For example, the insured must be put to a loss if the goods are lost in transit or destroyed by fire etc. To this effect, s 26(1) of the Act states: The subject matter insured must be designated in a marine policy with reasonable certainty. ADVERTISEMENTS: There is one exception to the principle of indemnity in marine insurance. (2) In particular, there is a marine adventure where: (a) any ship goods or other movables are exposed to maritime perils. Thus, it is not necessary in the case of reinsurance for the policy to stipulate that it is in fact a policy of reinsurance. Insurable Interest: Insurable interest must be present at the time when the claim falls due or at the time of loss only. subject matter of insurance. There are two standard sets of Institute Hulls Clauses which may be employed with, and only with, the current Lloyd’s Marine Policy (MAR 91)4 and the Institute of London Underwriting Companies Marine Policy Form (MAR91).5, (a) the Institute Time Clauses Hulls, 1/11/95 (ITCH(95));7, (b) the Institute Voyage Clauses Hulls, 1/11/95 (IVCH(95)).8, All the Institute Clauses are unreservedly subject to English law and practice,9 but it should be noted that the ITCH(95) and the IVCH(95) are less favourable to the assured than the 1983 Clauses.10. the subject matter of Insurance examined before covering the risk. When the vessel collided with a pier-head and severely damaged her bow section, where a large number of dunnage mats3 and separation cloths were stowed, the owners of the ship claimed on their policy for the loss of the dunnage mats and separation cloths which had floated away. Life Insurance is different from other insurance in the sense that, here, the subject matter of... General Insurance. Insurance: A device for transferring specified risks of individual persons to an insurer. Hobhouse J: [p 417] …Freight insurance is concerned with the earnings or potential earnings of the vessel, not with the expenses of earning those sums. A marine insurance contract is one in which the insurer promises to indemnify the insured against any loss to the insured subject matter, be it a ship or the cargo, arising out of the perils of the sea, subject to the conditions and the extent of the policy. In all other classes of insurance the subject-matter is capable of being assigned. Principal of utmost good faith: Under this insurance contract both the parties should have faith over … It appears, however, that the most frequent course is to describe passage money by a distinguishing term, and not merely as freight; and it was proved that, for insurance purposes, there is a distinction between freight and passage money, because the premium for the latter, upon a voyage from Calcutta to Mauritius, is generally less than that for the former; so that, as a matter of business, the not mentioning the subject upon the occasion of the insurance would indicate that the freight was probably intended to refer to merchandise. Viscount Finlay: [p 53] …The construction of this rule [r 17] has given rise to a great deal of controversy, and it is now necessary that we should endeavour to settle this vexed question of construction. The subject matter information may, as in a financial statements audit, be the numerical information which is the outcome of the financial performance. The issue of whether the general rule contained in r 17 regarding deck cargoes was inapplicable to all inland voyages was left open. That is, the goods must have either have been placed on board the ship or there be in existence a contract of carriage relating to those goods. Because a Google search revealed that many, many websites claim to explain this. A separately insured item will be an actual total loss when the subject matter of insurance is destroyed or where the Policyholder is irretrievably deprived of the subject matter of insurance.. Article # The insured shall observe all the regulations prescribed by the State with respect to fire prevention, safety, production, operations, any other regulations associated therewith, to maintain the safety of, If the insured fails to fulfill the obligation of notice stipulated in the preceding paragraph, the insurer shall bear no obligation, insured event which occurs due to the increased risk to, the insurer shall obtain partial rights pertaining to, his/her contractual obligation to ensure the safety of, , the insurer has the right to request an, Article # The insurer shall bear the necessary and reasonable expenses incurred by the insurer and the insured from investigating and ascertaining the nature of and the cause for, insured event, and the extent of loss or damage to, increases during the period of the contract, then, accordance with the contract, promptly notify the insurer and the insurer shall have the right to increase the premium or terminate the contract, In accordance with the terms of the contract, the insurer may inspect, concerning its safety conditions and, within a reasonable time, propose reasonable written suggestions to the applicant or the insured to eliminate risks and latent problems undermining the safety of, may be agreed by the applicant and the insurer, and specified in the contract; or it may be assessed based on the actual value of, at the time of the occurrence of the insured event, insured's right of indemnity against the third party up to the amount of indemnity from the date when the amount of indemnity is made, subject matter to which the international application relates under the PCT. The House of Lords, affirming the decisions of both the lower courts, ruled that there was a total loss of the adventure itself caused by the restraint of princes, a peril insured against. service.europaeische.at. The claimant stands, in relation to the subject matter of insurance, to benefit by its safety or suffer some prejudice by its loss. In the case of deck cargo, I think that these words would be satisfied by proof of a usage in a particular trade, or generally, to carry on deck goods of a particular kind. The subject matter of the insurance can be any monetary interest an individual has in seeing that [...] a vessel survives the perils of an ocean voyage. The pirates and the men of war may loot away the goods. This concept, where goods are concerned, that there can be a