Main set of clauses for the excess of loss reinsurance of London Market syndicates and companies. They are the only standard set of clauses but are sufficiently flexible to have a wide application.

Run by Lloyd’s and the IUA to promote standardised wordings and clauses for excess of loss reinsurance contracts.

A joint committee of the the IUA and Lloyd’s, to which the IUA provides the Permanent Secretary, concerned with the general wellbeing of the marine hull market. It reviews and updates the Hull Institute Clauses in consultation with the market. It has also set up Education and Marketing, Wordings and Technical, Statistics and Information, Maritime Industry Liaison and Finance sub-committees. It has established monthly market briefings to report on the work of the committee and to inform the market on current technical and safety issues. Administers joint hull understandings.
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The Joint Hull Committee in London, comprising representative underwriters from Lloyd’s and member companies of the Institute of London Underwriters, is responsible for the structure of the Joint Hull formula, which is a basis recommended for rating for hulls.

A bureau under the auspices of the Joint Hull Committee that handles and approves applications from shipowners for returns of premium, e.g. laid-up returns.
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A bureau which approves applications by ship owners for returns of premiums as when a ship is laid up.

A hull survey undertaken jointly by a surveyor representing the insurer and another surveyor representing the insured.
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A survey of a ship carried out jointly by a surveyor on behalf of the insurer and a surveyor on behalf of the insured.

A market agreement to provide a framework for the underwriting of hull business in London. The agreement is administered by the Joint Hull Committee. The aim is to achieve some uniformity of practice by means of recommendations, but the understandings do not provide rates or a basis of rating. The understandings are reviewed annually and set guidelines on the treatment of renewals of business regarded as unsatisfactory.
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Formula comprising of premium figures and claims in respect of hull fleets for arriving at renewal premium for hull Insurance.

Two or more persons whose interests are insured under the same policy. It appears to be an established principle that, in respect of any particular risk, one insured cannot sue a joint insured under the same policy against the same risk. However, in liability insurance it is customary to add a cross liabilities clause.