These are ship-owner’s expenses incurred in fitting out and provisioning the vessel and other items not included in the H & M Valuation. An amount up to 25% of the H&M value may be insured, provided no freight insurances are taken. The conditions are against Total and/or Constructive Total Loss of Vessel, plus excess liability for collision, GA, Salvage and Salvage charges and Sue and Labour expenses arising where there is a shortfall between the insured value of the vessel and the contributory value of the Vessel for claims purpose.