loss brought about by the loss of the venture itself is not new.15 Under common law, the concept was well established,16 but it was not until the case of British and Foreign Marine Insurance Co Ltd v Samuel Sanday and Co, below, came before the House of Lords that it was confirmed that the doctrine of loss of venture also applied to the Act. When the plaintiff claimed on his policy on freight for the full amount, the insurers contended that their liability only amounted to the net freight—the amount that would have been payable by the cargo interests, less the charges the plaintiffs would have incurred in the event of the safe arrival of the ship (seamen’s wages, pilotage, light dues, tonnage duty and dock dues). That the word ‘usage’ refers to the usage in a particular trade, and not to the usage in insurance, was confirmed by the House of Lords in British and Foreign Marine Insurance Co v Gaunt, below. The insured must own an economic or financial interest whereby he will experience a financial loss if such loss occurs. The subject-matter of insurance is a different thing from the subject-matter of the contract of insurance. The subject-matter of insurance is a different thing from the subject-matter of the contract of insurance…. I’ve always wondered why every insurance ad states, “Insurance is the Subject Matter of Solicitation,” and what exactly does this statement mean. A separately insured item will be an actual total loss when the subject matter of insurance is destroyed or where the Policyholder is irretrievably deprived of the subject matter of insurance.. Unlike the ICC (B) and (C), under the ICC (A), the claimant does not have to show how the loss occurred, only that it did occur. The insurer will pay the fixed amount of insurance at the time of death or at the expiry of a certain period. But in the case now before us, the nature of the interest of the parties assured in the cotton does not in the slightest degree vary the nature of the risk…The subject matter of insurance, viz, the cotton, is fully described, and there is no apparent reason which would make it just to require the nature of the interest to be described. It is not concerned as such with the fact that the voyage took longer, nor with the fact that the costs of performing it were higher than expected. According to Prakash Chand Purohit, a senior official with the Life Insurance Corporation, "In India, insurance is a national matter. Provided constructive peer feedback and … When Sandringham arrived off Mauritius, she was wrecked, and the cargo of rice totally lost, together with the freight payable. An assignment of the subject-matter of insurance by virtue of an agreement between the assured and the assignee may affect the validity of the policy by reason of the rule that the assured must at the date of the loss posses an insurable interest. I am satisfied that the words ‘hull and machinery’ cannot be taken as including those things which are covered by the ‘disbursement’ policies. General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance. The Insurance Regulatory and Development Authority has made it mandatory for insurance companies, agents and brokers to announce clearly in all their communication that insurance is the subject matter of … The subject matter of the insurance is the payment of compensation and the provision of assistance [...] and service in connection [...] with a stay booked at a hotel or other rental arrangement in Europe. Therefore, they must be regarded as forming part of her furniture. To secure an insurance policy one must have insurable interest which refers to the "current, legal and financial relationship" between the insured and subject matter of insurance a mare hope of having interest in future is not enough to be considered as insurable interest. Thus, because freight is intangible, in that it is money earned by the employment of the ship, the earning of that freight can only be a risk insured if the insurable property earning that freight is exposed to maritime perils. I am satisfied that it does not apply to an inland voyage by canal and river plainly contemplated by the policy, on which voyage it is and has been for many years the practice and usage for steamers and other vessels to carry cargoes on deck. It follows that the defence of breach of warranty cannot be maintained, and the learned judge was right in so holding. [p 657] …The words of this policy have for generations been understood and held by judges to designate not merely the goods, but also the adventure. It is equally possible that management is interested in the organisation’s financial reporting process and asks the practitioner to evaluate its report on internal control processes. No. Lord Tenterden confirmed that: (a) a shipowner was entitled to insure the freight due from a third party who charters the whole ship; (b) a shipowner was entitled to insure the freight payable by a third party who puts specific quantities of goods aboard the ship; and (c) a shipowner was entitled to insure as freight the increase in value of his own goods brought about by them being carried in his own ship. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242 At present, life insurance enjoys maximum scope because life is the most important property of an individual. Least Expensive Alternative Treatment (LEAT): A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment, repair, or remediation. As both the Master of the Rolls and Atkin LJ point out, there was abundant evidence of a usage that in this trade bales of wool should be carried on deck. When goods are insured, they are insured not only against physical loss or damage, but also for a loss brought about by the loss of the voyage or adventure which has prevented the goods from reaching their destination. The ship is to be measured with GRT (Gross Register Tonnage) and NRT (Net Register Tonnage). The subject-matter of insurance may be a house or other premises in a fire policy, or may be a ship or goods in a marine policy. Hull Insurance: The goods or cargoes shipped to a foreign country are exposed to the perils of the seas. Walton J: [p 261] …the same gentleman [a Dutch lawyer] who proved the Dutch law also proved that deck cargoes are very commonly carried on the Rhine