EXCLUSION OF RISKS COVERED BY HULL POLICIES, ETC
The Association shall not insure the Member to any extent whatsoever against any of the risks and liabilities, costs or expenses against which he would be insured if at the time of the incident giving rise to the said risks, liabilities, costs or expenses the entered ship had been:
- fully insured for its proper value under Hull policies on terms not less wide than those of the current form of Lloyd’s Marine Policy with Institute Time Clauses – Hulls 1.10.83 with no deductible, franchise, or self insurance applicable to claims under such policies,
- fully insured for its proper value against war risks on terms no less wide than under the Rules of Class III of the Association with the Institute War and Strikes Clauses Hulls – Time 1.11.95 and no deductible, franchise or self-insurance.
- fully insured against the risks insured by the Association’s Class II – Freight, Demurrage and Defence – or by some equally wide insurance with no deductible, franchise or self-insurance.