Professional paper
Institute Clauses for Builder's Risks (June 1, 1988)
Ante Franasović
; Zagreb, Hrvatska
Abstract
With the introduction of the new MAR policy, to replace the SG Policy, the standard sets of the institute clauses have been amended to conform with the use of the MAR policy.
This analysis refers to the new set of Institute Clauses for Builders' Risks, dated 1 June 1988. The new set contains 24 clauses.
The purpose of this article is to make understandable the underwriters' position in construction of insurance contracts, as well as of a particular clause and its effect on the cover provided.
A number of new clauses have been introduced and existing clauses reworded for clarits sake in the new set of Institute Clauses for Builders' Risks.
The perils covered are on the ''all risks'' basis, covering loss or damage to the subject-matter insured caused and discovered during the period of insurance. Further, the scope of cover includes indemnification of the Assured for any claims where such claim is in consequence of the legal liability of the Assured.
Keywords
institute clauses; insurance; ship under construction; risks; insurance contract;
Hrčak ID:
215318
URI
Publication date:
18.12.1989.
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