1 The Schedule identifies

Loss payees in respect of specified equipment, property or ships supplied or financed for use in the assured’s insured services and the agreements under which the equipment, property or ships are supplied or financed

Qualifications

2  Payment

We will pay claims for physical loss of or damage to an item specified at 1 above:

2.1 to the order of the assured - unless and until we receive valid notice from the loss payee that the assured is in default under the agreement specified at 1 above

2.2 to the order of the loss payee on receipt of a notice as at 2.1

3 General Qualifications

3.1 We are not bound to pay as specified at 2.2:

3.1.1 until the expiration of the next two business days after receipt of the notice

3.1.2 if the Managers are not satisfied that the notice specified at 2.2 is valid

3.2 The assured/loss payee will clearly identify the equipment, property or ship involved which is the subject of the Loss Payee clause

3.3 If the claim results from an accident which also gives rise to another claim, any deductible or limit of liability will be apportioned pro rata

4 Cesser

A loss payee will cease to be a loss payee:

4.1 as specified in the Schedule

4.2 on expiry/termination of an agreement specified in the Schedule

4.3 on cancellation/cessation of the assured’s insurance

5 Notice to Loss Payee

5.1 We will not agree to a request by the assured for cesser or reduction of insurance of an item without giving 15 days notice to the loss payee - except:

5.1.1 as specified at G2:34.3 or

5.1.2 due to war, strikes riots & terrorist and piracy risks

5.2 If we give the assured notice of cancellation of insurance for non payment of amounts due, we will not cancel without giving 15 days notice to the loss payee

5.3 We will serve notice to the loss payee:

5.3.1 by post, fax or e mail to the loss payee or its broker, at the address or fax number last recorded by the Managers  

5.3.2 personally (on a director/officer in the case of a company)

5.4 We will deem notice served:

5.4.1 if sent by post - on the third day after posting

5.4.2 if sent by fax or e mail - on the date of transmission

1 The Schedule identifies

Loss payees in respect of equipment, property or ships supplied or financed for use in the assured’s insured services and the agreements under which the equipment, property or ships are supplied or financed

2 We insure a Joint Assured:

in respect of its interest specified at 1 above and to the extent that we insure the assured (subject to 4 below) for:

2.1 liabilities arising from condition/use of an item specified at 1 above

2.2 physical loss of and damage to an item specified at 1 above

2.3 general average/salvage contributions in relation to an item specified at 1 above

Qualifications

3 Terms of Joint Assurance

3.1 A joint assured under this clause:

3.1.1 will be subject to G2:32 (material information)

3.1.2 is deemed to have appointed the assured (or applicant for insurance) as its agent for the purposes of this insurance, with whom we may deal exclusively

3.2 Insurance of a joint assured under this clause is subject to all the terms of the assured’s insurance - as well as to terms relating to the joint assurance

4 Joint Assured’s own Interest

We do not insure a joint assured under this clause for liabilities arising solely from the joint assured’s own interest in the equipment, property or ships specified at 1 above

5 Payment

We will pay claims for physical loss of and damage to an item specified at 1 above:

5.1 to the order of the assured - unless and until we receive valid notice from the joint assured that the assured is in default under the agreement specified at 1 above

5.2 to the order of a joint assured as loss payee specified at 1 above - on receipt of notice as at 5.1

6 Relationship of Insureds*

6.1 If the assured’s insurance ceases or is cancelled we will cease or cancel the insurance of all insureds* at the same time

6.2 We do not insure any insured* for its liability to any other insured*

6.3 Insureds* are jointly and severally liable for amounts due to us

6.4 Receipt by one insured* of a sum from us relieves us of liability to all insureds*

6.5 Breach of the terms of this policy by one insured* disentitling it to recovery from us disentitles all other insureds* to any recovery under the policy if:

6.5.1 the breach is causative of the loss or

6.5.2 the Directors exercise their discretion under G3:5 as a result of the breach

6.6 We deem a customer of one insured* to be a customer of all insureds*

6.7 We deem communication between us (or our representative) and an insured* to be within the knowledge of all insureds*

6.8 We deem service of notice on the assured (or its broker) to be service on all insureds*

*We define insured for the purposes of this paragraph 6 only as the assured and all joint assureds under the same policy

7 General Qualifications

7.1 We are not bound to pay as specified at 5.2:

7.1.1 until the expiration of the next two business days after receipt of the notice  

7.1.2 if the Managers are not satisfied that the notice specified at 5.2 is valid

7.2 The assured/joint assured will clearly identify the equipment, property or ship which is the subject of the Loss Payee clause.

