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War cancellation clause

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War cancellation clause. The Institute War and Strikes Clauses (Hulls—Time) 1983 provide that:

“(a) This insurance may be cancelled by either the Underwriter or the Assured giving 7 days notice (such cancellation becoming effective on the expiry of 7 days from midnight of the day on which notice of cancellation is issued to by or to Underwriters). The Underwriters agree however to reinstate this insurance subject to agreement between Underwriters and Assured prior to the expiry of such notice of cancellation as to new rate of premium and/or conditions and/or warranties. Whether or not such notice of cancellation has been given this insurance shall TERMINATE AUTOMATICALLY

(a) (i) upon the occurrence of any hostile detonation of any nuclear weapon of war... wheresoever or whensoever such detonation may occur and whether or not the vessel may be involved.

(ii) upon the outbreak of war (whether there be a declaration or not) between any of the following countries, United Kingdom, United States of America, France, Russia, The People’s Republic of China.

(iii) in the event of the vessel being requisitioned, either for title or use.

(b) In the event either of cancellation by notice or of automatic termination of return of premium shall be payable to the Assured.”

 

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