International Hull Clauses 1/11/02: a commentary

The new International Hull Clauses 2002 were published with much publicity on 1 November 2002. Known as International Hull Clauses 1/11/02, they supersede the shunned 1995 Hull Clauses (hereinafter ITC 1995), which have been a contributory factor for losing the London market some business. Published by the Joint Hull Committee, along with consultation with shipowners, brokers and other interested parties, their aim is to improve clarity and reduce uncertainty for both the shipowners and the underwriters, and to bring the standard wordings up-to-date with current market practice. The new clauses update, as opposed to revise, the 1983 and 1995 wordings, leaving more complex areas to be debated at next year’s revision. Even so, there are many new provisions. The following commentary concentrates upon highlighting the main changes which will prove to be the most significant in practice.