Maritime Insurance Contract
This Maritime Insurance Contract (the “Contract”) is entered into as of this ___________ day of __________, 20_____.
BETWEEN:
The Insured, ___________________(the “Insured”), of the ____________________
AND
The Insurer, _____________________ (the “Insurer”), of the ____________________
WHEREAS:
A. Insured has proposed to insure a certain vessel named ______________ (the “Vessel”) under this Contract;
B. Insurer agrees to insure the Vessel under the terms of this Contract;
NOW THEREFORE, the parties agree as follows:
1. Definitions:
Maritime Perils shall include all risks of damage or destruction to the Vessel from any and all fortuitous reasons. It shall include, without limitation, damage caused by vessel collisions, accidents, shipwrecks, weather, sea, water,grounding, sinking, stranding, fire, perils of the sea, General Average, salvage and jettison.
Insured Menu Items shall mean all items of property and/or liability of whatever nature, which the Insured has insured and/or is liable for under the terms of this Contract.
Premium shall mean the amount payable by the Insured to the Insurer in consideration of the insurance conferred by this Contract.
2. Insurance Subject Matter and Coverage Details:
This Contract shall insure the Vessel and its insured Menu Items against Maritime Perils and will extend to cover the following:
a.The Vessel: The insurance shall cover all damages to the Vessel arising from Maritime Perils.
b.Insured Menu Items: This insurance shall also cover all other items of property and/or liability of whatever nature insured and/or liable for under the terms of this Contract.
3. Premium Payment: The premiums for the insurance shall be paid to the Insurer in accordance with the terms and conditions of this Contract.
4. Exclusions:
This Contract does not cover:
a.intentional damage caused to the Vessel and/or its insured Menu Items
b.losses and damages directly or indirectly caused, or contributed to, by nuclear weapons, nuclear fission and/or nuclear fusion
c.losses and damages arising from any acts of war, terrorism, civil commotion or insurrection
5. Limitations:
The liabilities of the Insurer shall be limited to the sum of ________ installed and __________ paid to the Insurer as the sum insured.
6. Duration of Contract:
This Contract shall remain in full force and effect from the ___________ day of _______________, 20_____ until terminated by either party.
7. Renewal of Contract:
This Contract may be renewed upon mutual agreement of the parties.
8. Notice of Claim:
The Insured shall notify the Insurer promptly upon learning of any incident which may give rise to a claim under this Contract. Any failure to do so shall invalidate any potential claim under the Contract.
9. Dispute Resolution:
Any dispute arising out of or related to this Contract shall be submitted to a single arbitrator appointed by the _______________________ governing court.
10. Governing Law:
This Contract shall be governed by and construed in accordance with the laws of the ________________.
IN WITNESS WHEREOF the parties hereto have affixed their signatures to this Contract the day and year first written above.
Signature of the Insured: _______________
Signature of the Insurer: ______________
