17 CONSTRUCTIVE TOTAL LOSS
17.1 In ascertaining whether the Vessel is a constructive total loss, the insured value shall be taken as the repaired value
and nothing in respect of the damaged or break-up value of the Vessel or wreck shall be taken into account
17.2 No claim for constructive total loss based upon· the cost of recovery and/or repair of the Vessel shall be recoverable
here under unless such cost would exceed the insured value. In making this determination, only the cost relating to a
single accident or sequence of damages arising from the same accident shall be taken into account
18 DISBURSEMENTS WARRANTY
Warranted that no amount shall be insured policy proof of interest of full interest admitted for account of the Assured,
Mortgagees or owners on disbursements, commission, profits or other interests or excess or increased value of hull or
machinery however described unless the insured value of the Vessel is over £50.000 and then not to exceed 10 per cent of
the total amount insured in respect of the Vessel as stated in the Schedule to the policy. Provided always that a breach of
this warranty shall not afford the Underwriters any defence to a claim by a MorL:,o-agee who has accepted this insurance
without knowledge of such breach.
19 SPEEDBOAT CLAUSE
WHERE THIS CLAUSE 19 APPLIES IT SHALL OVERRIDE ANY CONFLICTING PROVISIONS IN THE
CLAUSES ABOVE.
19.1 It is a condition of this insurance that when the Vessel concerned is under way the Assured named in the
Schedule to the policy or other competent person(s) shall be on board and in control of the Vessel.
l9.2 No claim shall be allowed in respect of loss of or damage to the Vessel or liability to any third party or any salvage
services
19.2.1 caused by or arising from the Vessel being stranded sunk swamped immersed or breaking adrift, while left moored
or anchored unattended off an exposed beach or shore
19.2.2 a.ising while the Vessel is participating in racing or speed tests, or any trials in connection therewith.
19.3 No claim shall be allowed in respect of rudder strut shaft or propeller
19.3.1 under Clauses 9.2.2.1 and 9.2.2.2
19.3.2. for any loss or damage caused by heavy weather, water or contact other than with another vessel. pier or jetty, but
this Clause 193.2 shall not exclude damage caused by the Vessel being immersed as a result of heavy weather.
19.4 If the Vessel is fitted with inboard machinery no liability shall attach to this insurance in respect of any claim caused
by or arising through fire or explosion unless the Vessel is equipped in the engine room (or engine space) tank space and
galley with a fire extinguishing system automatically operated or having controls at the steering position and properly
installed and maintained in efficient working order.