Generali Cascos — Marine Hull Insurance Policy Conditions (English Translation)

Information clause — Insurer and supervisory authority ↑ top

This Information Clause is issued in compliance with Article 96.1 of Law 20/2015 of 14 July (on the organisation, supervision and solvency of insurers and reinsurers) and Article 122 of Royal Decree 1060/2015 of 20 November approving its implementing Regulation, concerning the insurer's general duty to inform the policyholder and the insured.

Name, legal form and registered office of the insurer

GENERALI España de Seguros y Reaseguros S.A. Registered office: Pl. de Manuel Gómez-Moreno, 5, 28020 Madrid. NIF: A48037642. Madrid Commercial Registry, sheet M-377257.

Supervisory authority

The Ministry of the Economy and Competitiveness, through the Directorate-General for Insurance and Pension Funds (DGSFP), is responsible for supervising insurance activity and protecting the freedom of the insured to decide on, and maintain the contractual balance of, their insurance.

Complaints and how to proceed in the event of a dispute

The Insurer provides a Complaints and Claims Service (Servicio de Quejas y Reclamaciones), whose regulations can be consulted at www.generali.es. The policyholder, insureds, beneficiaries, injured third parties or their successors may submit complaints relating to their legally recognised interests and rights, in writing, stating their personal details, signature, address, the policy or claim number, and the facts giving rise to the complaint, addressed to: Servicio de Quejas y Reclamaciones, Generali España S.A. de Seguros y Reaseguros, Pl. de Manuel Gómez-Moreno, 5, 28020 Madrid; or by e-mail to reclamaciones.es@generali.com.

The Service, which operates autonomously and independently, will acknowledge receipt and must resolve, with reasons, within a maximum of two months (under Law 44/2002 and Order ECO/734/2004). Its decisions are binding on the Insurer. Once two months have elapsed without resolution, or where the Service has rejected the request, the interested parties may bring their complaint before the Claims Service of the Directorate-General for Insurance and Pension Funds (DGSFP), at Paseo de la Castellana, 44, 28046 Madrid (www.dgsfp.meh.es/reclamaciones). All without prejudice to the right to seek the protection of the competent courts at any time.

Preliminary — Large Risk and applicable law ↑ top

Exercising the contractual freedom recognised in positive law for “Large Risks” insurance, the parties define the cover of this contract in accordance with the Specific General and Particular Conditions. In matters not provided for in those Conditions, the following apply subsidiarily: Law 14/2014 of 24 July on Maritime Navigation (Articles 406 to 467); Law 50/80 of 8 October on the Insurance Contract (which shall not be of mandatory application where, under Article 11 of Law 20/2015, this contract is treated as a large-risks insurance); Law 20/2015; Royal Decree 1060/2015 approving the Regulation on the Organisation, Supervision and Solvency of insurers and reinsurers; any developing or amending rules; and the Conditions of the Contract, all its annexes, supplements and appendices, the insurance application and the risk-assessment questionnaire signed by the policyholder — which is a fundamental document enabling the Insurer to give its consent to contract and to fix the policy conditions.

I. Risks assumed ↑ top

Article 1. The Company assumes, in accordance with the provisions of the Commercial Code in so far as they are not repealed or replaced by the printed general conditions of this Policy (the special conditions being able, where applicable, to modify them), the risks of the sea and/or navigable estuaries or rivers, of port, bay, roadstead or cove, careenage, dry or floating dock, and of entry to and exit from the latter, those risks consisting of the following accidents:

• a) Total loss, abandonment, contribution to general average and salvage charges, due to shipwreck, collision, stranding, grounding or running aground of the insured vessel, fire, storm, deliberate jettison for common safety, forced put-ins, forced changes of course, forced calls (even if retrograde); explosions of boilers or of cylinders, motors, turbines or other vital organs of the machinery, damage to or breakage of these, of the steering gear, propeller or servomotor of the insured vessel, and other accidents or risks known as perils of the sea (fortuna de mar), save the exclusions set out in the following article.
• b) Particular average, losses or damage occurring to the insured vessel, its machinery, apparatus, rigging, gear and equipment of all kinds, due exclusively to shipwreck, stranding or grounding, fortuitous collision and fire (even where it originates from the cargo carried, excluding what is eliminated by Article 2). For the purposes of the insurance, the insured vessel touching bottom in ports, bars, rivers, estuaries, roadsteads or coves, or in those other places recognised by maritime practice as points where the vessel usually touches bottom without danger to it — such as, among others, the Guadalquivir, the Estuary or Bay of Bilbao, the Suez and Panama Canals and the River Plate — shall not be considered stranding or grounding.
• c) Recourse by third parties for collision, where the insured vessel is declared at fault for damage caused to another vessel, even where the latter belongs to the same owner; in which case the Company will respond, pro rata to its underwriting, for 75 per cent of the indemnity, provided it does not exceed the Sum Insured. The Insured may not cover the 25 per cent shortfall (descubierto) with another Company, and in the event of breach, the indemnity payable by the Company would be reduced to 50 per cent instead of the 75 per cent set above.

