1/7/52 TIMBER TRADE FEDERATION CLAUSES

1. Notwithstanding that the description of the voyage contained in the body of the Policy may state only the ports and places of shipment and discharge,the insurance shall attach as the goods insured hereunder are loaded on land and/or water conveyance or are floated at the mill,ware - house,factory,yard or premises wheresoever,from which the despatch to the overseas vessel is made,and shall continue while the goods remain in transit until delivery by land or water at the mill,warehouse,factory,yard or premises at their final destination,whether at the port of discharge of the overseas vessel or (further sea voyage excepted) elsewhere and are there made available to the Assured or Receivers.

Provided always that where the insured goods are to be stored at the place at which they are finally landed from vessel or craft,the Assurers' liability for loss or damage by fire shall not extend beyond 15 days from midnight of the day of the completion of such final landing notwith- standing that the goods have not then been made available to the Assured or Receivers.

2. Including transit by craft,raft or lighter to and from overseas vessel.The Assured are not to be prejudiced by any agreement exempting Lightermen or other owners of craft from liability.Sea - worthiness of all lighters and craft is hereby admitted as between the Assured and the Assurers.

3. This insurance also specially to cover the goods during ( i ) deviation,delay beyond the control of the Assured,forced discharge,re-shipment and transhipment; ( ii ) any other variation of the adventure arising from the exercise of a liberty granted the shipowner or charterer under the contract of affreightment.

4. Held covered at a premium to be arranged in case of change of voyage or of any omission or error in the description of the interest,vessel or voyage.

5. ( a ) Subject to 5( b ) below and Clause 10 herein,this insurance covers the goods against all risks (including without prejudice to the foregoing,freshwater damage,theft,pilferage and short delivery of any piece or of any package or part thereof) but shall in no case be deemed to extend to cover loss,damage or expense proximately caused by delay or inherent vice or nature of the subject matter insured; ( b ) Deckload warranted free from Particular Average unless the vessel or craft be stranded, sunk,burnt,on fire,or in collision,but notwithstanding this warranty the Assurers are to pay the insured value of any portion of the cargo which may be totally lost by jettison or in loading,transhipment or discharge also for any loss of or damage to the interest insured which may reasonably be attributed to fire,explosion,collision or contact of the vessel and/or craft and/or conveyance with any external substance (ice included) other than water,or to discharge of cargo at port of distress,also to pay landing,warehousing, forwarding and special charges,if incurred,for which the Assurers would be liable under an insurance covering Particular Average.Cargo stowed in poop,forecastle,deck house, shelter deck or other enclosed space,shall be deemed to be cargo under deck; ( c ) Each raft or craft or deckload or bill of lading or deckload of each bill of lading to be deemed a separate insurance if required by the Assured. Claims under this Clause 5 ( a ),( b ) and ( c ) payable if amounting to 1/2 per cent of the insured value or to L 10 whichever is the lesser sum.

6. The Assured are not to be prejudiced by the presence of the negligence clause and/or latent defect clause in the contract of affreightment under which the goods are being carried.The sea - worthiness of the vessel as between the Assured and the Assurers is hereby admitted and the wrongful act or misconduct of the shipowner or his servants causing a loss is not to defeat the recovery by an innocent Assured if the loss in the absence of such wrongful act or misconduct would have been a loss recoverable under this insurance.With leave to sail with and without pilots and to tow and assist vessels or craft in all situations,and to be towed. 7. If owing to circumstances beyond the control of the Assured either the contract of affreight- ment is terminated at a port or place other than the destination named herein or the adventure is otherwise terminated before delivery of the goods at the destination covered by Clause 1 hereof, then,provided notice is given immediately after receipt of advices and subject to an additional premium if required,this insurance shall remain in force until the goods are sold and delivered at such port or place or,if the goods are forwarded to the destination covered by Clause 1 hereof or any other destination until the goods have arrived at such destination.

8. General Average and Salvage Charges payable in according to Foreign Statement or per Antwerp Rules if in accordance with the Contract of Affreightment.

9. Warranted free from liability for loss of or damage to the goods whilst in the custody or care of any carrier or other Bailee who may be liable for such loss or damage but only to the extent of such Carrier's or Bailee's liability.

Warranted free of any claim in respect of goods shipped under a bill of lading or contract of carriage stipulating that the Carrier or other Bailee shall have the benefit of any insurance on such goods,but this warranty shall apply only to claims for which the Carrier or other Bailee is liable under the bill of lading or contract of carriage.

Notwithstanding the warranties contained in this clause it is agreed that in the event of loss of or damage to the goods by a peril or perils insured against by this Policy for which the Carrier or Bailee denies or fails to meet his liability the Assurers shall advance to the Assured as a loan without interest a sum equal to the amount they would have been liable to pay under this Policy but for the above warranties the repayment thereof to be conditional upon and only to the extent of any recovery which the Assured may receive from the Carrier or Bailee.

It is further agreed that the Assured shall with all diligence bring and prosecute under the direction and control of the Assurers such suit or other proceedings to enforce the liability of the Carrier or Bailee as the Assurers shall require and the Assurers agree to pay such proportion of the costs and expenses of any such suit or proceedings as attach to the amount advanced under the Policy.

10. Warranted free of the risks excluded from the standard form of English Marine Policy by the Free of Capture and Seizure Warranty and the Free of Strikes,Riots and Civil Commotions Warranty,in force at the time when the risk under this insurance attaches.

11. This insurance is also extended to indemnify the Assured against such proportion of liability under the "Both to Blame Collision" clause appearing in the contract of affreightment under which the goods are carried as is in respect of a loss recoverable under this insurance.

In the event of any claim being made by Shipowners under the said clause the Assured shall notify the Assurers who shall have the right,at their own cost and expense,to defend the Assured against such claim.

12. In the event of any additional insurance being placed by the Assured for the time being on the goods hereby insured,the insured value stated in the insurance shall,in the event of loss or claim,be deemed to be increased to the total amount insured at the time of the loss or accident.

13. It is a condition of this insurance that the Assured shall act with reasonable despatch in all circumstances within their control.

INCREASED VALUE POLICIES TO CONTAIN THE FOLLOWING CLAUSES:

L...... being increased value of the goods to be deemed to be part of the total amount insured on goods valued at such total amount.Where the original insurance effected on the goods covers also freight advanced or payable ship and/or cargo lost or not lost and also covers charges paid, then the word "goods" in this Policy shall be deemed also to include such freight and charges.

In the event of any additional insurance being placed by the Asssured for the time being on the goods hereby insured,the value of the goods shall,in the event of loss or claim,be deemed to be increased to the total amount insured at the time of loss or accident.

NOTE: It is necessary for the Assured when they become aware of an event which is "held covered" under this insurance to give prompt notice to the Assurers and the right to such cover is dependent upon compliance with this obligation.