 |
 |
|
 |
The insured should check the schedule to see if this extension is in force. This extension is subject to the definitions, conditions and exclusions of the attached Hiscox Marine Kidnap Insurance and to the particular exclusions, terms and conditions appearing below.
INSURED LOSSES
The underwriters agree to indemnify the insured up to the limits of liability shown in the attached schedule in respect of the following loss sustained by the insured solely and directly as a result of an illegal seizure occurring during the period of insurance, subject to the following terms, conditions, exclusions and definitions:
Hire for the period of the illegal seizure of the vessel or vessels named in the schedule, up to but not exceeding the maximum daily indemnity amount and the indemnity period specified in the schedule from the time such vessel or vessels were first seized, providing such period of seizure exceeds the franchise (or waiting period) specified in the attached schedule.
DEFINITIONS
For the purposes of this extension the following definitions shall apply:
Hire
The actual daily rate of charter hire stipulated in the Charterparty which is paid by the charterer during the period of an illegal seizure in accordance with the terms of the Charterparty.
Illegal seizure
The illegal actual or alleged taking, in the Territory specified in item four of the original schedule, and holding of the insured vessel by persons who then demand specifically from assets of the insured a ransom as a condition of the release of such vessel.
Charterparty
The contract for hire on a time charter basis made between the Insured and the shipowner.
Daily Indemnity
Maximum indemnification per day as specified in the Schedule.
EXCLUSIONS
In addition to the exclusion stated in the attached policy wording underwriters shall not be liable in respect of any Hire:- Caused by or arising from or attributable to any event occurring after the conclusion of the Charterparty or the expiry of the indemnity period specified in the schedule, whichever first occurs. Specifically, but without limiting the generality of the foregoing, underwriters shall not be liable in such case, whether such loss is attributed to loss of market share or otherwise.
- Unless the seizure of the insured's vessel or vessels continues beyond the franchise period stated in the schedule.
If such seizure continues beyond the franchise period the underwriters shall, subject to the terms and conditions of this policy, indemnify the insured from the time the illegal seizure firsdt took place but not exceeding the period of indemnity as set out in the attached schedule.
WARRANTIES
Warranted that a copy of the Charterparty shall have been provided to the underwriters by no later than inception of the cover provided hereunder and that any addenda and / or any subsequent Charterparty(ies) shall be provided to the underwriters promptly following such addenda or Charterparty (ies) being agreed between the Insured and the charterer.
SCHEDULE
| Attaching to policy reference: |
|
| 1. Limits of liability: |
| i. |
Daily Indemnity |
USD |
| ii. |
Per insured event |
USD |
| iii. |
In the aggregate for all insured events |
USD |
|
| 2. Investigating Accountants: |
TBA following loss |
| 3. Franchise period: |
24 hours |
| 4. Indemnity period: |
days |
|
|
|
|
|