II. Risks excluded ↑ top

Article 2. In addition to the risks excluded by Article 756 of the Commercial Code, the Company also does not respond for: political or civil war; embargo by order of a government, legitimate or not; detention by order of a foreign power; capture, pillage, reprisals, port closure, rebellion, strikes and popular riots; nor for the consequences of all those risks. Nor does the Company respond for damage arising from wilful misconduct or gross negligence of the owner, his agents or land-based consignees; from inherent vice (vicio propio); nor for the expenses of wintering, quarantine or demurrage, even if classified as general average; nor for the lay-days, maintenance and payroll of the crew during the time the repairs of particular-average damage chargeable to the Company last.

The loss of the vessel's classification after the insurance is taken out shall also be regarded as a case of gross negligence of the owner.

Equally excluded are damage and losses originating in breach of blockade, smuggling and/or prohibited or clandestine trade; all the consequences of acts done by the master or crew ashore; all recourse against the owner for death or injury from accidents or bodily harm; all claims against the vessel brought by shippers, charterers or consignees of the goods carried, passengers or crew of the insured vessel. Also excluded are delay in arrival; exchange differences; and, in general, any loss or commercial difficulty for the Insured, whatever its cause; all damage or loss as a consequence of lack of fuel, even where such loss is admitted in general average; fire and/or explosion and its consequences caused by the carriage and/or transport of inflammable and/or explosive materials. For these purposes, the following shall not be deemed inflammable and/or explosive materials: raw cotton, brandy and spirits whatever their strength, calcium carbide, sulphur, the war provisions vessels carry for their defence, or the fuel provisions necessary for the voyage.

III. Navigation range ↑ top

Article 3. In time policies and throughout the duration of the Contract, in all circumstances and in any place, the insurance is in force within the limits of the following navigation:

• a) The vessel may not navigate the coasts of, nor enter ports of, the North Atlantic of North America, its rivers and adjacent islands further north than latitude 43º 40′ North, except the port of Halifax, and for coaling may enter only the ports of Louisbourg and Sydney; nor may it navigate or call at ports of the Pacific coast of North America, its rivers and adjacent islands, further north than latitude 50º North, except the ports or coasts of Vancouver Island and Prince Rupert, via Dixon Strait.
• b) Nor may it navigate the Baltic Sea further north than a line between Mo (63º33′ N) and Vasa (63º20′ N) from 1 November to 20 May inclusive; or further north than the Stockholm–Reval (Tallinn) line, or east of Reval (Tallinn), from 21 November to 5 May inclusive; or further north than 56º N from 15 December to 15 April inclusive — excepting the waters south of 59º N and east of 22º E, which are included from 1 December to 15 May inclusive.
• c) Nor may it navigate in waters north of 70º N.
• d) Nor may it navigate the Bering Sea, nor waters of East Asia further north than 46º N, nor call at any Siberian port (except vessels that may enter or leave Vladivostok between 1 May and 31 October inclusive).
• e) Nor may the insured vessel reach Kerguelen and/or the Crozet Islands or south of 50º S, except in the ports or anchorages of Patagonia, Chile and/or the Falkland Islands; but it is permitted to enter waters south of 50º S if on passage, bound for or coming from ports not excluded by this article.
• f) Nor may it load coal from India between 1 March and 30 June inclusive.

IV. Duration of the insurance ↑ top

Article 4. The risks arising from this Policy, if the insurance is a time policy, begin and end at the moments established as the start and end of the Contract, unless at the end of the insurance term the insured vessel is at sea navigating within the navigation range permitted by the Policy. In that case, at the Insured's request, the Company will extend the Contract until arrival in port, charging the stipulated premium pro rata for the days of risk run. If the vessel is lost during that extension, the Company will deduct from the claim a full annual premium.

