Section I – Institute Time Clause – Hulls: This insurance is subject to English law and practice.
This insurance covers loss or damage caused by:
- Perils of the seas, rivers, lakes or other navigable waters,
- Fire, explosion,
- Accidents in loading, discharging or shifting cargo or fuel,
- Bursting of boilers, breakage of shafts or any latent defect in the machinery of hull.
Section II – Protection and Indemnity Insurance: The Underwriters agree to indemnify the Assured for any sum or sum paid by the Assured to any other person or persons by reason of the Assured becoming legally liable, as owner of the Vessel, for any claim, demand, damages, and/or expenses, where such liability is in consequence of any of the insured matters or things and arises from an accident or occurrence during the period of this insurance.
Section III – Personal Accident Insurance: The Insurer provides personal accident insurance coverage for Vietnamese citizens and foreigners who are training or working in Vietnam, which has occurred in the territory of Vietnam, due to a sudden external event, beyond the will of the Insured, which affects his body form outside and is a proximate cause of the death or bodily injury that the Insured suffers from; or salvage actions of the Insured in rescuing human being, property of state or citizen from disaster and, participating in the fight against unlawfully malicious acts.