7.3 If the claim results from an accident which also gives rise to another claim, any deductible or limit of liability will be apportioned pro rata

8 Cesser

Insurance of a joint assured will cease:

8.1 as specified in the Schedule (in respect of the equipment, property or ship or of the joint assured)

8.2 on expiry/termination of an agreement specified in the Schedule

8.3 on cancellation/cessation of the assured’s insurance

9 Notice to Joint Assured

9.1 We will not agree to a request by the assured for cesser or reduction of insurance of an item without giving 15 days notice to the joint assured -

except:

9.1.1 as specified at G2:34.3 or

9.1.2 due to war, strikes riots & terrorist and piracy risks

9.2 If we give the assured notice of cancellation of insurance for non payment of amounts due, we will not cancel without giving 15 days notice to the joint assured

9.3 We will serve notice to the joint assured:

9.3.1 by post, fax or e mail to the joint assured or its broker, at the address or fax number last recorded by the Managers  

9.3.2 personally (on a director/officer in the case of a company)

9.4 We will deem notice served:

9.4.1 if sent by post - on the third day after posting

9.4.2 if sent by fax or e mail - on the date of transmission

1 The Schedule identifies

Joint assureds in respect of specified agreements under which they provide services

2 We insure a Joint Assured for:

Liabilities incurred in performing services specified at 1 above arising from the fault or negligence of the assured or of an operational joint assured and to the extent that we insure the assured or operational joint assured in respect of the liability

Qualifications

3 Terms of Joint Assurance

3.1 A joint assured under this clause:

3.1.1 will be subject to G2:32 (material information)

3.1.2 is deemed to have appointed the assured (or applicant for insurance) as its agent for the purposes of this insurance, with whom we may deal exclusively

3.2 Insurance of a joint assured under this clause is subject to all the terms of the assured’s insurance - as well as to terms relating to the joint assurance

4 Joint Assured’s Own Negligence

We do not insure a joint assured under this clause for liabilities arising from the joint assured’s own fault or negligence, or that of its servants, employees, subcontractors - or agents (except as defined at 3.1.2 above)

5 Relationship of Insureds*

5.1 If the assured’s insurance ceases or is cancelled we will cease or cancel the insurance of all insureds* at the same time

5.2 Insureds* are jointly and severally liable for amounts due to us

5.3 Receipt by one insured* of a sum from us relieves us of liability to all insureds*

5.4 Breach of the terms of this policy by one insured* disentitling it to recovery from us disentitles all other insureds* to any recovery under the policy if:

5.4.1 the breach is causative of the loss or

5.4.2 the Directors exercise their discretion under G3:5 as a result of the breach

5.5 We deem a customer of one insured* to be a customer of all insureds*

5.6 We deem communication between us (or our representative) and an insured* to be within the knowledge of all insureds*

5.7 We deem service of notice on the assured (or its broker) to be service on all insureds*

5.8 In the event of a claim by one insured* against another insured* we will deem the claimant to be a third party. The definition of third party at Y1 is modified to this extent

*We define insured for the purposes of this paragraph 5 only as the assured and all joint assureds under the same policy

6 Cesser

Insurance of a joint assured will cease:

6.1 as specified in the Schedule

6.2 on cessation of the assured’s relevant insured services

6.3 on cancellation/cessation of the assured’s insurance

1 The Schedule identifies

Joint assureds in respect of specified equipment, land or premises, which the joint assured supplies for use in the assured’s insured services, and the agreements under which the equipment, land or premises is supplied

2 We insure a Joint Assured for:

Liabilities arising from the condition or use of equipment, land or premises specified at 1 above - to the extent that we insure the assured or an operational joint assured in respect of the liability

Qualifications

3 Terms of Joint Assurance

3.1 A joint assured under this clause:

3.1.1 is subject to G2:32 (material information)