If the insurance is for a single voyage, the risks begin and end:

• a) If the insured vessel sails in ballast, on weighing anchor at the port of origin and on coming to anchor at the port of destination.
• b) If laden, they begin from the moment cargo begins to be taken on board and end as soon as the cargo carried for the destination port has been discharged, provided those loading and/or discharging operations are carried out without interruption, save the indispensable interruptions for bad weather or for intervening holidays. If those operations are suspended for any other cause, the insurance is likewise suspended until they normally resume.

If the Contract has been agreed for a round voyage, the vessel may not interrupt it by making intermediate voyages (save legitimate provisioning or put-in calls); the Contract becomes void if it does so, and the Insured loses the premium. For the return voyage only a thirty-day period is granted, counted from arrival at the outward port, after which the Company has the right to cancel the Contract without return of premium, or to charge a conventional additional premium. Natural and intermediate calls in the course of the voyage do not constitute an alteration of it.

If the insured vessel must go to perform quarantine in a port more distant than that fixed as destination, or off the marked route, the Company continues to bear the risks of the navigation and stay the vessel makes for that reason; but the Company is entitled to charge an additional premium for the extension of the voyage and the stay at the lazaretto that this entails.

V. Premiums ↑ top

Article 5. The stipulated premium is single and indivisible for the whole term of the insurance contracted and, save agreement to the contrary, is payable in advance in cash. If by mutual agreement payment of the premium is split into periods shorter than the contractual term, the Company may charge interest for that splitting; and in the event of a loss, the Company will deduct from the indemnity it owes any due premium instalment of this Policy, and may likewise deduct due instalments outstanding under other Policies in force in the name of the same Insured. In the event of total loss of the insured vessel, the annual premium — or, where applicable, the outstanding premium instalments — is deemed due.

Article 6. If at the conclusion of the Contract the Insured does not pay the premium in cash, or the first instalment if splitting was agreed, all rights in favour of the Insured in the event of a loss are void, even where the Policy has been signed by both parties. If the Insured does not pay the successive instalments of the total premium on their due dates where splitting was agreed, the effects of the Contract are suspended in fact and in law, and the Company further reserves the power to cancel it by notice to the Insured by registered letter. Once the Insured pays an overdue premium instalment and the Company accepts that payment, the Contract automatically regains its validity from the moment of that payment, but without retroactive effect in favour of the Insured and without altering the eventual successive due dates or the insurance term.

Article 7. If during the term of the insurance, while the premium or part of it is outstanding, the Insured is declared in suspension of payments or insolvent, the insurance becomes automatically null and void without any notice by the Company.

Article 8. State taxes of all kinds on insurance, and the Policy charges established by the Companies, are borne by the Insured, who must pay them once, in advance, for the whole insurance term, with no right to any return.

VI. Valuations ↑ top

Article 9. The valuation of the vessel has been fixed by the Insured and accepted by the Insurer in accordance with Article 752 of the Commercial Code, it being understood that the hull, machinery, apparatus, rigging, gear and equipment of all kinds form part of that valuation. By special agreement, the fuel for the vessel's consumption, provisions, advances and/or other disbursements may also be insured, in so far as none of these items relates to an interest other than the owner's. However, for the set of those interests, the owner may not, on pain of nullity of this insurance, guarantee himself for a percentage greater than 10 per cent in relation to the value of the vessel, whether the insurance is made under this Policy or through others of different Companies.

Article 10. Also by special agreement, a valuation lower than the total admitted in the insurance may be fixed between Insured and Insurer to cover more serious risks, in which case, for those risks, the Company's maximum liability in the event of a loss will be that lower valuation and not the one used as the basis for charging the premium.

Article 11. As a modification of Article 753 of the Commercial Code, it is agreed that if the insurance has been taken out in foreign currency, premiums and claims are payable in the same original currency fixed in the Policy. However, if the contracted currency, during a time Contract, comes to fluctuate against the euro by more than 10 per cent on the official exchange of the region or place where the Policy was issued, either party may request a revision of the valuation, which must be adjusted to the equivalence of the new rate. Once revision is requested by one party, the resulting new valuation will be the basis for paying the premium or pro rata of it, and for the indemnity for a loss occurring after notification.

Article 12. The Insured is obliged, on pain of nullity of this Policy, not to consent to any estimate of the vessel different from that fixed in it, for one or several items, for the purposes of other Policies he might lawfully take out during the insurance term or insured voyage. This prohibition does not, however, affect the possible insurances he might effect on freight contracted or payable at destination and/or on the insurance premiums accrued at the time of the loss, nor does it affect interests other than those covered by this Policy.

