Hull Insurance Clauses News

The Joint Hull Committee's (JHC) project to produce a new set of hull insurance clauses which is intended to reflect the needs and requirements of today's shipowners and insurers has been completed on time. The new clauses, which have been drafted following extensive consultation with shipowners and other interested parties, will be available for use from November 1 and will be known as the International Hull Clauses. The revised clauses are not a major rewrite of the 1983 and 1995 Institute Time Clauses currently in use. Rather, they have been updated so as to embrace current market practice whilst recognizing and supporting the role of ISM, flag states and classification societies.