Change of ownership

This provision resembles cl 5.2 of ITCH (1995 version) in the sense that both afford the remedy of ‘automatic termination’ in case of change of ownership of the insured vessel. The Institute Clause, however, is more assured friendly because it provides that, if the vessel has cargo on board and has already sailed from her loading port, or is at sea in ballast, such automatic termination shall, if required, be deferred whilst the vessel continues her planned voyage, until arrival at final port of discharge, if with cargo, or port of destination if in ballast. Clause 13 of the DVT, on the other hand, does not offer any extended coverage to the assured in case of change of ownership.