Clause 7 - Britannia

APPLICATION FOR INSURANCE, FAIR PRESENTATION OF THE RISK, CERTIFICATE OF INSURANCE, VARIATION, CONTRACT OF INSURANCE, REFUSAL OF APPLICATION

7.1 Application for insurance

Any person seeking cover from the Association shall apply for such cover in such form as may from time to time be required by the Managers and shall furnish any particulars and information requested by the Managers.

7.2 Fair presentation of the risk

The person seeking cover from the Association and any agent:

7.2.1 must make to the Association and the Managers a fair presentation of the risk by providing the Managers with all material particulars and information together with any additional particulars and information as the Managers may require;

7.2.2 will ensure that every material representation as to a matter of fact is substantially correct, and every material representation as to a matter of expectation or belief is made in good faith.

In accordance with Clause 5.1, Section 8 of the Insurance Act 2015 is excluded. Any breach of Clauses 7.2.1 or 7.2.2 above shall entitle the Association to avoid the contract of insurance, regardless of whether the breach is innocent, deliberate or reckless.

The person seeking cover from the Association is obliged to disclose any change in any material information relating to the insurance. Upon such disclosure, or failure to disclose, the Managers may amend the Assured’s premium rating or the terms of the insurance or terminate the insurance with effect from the time of disclosure or failure to disclose.

7.3 Certificate of Insurance

As soon as reasonably practicable after accepting any application for insurance by the Association, the Managers shall issue a Certificate of Insurance which shall state, as applicable:

7.3.1 Name of the Assured

7.3.2 Period of the insurance

7.3.3 Ships covered by the insurance

7.3.4 Interest for which the Assured is covered

7.3.5 Limit of liability of the insurance

7.3.6 Deductible or retention to be borne by the Assured

7.3.7 Trading limits of the insurance

7.3.8 Conditions of the insurance

7.3.9 Premium

7.4 Variation

If at any time the Managers and the Assured agree to vary the terms and conditions of the insurance, the Managers, as soon as reasonably practicable thereafter, shall issue an endorsement to the Certificate of Insurance stating the nature of such variation and the date from which such variation is to be effective.