VII. Damage and expenses ↑ top

Article 13. The amount of the damage chargeable to the Company occurring to the insured vessel, and the estimate of repairs to be made to it, are assessed by experts with the involvement of Insured and Insurer.

Article 14. The estimate of damage and the repair budget will comprise only the cost and ancillary expenses of those repairs, or the replacement of the damaged parts, objects lost or sacrificed by a peril of the sea chargeable to the Company, no further claim being admitted whether for depreciation or any other cause. The existence on board of the objects lost or sacrificed is evidenced by the inventory mentioned in the first paragraph of Article 612 of the Commercial Code, endorsed by the Marine Authority before the voyage begins.

Article 15. The items of the repair budget, once accepted by both parties, are reduced by the “new for old” difference according to the age of the vessel, in the following proportions:

These reductions are not applied to the ancillary repair expenses, such as pilots' fees, port dues for entry and stay in dock or careenage, nor to provisional repairs that are not of a permanent character for the vessel.

Anchors and chains, whatever the age of the vessel or their state, are subject to a uniform reduction of 20 per cent; and cables, ropes, hawsers and other mooring elements have a reduction of 33 per cent at all times.

The bottom survey (recorrido de la carena) has the following “new for old” deductions, counted from the last survey:

Where the bottom survey dates from more than four years, its special budget will not be admitted in the general repairs chargeable to the Company. No claim is admitted for scraping and/or painting of the bottom, whatever the time since the last of those operations that benefited the vessel.

Article 16. In all cases of simple or particular average of the insured vessel, what exceeds 3 per cent of the insured value of the vessel (hull, machinery, apparatus, rigging, gear and equipment of all kinds) is paid, it being understood that the amount of the average is that of the damage suffered, assessed by experts, with the reductions prescribed in the preceding article. In no case shall an amount greater than the equivalent of 70 per cent of the insured value of the vessel, its machinery, gear and equipment be indemnified for particular average.

Article 17. The Company will indemnify the particular averages and the vessel's eventual contribution to general average covered by this Policy, as well as salvage charges and the premiums of bottomry loans to meet the cost of admitted repairs and expenses, in the proportion falling to the Company, taking into account the capital it has underwritten and the shortfall (descubierto) borne by the owner.

Article 18. If the vessel is lost by a peril of the sea covered by the Policy and is later salvaged, the Company does not bear the damage, average, losses and/or harm occurring to the hull, machinery, apparatus, rigging and equipment of all kinds during acts or works of salvage, in so far as the particular average (in any of its forms) was not covered by the Policy. In that case the vessel is deemed salvaged once refloated and free, in whatever state it is found.

Article 19. The extraordinary expenses incurred to prevent or reduce a loss chargeable to the Company, and which cannot lawfully be considered comprised in simple or general average, the Company will reimburse in full in the proportion falling to it, provided it has expressly consented to them.

Article 20. The premiums of the bottomry loan to meet the cost of consented repairs and/or expenses are chargeable to the Company only as far as the port where the vessel ends the voyage that caused the accident. The expenses of investigating and proving averages and other accidents the Company bears in the part falling to it, but only where the average or accident is chargeable to it and the indemnifiable amount exceeds the stipulated excess (franquicia). The wages and maintenance of the crew during acts or works of salvage of the insured vessel are not chargeable to the Company. Nor are the expenses incurred by the owner to obtain or keep classification in the Register, after an average or accident chargeable to the Company, indemnifiable.

VIII. Total loss and abandonment ↑ top

Article 21. Total loss of the vessel is understood to exist only in the cases where abandonment is admissible, and abandonment is admissible only in the following:

• a) When the insured vessel disappears totally and definitively through any of the risks listed in Article 1, with no reasonable possibility of salvage.
• b) For lack of news of the vessel, as provided in Article 798 of the Commercial Code, the periods fixed therein being reduced to a third.
• c) When, having suffered damage caused by perils of the sea chargeable to the Company, the vessel is condemned for absolute lack of means of repair in the port of refuge and cannot, without grave danger evidenced by experts, move to another more or less nearby port by itself or under tow, laden or unladen.
• d) For absolute unseaworthiness of the vessel as a consequence of a peril of the sea chargeable to the Company.

