For vessels plying within a named port area or port limits the widest cover will be as per ITC Hulls Port Risks which provides 4/4th Collision Liability and Protection and Indemnity risks as per its clause 9 up to a Vessel’s Hull and Machinery Sum Insured. The difference between ITC Hulls 1.10.1983 and ITC Hull Port Risks are: Navigation: the vessel has leave to proceed to and from any wet or dry docks, harbors, ways, cradles and pontoons within limits specified in the PolicyEquivalent to ITC Hulls but excluding Earthquake and Volcanic eruption perils.Collision: Only the share of the insured value covered by the insurersP&I: P&I Indemnity provided is in addition to the indemnity provided by the other terms and conditions of this insurance.Deductible: Similar to ITC Hulls except that provisions relating to heavy weather damage are omitted.Returns for cancellation: Pro-rata monthly net for each uncommented month.All other clauses similar to ITC Hulls except that (a) Continuation Clause (b) Breach of Warranty Clause and (c) Freight Waiver Clause do not appear in the Port Risk Clauses.Hull Returns : Returns of premium allowed under a Hull Policy, notably when the vessel insured is laid up.
Insurance Encyclopedia
Hull syndicate
A marine insurance syndicate that specialises in hull insurance to the exclusion of other forms of insurance.
Hull Syndicates
A group of companies which agree to share or prorate insurance on oceangoing vessels or aircraft. Coverage on the ship or plane itself is called Hull Insurance.
Hull/hull insurance
Structural framework of a vessel, aircraft, hovercraft or boat, or anything that floats or moves. Permanently moored floating devices (except offshore structures for oil production) such as floating lighthouses, buoys and markers are not normally insured in the marine hull market. ‘Hull’ originally meant insurance on the ship and its masts but not the machinery, ship’s stores, nets, ropes, equipment and bunkers. The policy now covers hull and machinery including disbursements and a running down clause. Risk factors in marine insurance include: year of construction; type (tanker, tug, etc); tonnage; construction; flag; trade; trading limits (coastal, ocean going); propulsion; socio-economic environment. Ships are normally insured for yearly periods under the Institute Time Clauses or the International Hull Clauses.
Human Factors Engineering
See: “Loss Control, the Energy Release Theory.”
Human Life Value (HLV)
Monetary value of a human life, measured by the net present value of the benefits which others receive from the personal efforts of the individual whose life is being valued. In a family context, the human life value of a person is the present value of that persons’ future earnings, plus the present value of the cost of the household services that person provides, minus the present value of the person’s personal maintenance expenses. In an employment setting, the human life value of an employee is the present value of the future additional revenue from that employee’s personal efforts or knowledge, minus the present value of the future compensation (wages and salary plus employee benefits) to be paid to that person.
Human life value (Life Insurance)
A way of deciding how much life insurance an individual may need. The person’s income, expenses, and years remaining in the workplace are considered, as well as the depreciating value of the dollar.
humanitarian device exemption (HDE)
Exemption given by the Federal Drug Administration (FDA) for devices that treat rare medical conditions.
Hundred per cent treaty basis
Method to reduce the work and expense in preparing reinsurance treaty accounts. It obviates the preparation of separate accounts each showing the reinsurer’s individual proportion of premiums and losses. Instead a statement shows the hundred per cent treaty amounts of every item on the account with a copy submitted to each reinsurer with only its proportion of the final balance shown thereon. See CLEAN CUT BASIS.
Hundredweight
A short ton hundredweight = 100 pounds. Long ton hundredweight = 112 pounds.