3.1.2 is deemed to have appointed the assured (or applicant for insurance) as its agent for the purposes of this insurance, with whom we may deal exclusively

3.2 Insurance of a joint assured under this clause is subject to all the terms of the assured’s insurance - as well as to terms relating to the joint assurance

4  Exclusions

We do not insure a joint assured under this clause for liabilities arising from the joint assured’s:

4.1 own fault or negligence, or that of its servants, employees, subcontractors - or agents (except as defined at 3.1.2 above)

4.2 own interest in the equipment, land or premises specified at 1 above

5 Relationship of Insureds*

5.1 If the assured’s insurance ceases or is cancelled we will cease or cancel the insurance of all insureds* at the same time

5.2 Insureds* are jointly and severally liable for amounts due to us

5.3 Receipt by one insured* of a sum from us relieves us of liability to all insureds*

5.4 Breach of the terms of this policy by one insured* disentitling it to recovery from us disentitles all other insureds* to any recovery under the policy if:

5.4.1 the breach is causative of the loss or

5.4.2 the Directors exercise their discretion under G3:5 as a result of the breach

5.5 We deem a customer of one insured* to be a customer of all insureds*

5.6 We deem communication between us (or our representative) and an insured* to be within the knowledge of all insureds*

5.7 We deem service of notice on the assured (or its broker) to be service on all insureds*

5.8 In the event of a claim by one insured* against another insured* we will deem the claimant to be a third party. The definition of third party at Y1 is modified to this extent

*We define insured for the purposes of this paragraph 5 only as the assured and all joint assureds under the same policy

6 Cesser

Insurance of a joint assured will cease:

6.1 as specified in the Schedule

6.2 on cessation of the assured’s relevant insured services

6.3 on expiry/termination of an agreement specified in the Schedule

6.4 on cancellation/cessation of the assured’s insurance

1 The Schedule identifies

Joint assureds in respect of specified agreements - under which the assured or operational joint assureds perform insured services for the joint assureds

2 We insure a Joint Assured for:

Liabilities arising from the performance by the assured or an operational joint assured of services specified at 1 above arising from fault or negligence of the assured or operational joint assured to the extent that we insure the assured or an operational joint assured in respect of the liability

Qualifications

3 Terms of Joint Assurance

3.1 A joint assured under this clause:

3.1.1 is subject to G2:32 (material information)

3.1.2 is deemed to have appointed the assured (or applicant for insurance) as its agent for the purposes of this insurance, with whom we may deal exclusively

3.2 Insurance of a joint assured under this clause is subject to all the terms of the assured’s insurance - as well as to terms relating to the joint assurance

4 Joint Assured’s Own Negligence

We do not insure a joint assured under this clause for liabilities arising from the joint assured’s own fault or negligence, or that of its servants, employees, subcontractors - or agents (except as defined at 3.1.2 above)

5 Relationship of Insureds*

5.1 If the assured’s insurance ceases or is cancelled we will cease or cancel the insurance of all insureds* at the same time

5.2 Insureds* are jointly and severally liable for amounts due to us

5.3 Receipt by one insured* of a sum from us relieves us of liability to all insureds*

5.4 Breach of the terms of this policy by one insured* disentitling it to recovery from us disentitles all other insureds* to any recovery under the policy if:

5.4.1 the breach is causative of the loss or

5.4.2 the Directors exercise their discretion under G3:5 as a result of the breach

5.5 We deem a customer of one insured* to be a customer of all insureds*

5.6 We deem communication between us (or our representative) and an insured* to be within the knowledge of all insureds*

5.7 We deem service of notice on the assured (or its broker) to be service on all insureds*

5.8 In the event of a claim by one insured* against another insured* we will deem the claimant to be a third party. The definition of third party at Y1 is modified to this extent

*We define insured for the purposes of this paragraph 5 only as the assured and all joint assureds under the same policy

6 Cesser

Insurance of a joint assured will cease:

6.1 as specified in the Schedule

6.2 on cessation of the assured’s relevant insured services

6.3 on cancellation/cessation of the assured’s insurance

6.4 on expiry/termination of an agreement specified in the Schedule

1 The Schedule identifies

Joint assureds in respect of specified equipment or property leased to the assured or an operational joint assured for use in the assured’s insured services and the agreements under which the equipment or property is leased

