Revised Insolvency Exclusion Clause

REVISED INSOLVENCY EXCLUSION CLAUSE #

It is agreed that the “Insolvency Exclusion” Clause 4.6 of the Institute Cargo Clauses (and the corresponding clauses of any other Institute Clause) is deleted and replaced by the following :

In no case shall this insurance cover loss, damage or expense caused by insolvency or financial default of the owners, managers or operators of the vessel where, at the time of loading of the subject-matter insured on-board vessel, the Insured  are aware, or in the ordinary course of business should be aware, that such insolvency or financial default could prevent the normal prosecution of the voyage.

This exclusion shall not apply where this insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the subject matter insured in good faith under a binding contract.