Leading London underwriters are making a fresh attempt to update the most widely used hull and machinery insurance policy.
The insurance market’s Joint Hull Committee has decided to review the Institute Time Clauses (ITC) of 1983, to see how they could be improved to meet current shipowner and underwriter needs.
Two previous attempts to modernise hull cover, through a 1995 version of the ITC wording and the International Hull Clauses (IHC) of 2003, have failed to attract much market support.