2 We insure a Joint Assured:

in respect of its interest specified at 1 above and to the extent that the assured is insured for:

2.1 liabilities arising from condition/use of an item specified at 1 above

2.2. physical loss of and damage to an item specified at 1 above

2.3 general average/salvage contributions in relation to an item specified at 1 above

Qualifications

3 Terms of Joint Assurance

3.1 A joint assured under this clause:

3.1.1 is subject to G2:32 (material information)

3.1.2 is deemed to have appointed the assured (or applicant for insurance) as its agent for the purposes of this insurance, with whom we may deal exclusively

3.2 Insurance of a joint assured under this clause is subject to all the terms of the assured’s insurance - as well as to terms relating to the joint assurance

4 Exclusions

We do not insure a joint assured under this clause for:

4.1 risks, including costs of search, rescue and related transport, arising from winding up/bankruptcy or cesser of operations of the assured  

4.2 liabilities arising from the joint assured’s:

4.2.1 own fault or negligence, or that of its servants, employees, subcontractors - or agents (except as defined at 3.1.2 above)

4.2.2 own interest in the equipment or property specified at 1 above

5 Payment

We will pay claims for physical loss of and damage of an item specified at 1 above:

5.1 to the order of the assured - unless and until we receive notice from a joint assured that the assured is in default under an agreement specified at 1 above

5.2 to the order of the joint assured - on receipt of notice as at 5.1.

6 Relationship of Insureds*

6.1 If the assured’s insurance ceases or is cancelled we will cease or cancel the insurance of all insureds* at the same time

6.2 Insureds* are jointly and severally liable for amounts due to us

6.3 Receipt by one insured* of a sum from us relieves us of liability to all insureds*

6.4 We deem a customer of one insured* to be a customer of all insureds*

6.5 We deem communication between us (or our representative) and an insured* to be within the knowledge of all insureds*

6.6 We deem service of notice on the assured (or its broker) to be service on all insureds*

6.7 In the event of a claim by one insured* against another insured* we will deem the claimant to be a third party. The definition of third party at Y1 is modified to this extent

*We define insured for the purposes of this paragraph 6 only as the assured and all joint assureds under the same policy

7 General Qualifications

7.1 We are not bound to pay as specified at 5.2:

7.1.1 until the expiration of the next two business days after receipt of the notice  

7.1.2 if the Managers are not satisfied that the notice specified at 5.2 is valid

7.2 The assured/joint assured will clearly identify the equipment or property which is the subject of the joint assured clause.

7.3 If the claim results from an accident which also gives rise to another claim, any deductible or limit of liability will be apportioned pro rata

8 Cesser

Insurance of a joint assured will cease:

8.1 as specified in the Schedule (in respect of the equipment or property or of the joint assured)

8.2 on expiry/termination of an agreement specified in the Schedule

8.3 on cancellation/cessation of the assured’s insurance

9 Notice to Joint Assured

9.1      We will not agree to a request by the assured for cesser or reduction of insurance of an item without giving 15 days notice to the joint assured - except:

9.1.1 as specified at G2:34.3 or

9.1.2 due to war, strikes riots & terrorist and piracy risks

9.2 If we give the assured notice of cancellation of insurance for non payment of amounts due, we will not cancel without giving 15 days notice to the joint assured

9.3 We will serve notice to the joint assured:

9.3.1 by post, fax or e mail to the joint assured or its broker, at the address or fax number last recorded by the Managers  

9.3.2 personally (on a director/officer in the case of a company)

9.4 We will deem notice served:

9.4.1 if sent by post - on the third day after posting

9.4.2 if sent by fax or e mail - on the date of transmission

1 The Schedule identifies

Connected Interests

2 We insure the Assured for:

Liability claims enforced against Connected Interests specified at 1 above arising from the assured’s insured services to the extent that we insure the assured or an Operational Joint Assured

Qualifications

3 Separate Insurance

Connected interests will insure their own operations. Insurance under this clause (J7) excludes claims insurable under this separate insurance (or which would be insurable except for an exclusion, qualification, deductible or limit of liability)

