Summary |
During the second half of the 19th century clauses that had become a standard to hull policies were accumulated into a set of clauses for use in policies covering hull and machinery for a period of time, and were published by the Institute of London Underwriters as the Institute Time Clauses (Hulls). Although their use was not compulsory, their acceptance was apparent in that ITC eventually became the basis for hull insurance conditions worldwide. The clauses have been amended many times since they were first introduced, and have been accompanied in policies by other standard clauses, pending revision when such clauses would be incorporated in the revision. Nevertheless, throughout their existence, the ITC have depended on the SG policy form as the basis of the contract; being designed to complement the SG policy and to embrace the perils and clauses expressed therein.
The introduction of the MAR policy to the hull insurance market made it necessary for the ITC (1970) to be withdrawn, and for a new set of clauses to be introduced. Perils expressed in the SG policy were to be reworded for clarity, and added to the perils expressed in the Inchmaree clause. The waiver clause was introduced to the ITC, and the spirit of the sue and labour clause was transferred from the SG policy of the ITC. The opportunity was taken to introduce a number of new clauses, and to reword existing clauses for greater clarity; whilst some clauses in the ITC (1970) (cl 11 – machinery damage co-insurance clause, cl 13 – Suez Canal clause) were withdrawn from the standard clauses, leaving individual underwriters to incorporate these at their discretion.
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