Wordings ITC Hulls Port Risks – 20.07.1987 (Named Perils Policy). Covers physical damage, salvage, wreck removal (limited cover), third party liability – property and life (Limited cover), damage to vessel by government authority to prevent pollution hazard and sue and labour. The perils covered are perils of the seas, rivers, lakes or other navigable waters, fire, lightning, explosion, contact with aircraft or similar objects or object falling therefrom, land conveyance, dock or harbor equipment or installation, accidents in loading, discharging or shifting of cargo or fuel and latent defects. Key exclusions are SRCC and terrorism (add on cover), Earthquake and volcanic (add on cover), nuclear exclusion and war exclusion. SBM pipeline is covered as per London Standard Pipeline Form (All Risk Cover). Exclusions are oil and gas in the pipeline, gradual wear and tear, delay, scraping/coating/painting unless as a direct result of loss/damage. SBM Cargo: Coverage as per wordings of Institute Bulk Oil Clauses – CL.273 (Named peril cover). SBM Third Party Liability: Coverage as per wordings: LSW-244/245.