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A Comparative Study on the International Hull Clauses(01/11/03) and the Institute Time Clauses(01/10/83)

  • Journal of Insurance and Finance
  • 2008, 19(1), pp.73-110
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management

LeeJayBok 1

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ABSTRACT

The Joint Hull Committee have launched new Hull Clauses named“ International Hull Clauses”2002/2003, following extensive consultation with ship owning associations, insurers, average adjusters and brokers. The new clauses are not a major rewrite of the 1983 and 1995 Institute Time Clauses currently in use around the world. Rather, they have been updated to meet the needs of a changing world market, legal developments within the UK, and in response to the new International Safety Management (ISM) Code. The old Institute Time Clauses are still available for use. This paper, examines and analyses the 2002/2003 introduction of the International Hull Clauses against the backdrop of the replacement of the ILU by the IUA. Overall the new clauses are designed to be more user friendly and understandable. Any attempt to identify all the changes which have been made to the previous Institute Time Clauses(1983) would necessitate a report of unmanageable length. Thus, for present purposes, this paper was confined to drawing attention to the changes which are most significant and the coverage afforded by the Perils clause of IHC(2003).

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