Chapter 8 applies to all co-insured third parties whose data are other than mortgages. The protection of contractual mortgages is comprehensive in Chapter 7, but mortgages can benefit from extensive protection in accordance with the cl. 8-7, see further the commentary of this clause. The Chapter 8 rules apply when a specific and explicit agreement is reached, under which the insurance is also considered a contractual mortgage for the benefit of one or more third parties. The most common example is related to the insurance of MOUs, cf. Cl. 18-1 litra (i). Net Retained Lines Clause (LNR): This confirms to reinsurers that an amount of losses incurred, recovered by an excess layer or program, is the net amount withheld after all previous reinsurance claims have been withheld, normally proportionately. As with Unl, the Unl (Unl) will vary depending on the business class and the type of reinsurance. These two clauses are perhaps two of the most important clauses used in the construction of surplus agreements.
If you need another costly procedure later in the year, your co-insurance will come into effect immediately, as you have already completed your annual deductible. Since you have already paid a total of $1,900 a-pocket over the life of the policies, the maximum amount to be paid for services for the rest of the year is $3,100. Subjectivities: special conditions requested by reinsurers at the stage of offering a reinsurance contract. If a reinsurance intermediary is involved, the intermediary is required to inform the insurer of any possible subjectivity. First, it can be used to cover what might be called ”value interest.” Either a co-insured third party may be interested in the economic value of the insured property, or the product since then. An example is the interest of the owner of the equipment on board the ship. These interests could be co-insured as part of the owner`s hull insurance, see Cl. 10-1 litra (b).
Another example is the owner`s staggered deliveries and payments, which can be co-insured as part of a construction risk insurance underwritten by the shipyard (cf. Kl. 19-3, cf. Kl. 19-9). It is also possible, although rarely in practice, to insure the loss of the owner`s income and a charter on time under a single insurance contract. A less common example might be that a buyer of a ship is co-insured under the owner`s (seller) insurance contract for a limited period of time. B, for example, until the ship is delivered.
Since in Kl. 3-21 it is expected that insurance coverage will cease in the event of a change of ownership, such co-insurance of the buyer`s interests must be agreed upon by a special agreement. At Bareboat Charterparties, the bare-hull charterer is often required to take out both hull and P-I insurance. The bare-hull charterer is required to deliver the vessel in the same condition as at the time of acquisition, but the charter party ends when the vessel becomes a total loss. In this case, hull insurance can protect both the charterer`s interest in recovering the value for the damage repair costs incurred and the owner`s interest, since in the event of total damage, he is compensated for the value of the vessel. The provision provides mortgage protection and another in relation to indcense 7 and cl. 8-1 to Cl. 8-6. Expanded coverage can only be activated by an explicit agreement that rules 8-7 apply to the mortgage and/or the insured third parties. Unlike other chapter 8 clauses, within Cl.