netting, water-skiing, parasailing,
aquaplaning or similar activity
Snorkelling, scuba diving, tunnel diving,
diving or diving operations
Any other similar activities involving swimming
by passengers on your commercial vessel.
8. Actions that are brought against you in a court
or tribunal outside australia or a court or tribunal
that applies laws other than the law of a state or
territory of australia.
9. Any ne or penalty.
10. Aggravated, exemplary or punitive damages.
Additionally, the following exclusions apply to
either the cover for your commercial vessel or
your legal liability regardless of any other cause
or event contributing concurrently or in any
other sequence to the loss:
6
a) Ionising radiations from or contamination by radioactivity
from any nuclear fuel or from any nuclear waste or from
the combustion of nuclear fuel.
b) The radioactive, toxic, explosive or other hazardous or
contaminating properties of any nuclear installation,
reactor or other nuclear assembly or nuclear component
thereof.
c) Any weapon or device employing atomic or nuclear
ssion and/or fusion or other like reaction or radioactive
force or matter.
d) The radioactive, toxic, explosive or other hazardous or
contaminating properties of any radioactive matter, but
this exclusion does not extend to radioactive isotopes,
other than nuclear fuel, when such isotopes are being
prepared, carried, stored, or used for commercial,
agricultural, medical, scientic or other similar peaceful
purposes.
Any actual or alleged liability whatsoever for any claim or
claim in respect of loss or losses directly or indirectly
arising out of, resulting from or in consequence of
asbestos; and
f) Any chemical, biological, bio-chemical or
electromagnetic weapon.
This Policy also excludes any loss, damage, destruction,
cost or expense of any nature directly or indirectly caused
by, contributed to by, resulting from or arising out of or in
conjunction with any action taken in controlling, preventing,
suppressing, retaliating against, responding to or in any way
relating to the above a) to f) additional exclusions.
Sanctions exclusion clause this
clause shall be paramount
No insurer shall be deemed to provide cover and no insurer
shall be liable to pay any claim or provide any benet hereunder
to the extent that the provision of such cover, payment of
such claim or provision of such benet would expose that
insurer to any sanction, prohibition or restriction under United
Nations resolutions or the trade or economic sanctions, laws
or regulations of the European Union, United Kingdom, United
States of America or Australia.
Other Cover Limitations
Benefit of insurance and waivers
of rights
Where the Commercial Vessel is lost or damaged in transit,
the carrier or any other bailee cannot claim any benet under
this Policy.
Your rights are not prejudiced by any agreement exempting the
carrier from liability but where any other person(s) is liable to
compensate You for any loss or damage which is covered by
this Policy but where You have agreed not to seek recovery of
any moneys from that person(s), then We will not provide cover
under this Policy for such or damage or may reduce Our liability
under the Policy contract as permitted by law.
Co-insurance clause
If, at the time of any loss or damage to the Commercial Vessel,
there is any other current insurance, whether effected by You or
any other person or persons, covering the same Commercial
Vessel, the We will not be liable (where legally entitled) for more
than the rateable proportion of the loss, damage or expense.
Third party interests
You must let Us know the names and interests of any other
party (e.g. nanciers, owners or lessors) who You require to be
covered by this insurance. We will protect their interests only if
You have informed Us about them and they are noted on Your
Policy Schedule.
Due care
You must, at all times, take appropriate care:
In the operation of the commercial vessel in your care
custody and control
To protect the commercial vessel from loss or damage
Following an event causing loss or damage to take
reasonable steps to minimise loss or prevent further damage
or loss; and
To preserve rights against any other party who may have
responsibility for the loss, damage or liability.
Survey and manning warranty
The Commercial Vessel must at all times be:
Properly registered and in current survey with the
appropriate government authorities
Operated within the limits and in compliance with any licence
or government authority restrictions or conditions; and
Operated by a master or skipper or other person who is the
holder of an appropriate competency certicate issued by a
government authority (where required).
How Much We Will Pay
Cover commercial vessel
Subject to the terms, conditions, limitations and the maximum
limit of liability shown in the Policy Schedule, in the event of a
total or constructive total loss We will at Our option:
Pay You, or other parties agreed with You, the market value
of Your Commercial Vessel up to the sum insured shown in
the Policy Schedule; or
Pay You, or other parties agreed with You, the agreed sum
insured shown in the Policy Schedule; or
Replace the Commercial Vessel with one of similar age and
condition.
Where the Commercial Vessel is damaged We pay the
reasonable costs of repairing the Commercial Vessel or part
or item or replacing the damaged or lost part or item(s) but not
exceeding the market value or agreed value shown in the Policy
Schedule of the entire Commercial Vessel, or item or part.
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The cost of materials or parts used in repairs is payable without
deduction, new for old.
Where any item of equipment or accessories which is less than
10 years old is lost or damaged to the extent that it cannot be
repaired, We will pay for its replacement without deduction, new
for old. This benet does not apply to lifeboats or tender boats
or equipment contained therein, for which an amount for
depreciation will be deducted in making a settlement.
Where Your Commercial Vessel is less than one year old and
becomes a total loss as a result of an insured event, We will:
Replace Your Commercial Vessel with a new replacement
vessel provided one is locally available; and
Pay the registration and dealer delivery fee.
