Rule 48 Rules Subject to the Marine Insurance Act and the Insurance Act

These Rules and all policies or contracts of insurance made by the Association shall be subject to and incorporate the provisions of the Marine Insurance Act 1906 and, upon its entry into force, the Insurance Act 2015, of the United Kingdom and any statutory modifications thereof except insofar as such Act or modification may have been excluded by these Rules or by any term of such contracts. The following provisions of the Insurance Act 2015 (“the Act”) are excluded from the Rules and any contract of insurance as follows:

48.1

Section 8 and Section 14 of the Act are excluded. As a result any breach of the duty of fair presentation and/or the duty of utmost good faith shall entitle the Association to avoid the policy in all circumstances.

48.2

Section 10 of the Act is excluded. As a result if the Insured Owner fails to comply with any warranty in these Rules and/or any contract of insurance, the Association shall be discharged from liability from the date of the breach even if the breach is subsequently remedied.

48.3

Section 11 of the Act is excluded. As a result if the Insured Owner fails to comply with any term in these Rules and/or any contract of insurance, the Association’s liability may be excluded, limited or discharged in accordance with these Rules notwithstanding that the breach could not have increased the risk of the loss which actually occurred.

48.4

Section 13(A) of the Act is excluded. As a result these Rules and/or any contract of insurance between the Association and any Insured Owner shall not be subject to any implied term that the Association will pay any sums due in respect of a claim within a reasonable time save that the Association may not deliberately or recklessly fail to do so.