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Buyback

Notwithstanding the provisions of Addendum 42 В above and subject to the terms and conditions to which reference is made below, this Policy shall indemnify the Assured in respect of any loss, damage or expense that .would be recoverable under this Policy but for the existence of the Clause Paramount (Addendum 42B) contained above.

CANCELLATION, AUTOMATIC TERMINATION

SUSPENSION AND AMENDMENT OF TERMS

i. Amendment of terms

Coverage as afforded by this extension may be cancelled by the Insurers giving notice effective on the expiry of forty eight (48) hours from midnight Greenwich Mean Time on the day on which notice is issued. Insurers agree however to reinstate the coverage as afforded by this extension subject to agreement between Insurers and the Assured prior to the expiry of such notice of cancel­lation as to new rate of premium and/or conditions.

ii. Notice of Cancellation

Coverage as afforded by this extension may also be cancelled by the Insurers or the Assured giving notice not less than forty eight (48) hours prior to the end of each period of three months from inception.

iii. Automatic Termination

Whether or not such notice of cancellation has been given, the coverage afforded by this extension shall TERMINATE AUTOMATICALLY

a. upon the outbreak of war (whether there be a declaration of war or not) between any of the following:
United Kingdom, United States of America, France, the Russian Federation, and the People's Republic of China;

b. in respect of any vessel, in connection with which cover is granted hereunder, in the event of such vessel being requisitioned either for title or use.

iv. Suspension

The coverage afforded by this extension shall be suspended in respect of the property concerned in the event of the property being appropriated, requisitioned or confiscated by any authority or government (whether civil, military or de facto) of the state in which the property is owned or registered.

v. Provided that there have been no claims hereunder, pro rata return of premium shall be payable to the Assured in the event either of cancellation by notice from Insurers or of automatic termination or suspension by reason of clauses iii. and/or iv. above.

vi. Held Covered Clause

In the event of the interest being requisitioned for title or use, or confiscated, nationalized, pre-empted or otherwise appropriated wholly or in part, this insurance shall continue to cover the contingent liability of the Assured in respect of the coverage provided under the Policy for a period of fourteen (14) days after such event. Thereupon the insurance shall terminate unless there be prior agreement by the Insurers to continue.

18. WAR AND CIVIL WAR EXCLUSIONCLAUSE

Notwithstanding the provisions of the Clause Paramount (Addendum 42B) and Buyback, or anything to the contrary contained herein, and in respect of all property whilst onshore, whilst permanently fixed to the seabed or on structures permanently fixed to the sea-bed, this Policy does not cover loss or damage directly or indirectly occasioned by, happening through or in consequence of:

A. war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power, or confiscation or nationalization or requisition or destruction of or any damage to property by or under the order of any government or public or local authority; or

B. arrest, restraint or detainment under quarantine regulations or by reason of infringement of any customs regulations.

ATTACHMENT: MARINE CARGO

INSTITUTE CARGO CLAUSES

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