4 Negligence

We do not insure connected interests under this clause for liabilities arising from the connected interest’s own fault or negligence, or that of its servants, employees, agents or subcontractors

5 Cesser

Insurance under this clause will cease:

5.1 as specified in the Schedule

5.2 on cancellation/cessation of the assured’s insurance

5.3 on the connected interest ceasing

1 The Schedule identifies

Connected Interest joint assureds

2 We insure a Joint Assured for:

Liability claims enforced against the joint assured arising from the assured’s insured services to the extent that we insure the assured or an Operational joint assured in respect of such liability

Qualifications

3 Terms of Joint Assurance

3.1 A joint assured under this clause:

3.1.1 will comply fully with G2:32 (material information)

3.1.2 is deemed to have appointed the assured (or applicant for insurance) as its agent for the purposes of this insurance, with whom we may deal exclusively

3.2 Insurance of a joint assured under this clause is subject to all the terms of the assured’s insurance - as well as to terms relating to the joint assurance

4 Joint Assured’s Own Negligence

We do not insure a joint assured under this clause for liabilities arising from the joint assured’s own fault or negligence, or that of its servants, employees, subcontractors - or agents (except as defined at 3.1.2 above)

5 Relationship of Insureds*

5.1 If the assured’s insurance ceases or is cancelled we will cease or cancel the insurance of all insureds* at the same time

5.2 We do not insure any insured* for its liability to any other insured*

5.3 Receipt by one insured* of a sum from us relieves us of liability to all insureds*

5.4 Breach of the terms of this policy by one insured* disentitling it to recovery from us disentitles all other insureds* to any recovery under the policy if:

5.4.1 the breach is causative of the loss or

5.4.2 the Directors exercise their discretion under G3:5 as a result of the breach

5.5 We deem a customer of one insured* to be a customer of all insureds*

5.6 We deem communication between us (or our representative) and an insured* to be within the knowledge of all insureds*

5.7 We deem service of notice on the assured (or its broker) to be service on all insureds*

*We define insured for the purposes of this paragraph 5 only as the assured and all joint assureds under the same policy

6 Separate Insurance

Joint assureds will insure their own operations. Insurance under this clause (J8) excludes claims insurable under this separate insurance (or which would be insurable except for an exclusion, qualification, deductible or limit of liability)

7 Cesser

Insurance of a joint assured will cease:

7.1 as specified in the Schedule

7.2 on cancellation/cessation of the assured’s insurance

7.3 on the connected interest ceasing

1 The Schedule identifies

Operational Joint assureds

2 We insure a Joint Assured for:

Risks arising from the assured’s insured services - for which we wouldinsure the assured if it had itself incurred the risk

Qualifications

3 Terms of Joint Assurance

3.1 A joint assured under this clause:

3.1.1 is subject to G2:32 (material information)

3.1.2 is deemed to have appointed the assured (or applicant for insurance) as its agent for the purposes of this insurance, with whom we may deal exclusively

3.2 Insurance of a joint assured under this clause is subject to all the terms of the assured’s insurance - as well as to terms relating to the joint assurance

4 Relationship of Insureds*

4.1 If the assured’s insurance ceases or is cancelled we will cease or cancel the insurance of all insureds* at the same time

4.2 We do not insure any insured* for its liability to any other insured*

4.3 Insureds* are jointly and severally liable for amounts due to us

4.4 Receipt by one insured* of a sum from us relieves us of liability to all insureds*

4.5 Breach of the terms of this policy by one insured* disentitling it to recovery from us disentitles all other insureds* to any recovery under the policy if:

4.5.1 the breach is causative of the loss or

4.5.2 the Directors exercise their discretion under G3:5 as a result of the breach

4.6 We deem a customer of one insured* to be a customer of all insureds*

4.7 We deem communication between us (or our representative) and an insured* to be within the knowledge of all insureds*

4.8 We deem service of notice on the assured (or its broker) to be service on all insureds*

*We define insured for the purposes of this paragraph 4 only as the assured and all joint assureds under the same policy

5 Cesser

Insurance of a joint assured will cease:

5.1 as specified in the Schedule

5.2 on cancellation/cessation of the assured’s insurance.