ICS04 - Marine Hull (Surveyor) Mock Test 05
These questions cover key areas of ICS04 – Marine Hull (Surveyor), including Single Buoy Mooring terminology, statutory exclusions under the Marine Insurance Act, the history of the Institute of London Underwriters, Builders’ Risk Insurance, Institute Time Clauses-Hulls, collision liability, warranties, deviation, and policy periods. They also examine Group A of the Institute Time Clauses, Builder’s Risk policy duration and valuation, General Average treatment of temporary repairs under the York-Antwerp Rules, and insurance of vessel freight earnings. These topics are important for understanding marine hull policy clauses, statutory provisions, underwriting practices, vessel risks, General Average, and the responsibilities of Marine Hull Surveyors.
Q1. Single Buoy Mooring is also known as __________.
a) Single Point Mooring
b) Single Price Mooring
c) Single Period Mooring
d) Single Paid Mooring
Q2. The perils expressed in the policy are always subject to the Statutory exclusions mentioned in __________, unless the policy specifically provides otherwise.
a) Section 45 of MIA 1963
b) Section 55 of MIA 1963
c) Section 65 of MIA 1963
d) Section 75 of MIA 1963
Q3. The Institute of London Underwriters was set up in ______ as the trade association for the company market specialising in marine, aviation and transportation insurance business.
a) 1864
b) 1874
c) 1884
d) 1894
Q4. Builders Risk Insurance is the only clause in Hull Insurance, which offers an 'All Risks' Cover. Say whether True or False.
a) True
b) False
Q5. Which of the following is not a broad group that covers the 26 clauses in the ITC-Hull 1-10-1983?
a) Collision Liability
b) Claims Procedure
c) Underwriting Procedure
d) Warranties
Q6. Group A of Institute Time Clauses deals with:
a) Warranties
b) Collision Liability
c) Amount Payable
d) Risks Covered and Risks Excluded
Q7. Where, after the commencement of the risk, the destination of the ship is voluntarily changed from the destination contemplated by the policy, there is said to be __________.
a) Deviation
b) Ports of Discharge
c) Delay in Voyage
d) Change of Voyage
Q8. In Builder's Risks Insurance, the Policy Period can be longer than __________ and the Sum Insured should be the actual completed value or contract value, whichever is higher.
a) 12 months
b) 6 months
c) 24 months
d) 18 months
Q9. If temporary repairs are incurred at a port of refuge, for common safety or of damage caused by General Average sacrifice or in order to enable the adventure to be complete, the cost of such repairs may well be allowed in General Average:
a) Under Rule XVI of York-Antwerp Rules, 1976
b) Under Rule XVI of York-Antwerp Rules, 1974
c) Under Rule XIV of York-Antwerp Rules, 1976
d) Under Rule XIV of York-Antwerp Rules, 1974
Q10. The earning of a vessel described as Freight for Time can be insured up to __________ of the H and M value, provided no additional insurance on Disbursements is taken.
a) 15%
b) 3%
c) 25%
d) 50%
