A sample policy (referred to as the “SG form”) is included as a schedule in the Marine Insurance Act, and parties were free to use it if they so desired. The policy was extremely thorough because every clause had undergone at least two centuries of judicial precedent testing. However, it was also phrased in somewhat dated language. The Institute Clauses were used in 1991 by the London market to create a new standard policy wording known as the MAR 91 form. The Institute Clauses are used to specify the specifics of the insurance cover; the MAR form merely serves as a general statement of insurance. In reality, the Clauses are typically stapled inside the MAR form, which serves as thea cover for the policy document. In order to prevent clause substitution or removal, each clause is typically stamped, with the stamp covering both the inside cover and adjacent clauses. The MAR form’s first line reads: We, the Underwriters, agree to bind ourselves each for his own part and not one for another [because marine insurance is typically underwritten on a subscription basis]. ]. The policy’s liability is several and not joint, or in other words, it. E. The underwriters are jointly and severally liable, but only for their respective shares or portions of the risk. The remaining underwriters are not required to pay the claim if one underwriter should default. Usually, the vessels and the cargo share the cost of marine insurance. “Hull and Machinery” (HandM) insurance is a general term for insurance covering vessels. “Total Loss Only” (TLO), which is typically used as reinsurance and only covers the total loss of the vessel and not any partial loss, is a more limited type of coverage. Both “voyage” and “time”-based coverage options are available. The “time” basis, which is more common, covers a period of time, usually one year, while the “voyage” basis covers transit between the ports listed in the policy.