Page:Small-boat sailing; an explanation of the management of small yachts, half-decked and open sailing-boats of various rigs; sailing on sea and on river; cruising, etc (IA smallboatsailing01knig).pdf/283

 By what is known as the collision clause, the underwriters are liable for damages inflicted by the insured yacht on some other vessel, by collision with her (even if the insured vessel be in the wrong), to the extent of three-quarters of the value of the policy.

By what is known as the average clause, the underwriters contract to pay for the repair of partial damage to the insured vessel, an average at the rate of three per cent, of the sum for which the vessel is insured.

Or by another clause, often inserted in the policies of large yachts, the underwriters are liable in full for the repair of any damage costing more than £20, but for nothing under that sum.

To cover racing risks a separate clause is inserted.