LIABILITIES AND EXCLUSION IN H&M COVER
H&M POLICY:- These are usually time bound policies with a maximum period of 12 months. The items covered will be clearly stated in the clauses of policy. Any extra part covered will raise the insurance premium. LIABILITIES OF H&M POLICY ARE AGAINST FOLLOWING:- 1) Perils of the sea 2) Fire and explosion 3) Theft from outside 4) Jettison 5) Piracy 6) Earthquake, volcanic eruption, lightening 7) Accidents during loading and discharging 8) Machinery damage 9) Latent defect in machinery and hull 10) Negligence of master, officer and crew 11) 3/4th collision liability 12) Barratry of master, officer and crew EXCLUSION TO H&M COVER ARE:- 1) Loss of damage caused by willful misconduct or willful negligence of owner 2) Loss of freight due to delays 3) Loss due to wear and tear 4) War risk clause 5) Increased value, disbursement and excess liabilities are covered in separate policies designed to provide an additional source of recovery over and above H&M val...