However, abandonment for absolute unseaworthiness does not proceed if the vessel can repair in any port to continue the voyage to its destination, unless the budget for repairing the material damage — with the reductions prescribed by Article 15, less the contributions affecting cargo and freight for general average indemnifiable to the vessel, and excluding expenses — exceeds, together with the salvage charges, the value given to the vessel in the insurance. Even so, the Company may oppose abandonment by choosing to repair the vessel at its own expense in proportion to its interest in the insurance, carrying out the repair within a maximum of six months counted from the date the Insured formalises the abandonment. From that six-month period must be deducted, where applicable, the days lost through strikes, disturbances or other events of force majeure that have halted the repair works. No other case gives a right to abandonment, the provisions of the Commercial Code being consequently repealed and of no effect in so far as they contradict what is stipulated.

Article 22. In none of the cases of abandonment does the Company bear the wages, crew maintenance, consumption of fuel and lubricants and/or commitments prior to the date the Insured formalises the abandonment; the Company in turn waiving, in derogation of Article 796 of the Commercial Code, the eventual freight of the salvaged goods which, paid in advance or owed, remains in favour of the owner.

Article 23. The acts of Insured and Insurers to save or preserve the insured property prejudge nothing as to the proposal, withdrawal, acceptance or non-acceptance of the abandonment. Reserving the rights and duties of both parties, the Insured must, and the Insurer may, in the event of an accident, manage or carry out the salvage of the damaged vessel, refloat it, tow it and take whatever measures are necessary for those ends, without it being claimed that the Insurer has acted as owner of the vessel or taken possession of it.

Article 24. The Insured will be held liable for his negligence in notifying the Insurance Company and for his failure to take saving or protective measures, and for the obstacles or inconveniences he places in the way of fulfilling his duties or the diligences of the Company, its agents, representatives or Average Commissioners.

Article 25. The Insured is obliged, despite any abandonment he has made of the vessel, to participate — in the proportion falling to him for the eventual insurance shortfall — in the expenses and disbursements made by the Company in its salvage efforts or attempts, if these give a positive result.

IX. Proof and settlement of damage and expenses ↑ top

Article 26. The Insured is specially obliged, in the event of a loss or average, on pain of loss of his rights, to comply with Article 765 of the Commercial Code, and must then justify his claim by attaching the documents prescribed by that Code and the others evidently necessary to make proof, within six months for voyages within Europe and the ports of Morocco, and nine months for other voyages — these periods being counted from the arrival of the insured vessel at its destination, and, if the vessel has not arrived, from the date of departure from the last port of call or put-in, or from the port of origin in the absence of any later situation.

Article 27. In time policies the averages of each voyage are settled separately. For the purposes of this article, the voyage is understood to begin in the port where the vessel began to load, or from which it sailed in ballast for the loading port, and to end when it has completed its total discharge at the destination, including intermediate calls, even where commercial operations are carried out there, loading or discharging part of its cargo.

Article 28. General or common averages are never accumulated with the simple or particular averages occurring on the same voyage; each is settled separately. The expenses dealt with in Article 19 are also settled separately.

Article 29. The value of the vessel's effects sacrificed by general average also contributes to that average. For the owner's or master's designation of the general-average adjuster, the prior agreement of the Insurance Company is always indispensable.

Article 30. The settlements to be made are always extrajudicial. Insured and Insurer waive in all cases any judicial intervention in the estimate, classification and settlement of damage, and recognise from now the ineffectiveness and nullity of anything done in breach of this condition.

Article 31. General-average settlements must conform to the provisions of the Commercial Code, in so far as they are not replaced or modified by those of this Policy, or to the law of the port where the settlement is to be made if it is foreign. The Company will also recognise the General-Average adjustments made in accordance with the York-Antwerp Rules, if so stipulated in the bills of lading or charter contract, but not by later agreement between owner and shippers after the loss has occurred.

Article 32. Save agreement to the contrary, the Company does not accept the “mutual average waiver” clause (franco de avería recíproca) that owner and shippers might agree, by which they mutually waive the general-average action.

X. Indemnity to the Insured ↑ top

Article 33. The eventual settlements for total loss and for damage classified as particular average covered by this Policy, and the salvage charges, are carried out by the Company's Management within thirty days of receiving the claim duly justified with all its supporting documents in order; that settlement, once verified, is submitted to the Insured. Having obtained his agreement, the Company must pay the amount it owes at the address of the Agency that issued this Policy within a further fifteen days of receiving the agreement. If the claim is not chargeable to the Company, or other documents for its examination and/or admission are missing, or those sent are deficient, the Company must reject the claim or call on the Insured to complete the average file within the same period set for the settlement. For the examination and eventual rectification of general-average settlements, the Company reserves a maximum of sixty days after the corresponding copy reaches it.

