12 EXCESS AND DEDUCTIBLE
12.1 No claim arising from a peril insured against shall be payable under this insurance unless the aggregate of all such
claims arising out of each separate accident or occurrence (including claims under Clauses 11, 14 and 15) exceeds the
amount stated for this purpose in the Schedule m the policy. in which case this sum shall be deducted. This Clause 12.1
shall not .apply to a claim for total or constructlve total loss of the Vessel or, in the event of such a claim, to any
associated claim under Clause 15 arising from the same accident or occurrence.
122 Prior to· the application of Clause 12.1 above and in addition thereto, deductions new for old not exceeding one-third
may be made at the Underwriters' discretion in respect of loss of or damage to
1_2.2.1 protective covers, sails and rup.ning rlgging.
12.2.2 outboard motors whether or not insured by separate valuation under this insurance.