The Joint Hull Committee in London (JHC) has produced a consultative draft of its revised Institute Hull Clauses.
The draft has been sent to various associations of underwriters, shipowners, brokers and claims practitioners, who have been invited to submit their own comments to the JHC.
Completion and distribution of the draft is in line with the schedule set out by the JHC as part of its plans to review the 1983 and 1995 Hull Clauses in order to bring them into line with current market practice.
A key part of the JHC objective is appropriate consultation with the shipping and insurance industries, which have been invited to submit written responses to the first draft by the end of August.
Subject to satisfactory conclusion of the consultation and approval process, it is planned that the new clauses will be released on November 1 this year.
JHC chairman Simon Beale commented: "It is important that insurance wordings are not allowed to languish in the past."
The JHC is a joint initiative by the International Underwriting Association of London and Lloyd's Underwriters' Association.
