Abstract ▼ AI-Helper

International Hull Clauses(IHC(2003)) which have replaced the old system, Institute Time Clauses, Hull(ITCH), used more than 100 years in the shipping industry that did not fit the reality of the market and customs was announced in 01/11/2003 and was intended to supplement the existing issues to ref...

International Hull Clauses(IHC(2003)) which have replaced the old system, Institute Time Clauses, Hull(ITCH), used more than 100 years in the shipping industry that did not fit the reality of the market and customs was announced in 01/11/2003 and was intended to supplement the existing issues to reflect the terms that had been used. IHC(2003) was composed of systematical and logical phrases to minimize the conflict which happened between the insured and the insurer after the incident. But IHC(2003) is being ignored by both the insured and the insurer in the shipping industry due to the differences in both positions. In addition, the studies about IHC(2003) in local academics are very low and many companies in the shipping industry are using both systems, IHC(2003) and ITCH so the usage of IHC(2003) is not so activated. Thus, this study will examines the main features and the compositions of IHC(2003) and compare IHC(2003) with ITCH(1983) in some provisions in both systems and then derive some similarities from the both systems and finally would suggest the necessity and validity of active use of IHC(2003).

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