2003

Until 1824, Lloyd's and two insurance companies, the London Assurance and the Royal Exchange Insurance, were the only entities allowed by law to conduct marine insurance business in the United Kingdom. In the sixty years that followed, there was a great expansion in the number of insurance and shipping companies; both tended to develop their own clauses and so there was a multiplicity of clauses in existence, all attached to the historic S.G. form, which had its own origins in the 17th Century.

On the 4th April 1883 a meeting of the UK underwriting community was held at Lloyd's "to consider the details and phraseology of certain clauses usually inserted in Policies of Marine Insurance with a view to the general adoption of an established wording of these clauses."

A considerable number of Lloyd's clauses were adopted for general use a few months later, and in 1884 the Institute of London Underwriters was formed and, on the 8th December 1884, the ILU recommended the general adoption of three clauses for steamers. However, the first full set of Institute Time Clauses was not issued until 1888. As trade and other circumstances changed, new versions were introduced, latterly consisting of Hull Clauses dated 1.10.52, 22.7.59, 1.10.69, 1.10.70, 1.10.83 and 1.11.95.