- Loss due to willful misconduct of the assured.
- Loss caused by delay (in performing the voyage, completing cargo operations, commencing heating of cargo etc.).
III. Wear and tear.
- Rats or Vermin.
- Loss occurring when the vessel was not able to maintain her class (due to expiry of her trading certificates, non-compliance with Classification Society requirements as to seaworthiness or maintenance).
- Loss caused by warlike activities. (Such loss however is covered under a War Risk policy)
VII. Loss occurring outside the Institute trading warranty limit. Unless permission has been given by underwriters for trading outside the trading limit. (Sometimes, the insured has to pay an additional premium for the breach of this warranty).
VIII. Towage – The exception does not apply when the vessel performs towage of vessels or crafts in peril that are in need of assistance, in which case the vessel in peril shall be towed to the first safe port. However, where there is intention to undertake towage or salvage services under contract, prior notice shall be given to underwriters, as otherwise that would constitute a breach of warranty.
The Master must thereafter:
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