“This insurance would not attach and there would be no cover if the cargo is shipped on a vessel owned or operated or managed by an Iranian company or having Iranian interest. Ideally this should be reworded as under: Key Takeaways A deed of reconveyance is issued. This insurance does not effect if the cargo is shipped on a vessel owned or operated or managed by an Iranian company or having Iranian interest- in my opinion, this clause is poorly drafted and could lead to complications. A deed of reconveyance is a document that transfers the title of a property from a mortgage lender to the borrower once the loan has been paid.For the purpose of abundant clarity, conveyance should be mentioned as “vessel complying with Institute Classification Clause ). The only exception was “vessels fixed by TRANSCHART”, where " TRANSCHART" was a telegraphic address in the Ministry of Shipping and Transport. Hence mentioning "approved vessel" would create avoidable confusion in the eyes of all stakeholders such as the insured, loss surveyor, average adjuster and the reinsurer.
CONVEYANCE CLAUSE FULL
Perhaps this is a legacy of the system of approvals that was in use in the Indian Shipping industry, where the GIC and companies under GIC control used to approve vessels carrying export shipments as well as full ship load imports. Conveyance: we generally tend to write as under: " Approved vessel subject to Institute Classification clause (2001 clause). In UAE, like in the rest of the Gulf, there is no system for approval of vessels. Due-On-Sale Clause: A provision in a mortgage contract that requires the mortgage to be repaid in full upon a sale or conveyance of partial or full interest in the property that secures the.Points to ponder with respect to conveyance clauses and warranties:
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