Explain the provisions of the Deductible Clause in the Institute Time Clauses – Hulls 1/11/95.

Explain the provisions of the Deductible Clause in the Institute Time Clauses – Hulls 1/11/95.

MARINE INSURANCE

 

Instructions to candidates:

 

a) Time allowed: Three hours (plus an extra ten minutes’ reading time at the start – do not write anything during this time)

b) Answer any FIVE questions

c) All questions carry equal marks. Marks for each question are shown in [ ]

 

1. Explain the provisions of the Deductible Clause in the Institute Time Clauses – Hulls 1/11/95. [20]

 

2. State the circumstances in which an assured may claim an actual total loss. Illustrate your answer with examples. [20]

 

3. Discuss the rights which accrue to underwriters upon payment of a total loss claim. Illustrate your answer with examples. [20]

 

4. List TEN of the perils covered in the Institute Time Clauses – Hulls 1/11/95 and give an example of EACH. [20]

 

5. What is the difference between implied and express warranties in the context of marine insurance?

Give an example of EACH. [20]

 

6. Identify the essential features which need to be present to constitute a general average loss as defined in the Marine insurance Act 1906. [20]

 

7. Outline the measure of indemnity for a claim for damage to a vessel insured under Institute Time

Clauses – Hulls 1/11/95 when, at the expiry of the policy, only temporary and part-permanent repairs have been affected. [20]

 

8. Detail the stages through which a broker would proceed in placing a marine risk at Lloyd’s. What action does a broker take if he over closes or fails to complete a risk? [20]


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