C.Perils Covered/Uncovered by Yacht Insurance
In this part of our study, we will try to explain the liability of the yacht insurer…
The risks for which the insurer is liable to indemnify in terms of yacht insurance…
““Maritime perils” means the perils consequent on, or incidental to, the navigation of the sea, that is to say, perils of the seas, fire, war perils, pirates, rovers, thieves, captures, seisures, restraints, and detainments of princes and peoples, jettisons, barratry, and any other perils, either of the like kind or which may be designated by the policy…
The main reason we chose IYC is that it provides a general framework for both yacht…
i. General Coverage of Loss of or Damage to Subject-Matter Insured…
• perils of the seas, rivers, lakes or other navigable waters,…
• fire,…
• jettison,Sayfa 277…
• piracy,…
• contact with dock or harbour equipment or installation, land conveyance, aircraft…
• earthquake, volcanic eruption or lightning…
ii. Coverage Where Loss of or Damage to is Not Resulted from Want of Due Diligence…
a.loss of or damage to the subject-matter insured caused by;…
• accidents in loading, discharging or moving stores, gear, equipment, machinery…
• explosions,…
• malicious acts,…
• theft of the entire vessel or her boat(s), or outboard motor(s) provided it is…
b.loss of or damage to the subject-matter insured, excepting motor and connections…
§ latent defects in hull or machinery, breakage of shafts or bursting of boilers…
§ the negligence of any person whatsoever, but excluding the cost of making good…
iii.Coverage of The Expense of Sighting the Bottom After a Stranding, If Reasonably…
However, any damage that may arise from the use of war, strikes and political acts,…
“In no case shall this insurance cover loss damage liability or expense caused by/arising from…
i. War Exclusions (Art.21);…
• war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power,…
• capture seizure arrest restraint or detainment (barratry and piracy excepted), and the consequences thereof or any attempt thereat and,…
• derelict mines torpedoes, bombs or other derelict weapons of war.…
ii. Strikes and Political Acts Exclusions (Art.22);…
• strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions and,…
• any terrorist or any person acting from a political motive.…
iii. Nuclear Exclusions (Art.23);…
• any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter,…
• ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel and,…
• the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof…
Of course, the provisions that both cover and uncover peril are not mandatory and…
After providing information on perils in yacht insurance, we will explain the yacht…
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