Key changes to Skuld YACHT and Skuld YACHT DEFENCE
Terms and Conditions for 2016/17 policy year.
The following changes to the Terms and Conditions were approved by the Board of Directors of Assuranceforeningen Skuld at its Meeting in November 2015.
Red text indicates texts added, strikethrough text indicates removed text.
For updated Terms and Conditions documents for 2016/17, please see attached link.
Changes to Skuld YACHT
Terms & Conditions 2016:
20 Contractual Indemnities Cover
20.1. the following standard form contracts: the MYBA Charter Agreement (Revised 2009 and 2014); Towcon or Towhire, provided that such contract is not amended in any manner which increases the Assured's liability;
Appendix 1 - War Risks
(a) War, civil war, revolution, rebellion, insurrection or resultant civil strife or any hostile act by or against a belligerent power or by any person acting maliciously or from a political motive or by any act of terrorism (provided that, in the event of any dispute as to whether or not, for the purposes of this paragraph (a), an act constitutes an act of terrorism, the decision of Skuld shall be final
Commentary: The purpose of this amendment is to align our definition with the market standard clauses.
Changes to Skuld YACHT DEFENCE
Terms & Conditions 2016:
4. Limitation
4.1 Unless otherwise agreed, Cover for yacht entries under these Defence Terms and Conditions is limited to USD 500,000 per dispute.
4.2 Any policy limits shall apply to the total amount of any claim, inclusive of deductibles.
Commentary: The purpose of this amendment is to clarify that the policy limit includes the deductible amount.