INSOLVENCY EXCLUSION CLAUSE

It is hereby agreed that the exclusion “loss damage or expense arising from insolvency or financial default of the owners, managers, charterers or operators of the vessel or aircraft” (incorporated in the Institute Clauses herein) is amended to read as follows:

“In no case shall this insurance cover loss, damage, or expense arising from insolvency or financial default of the owners, managers, charterers or operators of the vessel or aircraft where the Assured is aware, or in the ordinary course of their business should know that said financial default may prevent the normal prosecution of the voyage”

This exclusion shall not apply where this insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the subject-matter insured in good faith under a binding contract.”

 

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