Freight insurance. Under the terms of a freight policy, coveting as a rule a sum not exceeding 15 per cent of the value of the hull and machinery, the shipowners are also covered according to Institute Time Clauses (Freight) for loss of freight directly caused by the perils in the Institute Time Clauses (Hulls) 1983 with the exception of “damage”. Other clauses are similar to Institute Time Clauses (Hulls) 1983. In the Institute Time Clauses (Freight) an additional clause for “Freight - Collision” is similar to the 3/4ths Collision Liability Clause in the Institute Time Clauses (Hulls) 1983 except that freight liability is covered.

 

Final sailing. A ship has finally departed from the loading port as soon as it has passed the limits of the port being construed in the commercial sense, being ready in every respect to proceed on the contemplated voyage with no intention of returning.

Fines. Imposed on the owner for breach by his servants of regulations such as immigration, customs, smuggling by crew members, pollution. Fines for overloading are specifically excluded.

 

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