Article 34. The Company's limit of liability is, for the insured voyage(s) and/or for the whole duration of the insurance term, the sum insured; and in no case, on any account, can it be required to pay a greater amount.

XI. Nullity and cancellation of the Contract ↑ top

Article 35. This Contract is void and the earned premium remains in favour of the Company:

• a) For any of the circumstances listed in Article 381 of the Commercial Code.
• b) Where the Insured has not declared, when taking out the insurance, the financial charges encumbering the vessel (naval mortgage or bottomry loan not cancelled).
• c) For sale or transfer of the insured vessel (even if done privately), unless the Company has agreed to continue the insurance in favour of the new owner by means of a supplement to this Policy.

Article 36. Where the insurance is a time policy, the Company and the Insured may each cancel this Policy after a loss to the vessel, communicating the cancellation in writing in an authentic form. The Company may also cancel this Policy when it is a time policy if, the vessel having been surveyed by a Company Inspector Captain or competent person appointed by it, the vessel proves not to be in perfect seaworthy condition and the owner refuses to carry out on the hull, machinery, boilers or other vital parts the necessary repairs — provisional or definitive — indispensable for its safety. If the owner refuses authorisation for that survey, this fact alone is sufficient cause for the Company to immediately exercise its right to cancel the Contract. In any case, the cancellation decided by the Company does not take effect until forty-eight hours after the notice is received by the Insured, if the vessel is anchored in or within a port, or within the same period from the vessel's arrival in port if it is navigating.

XII. Return of premiums ↑ top

Article 37. In any of the cases of cancellation of the Contract by the Company provided in the preceding article, the Company will return to the Insured the part of the premium corresponding to the period of risk not run, retaining, however, 1/5 of the premium to be returned as business-acquisition commission and general expenses of the Company.

Article 38. When the insured vessel remains inactive in port, dock or careenage — in so far as it is not to repair averages chargeable to the Company — the Company will return to the Insured the difference between the premium settled in the Policy and the monthly premium stipulated, where applicable, in the Particular Conditions, without the vessel thereby ceasing to be insured on the original conditions. However, for the Insured to be entitled to those returns, it is an indispensable condition that the first period of inactivity has exceeded thirty consecutive days; and once these have elapsed, the settlement is made for further successive periods of fifteen uninterrupted days, fractions of less than fifteen days not counting. The Insured must prove the vessel's inactivity by official certificates issued by the authorities of the ports of stay. The settlement of these returns for stay is not carried out until after the insurance term has ended; and if the vessel is lost by an accident chargeable to the Insurer, those returns, if applicable, remain in favour of the Company.

XIII. General provisions ↑ top

Article 39. This Policy may not be challenged for nullity by the Company even where some of the external requirements listed in Article 738 of the Commercial Code are omitted from it, in so far as those omissions do not affect the essence of the Contract or its fundamental principles indispensable for identifying the risk assumed by the Company.

Article 40. The Insured and his agents are obliged to comply strictly with all the obligations imposed on them by the Commercial Code and the conditions of this Policy, on pain of nullity of this insurance Contract, in which case the accrued premium remains in favour of the Company.

Article 41. Any act done or assessment issued (even in an official document in the exercise of their duty) by the Company's surveyors or Average Commissioners that contradicts the conditions of this Policy is void and of no value or effect, since the mission of those officials is limited to verifying the occurrence or state of the damaged vessel.

Article 42. Differences that may arise as to the interpretation and performance of this Policy are settled by amicable arbitration (amigables componedores) if the parties agree to it. Failing such agreement, the Courts and Tribunals of Madrid are the only ones competent to resolve them.

Additional condition ↑ top

It is expressly agreed that, where the Company rejects or contests the Insured's claim, it is not obliged to submit to the provisions of Articles 770 and 774 of the Commercial Code, nor may the Insured use the enforcement procedure (procedimiento de apremio) governed by Title 16 of Book Two of the Civil Procedure Act, except from the moment the amount to be paid to the Insured for the insurance is settled — whether by agreement of the parties or by final court judgment.

These General Conditions are drafted in accordance with the Spanish Policy of 1934 for the insurance of iron or steel vessels with steam or motor propulsion.

Closing note of the booklet: “These General Conditions have been drafted in a simplified form to make them as easy as possible to understand. Please read them carefully and ask your Mediator, or any Generali branch, for any clarification.” — ref. G51314, 06/2022. Insurer: GENERALI España, S.A. de Seguros y Reaseguros.