These are the main clauses and most important in Marine Hull policies. Time Clauses covers for a specific period usually 12 months. As the nature and degree of risks which the Insurer run vary according to the kind of vessel, there exist a number of categories in the Time Clauses. They are:

• Institute Time Clauses (Hull)
• Institute Time Clauses (FPA)
• Institute Time Clauses (Total Loss Only)

1. Institute Time Clauses (Hull)
   
   Provides the maximum coverage offered by hull insurance.
   
   Perils Covered:
   1. Perils of the sea
   2. Fire & explosion
   3. Violent theft
   4. Piracy
   5. Breakdown of accident to nuclear installations etc.
   6. Contact with aircraft
   7. Earthquake, volcanic eruptions or lightning
   8. Accidents in loading etc.
   9. Bursting of boilers
   10. Breakage of shaft
   11. Latent of defect
   12. Negligence of masters etc.
   13. Negligence of repairers etc.
   
   
2. Institute Time Clauses (FPA)
   
   The coverage of these clauses are similar to that of Hulls Clauses but exclude coverage on machinery damages in all respects. It is advised that all vessels which exceed 15 years of age or older, if the risk accepted, to give this coverage only. Past experience shows that older vessels suffer serious casualties due to machinery damage. If machinery damage is excluded due to limitation of this clause, there is a better chance of making hull underwriting profit.


3. Institute Time Clauses Hulls (Total Loss Only)
   
   As the name suggested, this clause only covers in the event of it becoming a total loss by arrangement, actual, compromised or constructive total loss. The rate for this cover is low and usually this cover is only extended to old vessel (but not more than 20 years) or on accommodation only.