If a new replacement vessel is not available, We will replace Your
Commercial Vessel with the nearest equivalent vessel available.
You are fully insured again for the amount shown in Your Policy
Schedule following a claim, except where Your claim is for a
total loss in which case Your Policy will end then and there will
be no refund of premium.
The above excludes any additional amounts payable under the
Additional Benets.
Cover
Legal Liability
Subject to the terms, conditions, limitations and the maximum
limit of liability shown in the Policy Schedule, at Our option We
will pay the costs of:
All sums which you become legally liable to pay as
compensation for physical loss or damage to third party
property or death or personal injury
The claimants legal expenses and any interest awarded
Legal costs incurred with our consent in addition to the
above; and
The additional benets shown in the section additional
benets where applicable; or
The amount(s) we negotiate on your behalf, subject to the
maximum limit of liability shown in the policy schedule.
All claims We pay under this Policy (either Cover) will have any
Excess deducted prior to settlement.
Goods and Services Tax
Where We make a payment under this Policy for the acquisition
of goods, services or other supply, We will reduce the amount of
the payment by the amount of any input tax credit that You are,
or will be, or would have been entitled to under A New Tax
System (Goods and Services Tax) Act 1999, in relation to that
acquisition, whether or not that acquisition is actually made.
Where We make a payment under this Policy as compensation
instead of payment for the acquisition of goods, services or
other supply, We will reduce the amount of the payment by the
amount of any input tax credit that You would have been entitled
to under A New Tax System (Goods and Services Tax) Act 1999
had the payment been applied to acquire such goods, services
or other supply.
Cancellation
This Policy may be cancelled by either You or Us in
writing as set out below.
When you can cancel
You may cancel this Policy at any time by giving written notice to Us.
When we can cancel
Where the Marine Insurance Act 1909 applies
We may cancel this Policy by giving 30 days notice in the event
of any non-payment of premium, or for any other reason available
at law.
Where the Insurance Contracts Act 1984 applies
Under Section 60 of the Insurance Contracts Act 1984, We may
cancel this Policy or any Section at any time, by giving notice in
writing to You of the date from which cancellation is to take
effect, where You have:
Failed to comply with your duty of utmost good faith
Failed to comply with your duty of disclosure at the time
when this policy or any section of the policy was entered
into, varied, altered, or renewed
Made a misrepresentation to us during the negotiations for
this policy, but before we agreed to issue this policy
Failed to comply with a provision of the policy
Failed to pay the premium for this policy
Made a fraudulent claim under this policy, or any other contract
of insurance (whether with us or another insurer) that provided
cover during any part of the period of insurance of this policy
Failed to comply with the requirement in this policy that you
notify us of an act or omission which occurred after this
policy was entered into; or
Failed to notify us of any specic act or omission or such a
notication as is required under the terms of this policy.
We may deliver such notice to You personally or by post at Your
address last notied to Us.
Under Section 60 of the Insurance Contracts Act 1984, We may
cancel this Policy at any time where:
It is in force by virtue of section 58 of the insurance contracts
act 1984; or
It is an interim contract of general insurance.
After cancellation, We will refund the premium for the time
remaining on the Policy, less any non-refundable duties, unless
You have made a fraudulent claim.
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Claims
Authorisation
We may give to and obtain from any other insurers, insurance
reference bureaus and credit reporting agencies any information
relating to Your credit or insurance history as well as insurance
claims information.
Claims procedure
If there is any event which may result in a claim under this Policy
You must take the following steps:
Take all reasonable measures to avoid or minimise any loss,
damage or expense (the costs of which will be payable by
the insurers in addition to the sum insured provided they are
both reasonable and necessary)
Ensure that all rights against third parties are properly
preserved and exercised
Inform the police as soon as possible after a theft has occurred
Inform Us about the event as soon as possible; and
Submit as soon as possible all written particulars,
supporting documentation and correspondence regarding
the event including invoices, statements or other documents
evidencing the amount being claimed.
You should not, without Our consent:
Make or accept any offer or payment, defend settle or
attempt to settle any claim; or
Admit responsibility for the incident
When other parties may be liable:
Do not release those parties from liability
Deliver to the parties responsible a notice of intention to
claim; and
Inform Us of the circumstances and let Us have a copy of all
relevant documents.
Subrogation clause
When We settle a claim, We may endeavour to pursue recovery
rights against any third party who caused or contributed to loss or
damage to the Commercial Vessel and or Your third party liability.
You authorise Us to act in Your name in such recovery action, and
undertake to give Us reasonable assistance in such actions.
Waiver clause
Measures taken by You or Us with the object of saving,
protecting or recovering the Commercial Vessel shall not be
considered as a waiver or acceptance of abandonment or
otherwise prejudice the rights of either party.
Claims documentation
You are required, in the interests of prompt settlement of any
claim and to avoid prejudicing Your claim under the Policy to
submit all available supporting documentation without delay
including correspondence exchanged with any third party
regarding their liability for the loss or damage.
Fraudulent claims
If any claim is fraudulent or false in any respect We may refuse
to pay the whole or part of the claim to the extent permitted by
law, and may also be entitled to cancel the Policy.
Notes
Notes
Preparation date:
11/3/2004
MA00015 REV2 10/11
Insurer
CGU Marine Insurance
A Division of CGU
Insurance Limited
ABN 27 004 478 371