Difference between ITC Hulls 1983 and ITC Hulls 1995 : The Hull clauses were revised in 1995. The main difference is that ITC Hulls 1995 has one more version of Restricted Perils. Other changes are (i) in Navigation Clause where two more sub clauses are added, and (ii) Introducing a new Clause CLASSIFICATION CLAUSE to impose strict duty on assured on the subject t of classification. Besides the clauses are rearranged.
Insurance Encyclopedia
Institute warranties
Standard trading limits for ships not engaged in regular services. Used in hull insurances, the warranties mainly restrict navigational areas as without them the underwriter risks granting cover unwittingly in hazardous areas worldwide. Breach of warranty is held covered, subject to payment of an additional premium and any change of conditions imposed by the underwriter. Five warranties spell out restrictions on areas as to times of year when restrictions apply while a sixth restricts the carriage of Indian coal in terms of both time and place.
Institute Warranty
A set of express warranties in a hull Policy which mainly recites the agreement of the insurer to protection the insured against some form of loss or damage.
Institute Yacht Clauses 1985
The format is that of ITC Hulls and are for use with the MAR Policy form. An important extension on payment of extra premium is Machinery Damage Extension to include loss or damage to motor, electrical equipment and batteries caused by (a) latent defects in hull or machinery, breakage of shafts or bursting of defective part, broken shaft or burst boiler (b) Negligence of any person, but excluding the cost of making good any defect resulting from either negligence or breach of contract for repair or alteration work carried out and (c) Heavy Weather
Institute, The Risk and Insurance Knowledge Group for USA
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Institution
Under the Medicare program, a facility that meets Medicare’s definition of a long-term care facility such as a nursing home or skilled nursing facility. This does not include assisted or adult living facilities or residential homes.
Institutional health services
Medical services provided on an inpatient basis in hospitals, nursing homes, or other inpatient facilities. Some institutions and departments within organized units use this phrase to refer to services delivered on an outpatient basis.
Institutional investors
Institutions such as insurance companies, pension funds, unit trusts, investment trusts and banks who invest on behalf of their policyholders and private investors. They provide an indirect way for investment by individuals in a range of securities including equities.
Institutional property
Schools, churches, and many nonprofit operations are covered under special policies more cheaply if they qualify.
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Property eligible for special treatment under package policies. Essentially these are properties occupied by sanitariums and educational, religious, charitable, government and nonprofit organizations.
Institutional property (Property Insurance)
A type of property eligible for special treatment within package policies. This can include religious or charitable organizations, hospitals, and educational institutions.