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 the ITC eventually become 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.
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