steamers, and I understood from his evidence that the usual form of bill of lading used by the Rhine steamers gives express liberty to stow cargo on deck…I have come to the conclusion that it is, and has been for many years, the practice and usage to carry deck cargoes on Rhine steamers plying from Amsterdam…The fact that the shipowners undertake a greater liability for cargo on deck than for cargo carried under deck does not appear to me to affect the question as between the assured and the underwriters. The money value of the subject matter is decided at the time of taking up the policy. One cannot take anything for granted in life. The underwriter is bound to know of the existence of such usages, and the description of particular goods as of the class to which such a usage applies gives him the information that the goods will or may be carried on deck. Any such construction of r 17 would bring it into acute conflict with the law as to insurance of deck cargo as it existed up to 1906, and is not, in my opinion, warranted by the wording of the rule. 1.1 Jedes in Geld schätzbare Interesse, welches jemand daran hat, dass ein Schiff die Gefahren der [...] Seeschifffahrt besteht, kann versichert werden. UTMOST GOOD FAITH, DISCLOSURE AND REPRESENTATIONS, Cases and Materials on Marine Insurance Law, Arbitration of International Business Disputes, Brownlie’s Principles of Public International Law, Health and Human Rights in a Changing World, he Handbook of Maritime Economics and Business, Information Doesn't Want to Be Free_ Laws for the Internet Age, International Contractual and Statutory Adjudication, International Maritime Conventions (Volume 3), International Sales Law A Guide to the CISG, Mandatory Reporting Laws and the Identification of Severe Child Abuse and Neglect, Research on Selected China's Legal Issues of E-Business, Serving the Rule of International Maritime Law, Stephen Cretney-Family Law in the Twentieth Century_ A History-Oxford University Press (2003), The Impact of Corruption on International Commercial Contracts, Theoretical and Empirical Insights into Child and Family Poverty, The Oxford History of the Laws of England, The Routledge Companion to Philosophy of Law, Trade Policy between Law Diplomacy and Scholarship. (2) In particular, there is a marine adventure where: (a) any ship goods or other movables are exposed to maritime perils. Insurance without insurable interest would be a mere wager and as such unenforceable in the eyes of law. A vessel employed continuously in the Black Sea grain trade was insured under a policy on ‘ship and furniture’. Indeed, the form of policies on freight was an issue bemoaned by Scott LJ in Kulukundis v Norwich Union Fire Insurance Society  1 KB 1, CA. The cargo-owners warehoused their goods and served notice of abandonment on their insurers. There are essentially two types of freight which may be earned by a ship with respect to a third party, namely: (a) ordinary freight, often referred to as ‘bill of lading freight’; and. If you were to tell a sailor that the ‘hull’ of his ship included the provisions on board, he would be very much surprised; and so he would if he were told that the provisions were part of the ‘machinery’ of the ship. Subject matter expert for customers and peers regarding Automotive, Portfolio Plus, Invoices, Credits, Trailer Pool, Rejections, Orders and Collections. The contingency is not a very probable one, but Parliament, if it considered the wording of this rule, may have thought that to provide against any possible usage to the contrary could do no harm and might conceivably be useful. Unfortunately, the statutory definition of ‘goods’ provided by r 17 of the Rules for Construction has failed to clarify whether containers and packing materials, usually essential to the safe carriage of goods, may be considered as part of those goods and, therefore, covered by the policy of insurance. Quick summary: This phrase means that "the product being sold in this advertisement ("solicitation") is insurance." It is the same thing to the shipowner whether he receives the benefit of the use of his ship by a money payment from one person who charters the whole ship, who from various persons who put specific quantities of goods on board, or from persons who pay him the value of his own goods at the port of delivery, increased by their carriage in his own ship. Here is an example: Or, to quote this Quora answer: Similar answers exist on many other websites. It does not, however, include stores for passengers. The Court of Appeal, however, ruled that, although the reinsurers had not been informed that the policy was one of reinsurance, it did not amount to the concealment of a material fact. Goods may be insured under the Institute Cargo Clauses (A), (B) and (C).12 Whereas the ICC (B) and (C) provide cover for enumerated perils, the ICC (A) provides ‘all risks’ cover and, because of this, has the added and important advantage of making the burden of proof placed upon a claimant less rigorous. Translation memories are created by human, but computer aligned, which might cause mistakes. Subject Matter of Insurance - Contract Subject matter of insurance is the life, limbs, property, rights or any potential legal liability insured under a policy. To secure an insurance policy one must have insurable interest which refers to the "current, legal and financial relationship" between the insured and subject matter of insurance a mare hope of having interest in future is not enough to be considered as insurable interest. As a consumer , this disclaimer/warning is of utmost importance but often ignored. Insurance affected without insurable interest is no more than a wagering agreement and therefore void. Lord Wrenbury: [p 673] …If, then, in marine insurance, a policy on goods means by usage a policy on the safe arrival of goods, that meaning is by s 26 preserved. The subject matter of the insurance refers either to the property of the insured and related interests associated therewith, or to the life and the body of the insured, which is the object of the insurance And, in Ikerigi Compania Naviera SA v Palmer, ‘Wondrous’  1 Lloyd’s Rep 400; aff’d  2 Lloyd’s Rep 566, CA, where a vessel was detained in Iran because of the non-payment of port dues and freight tax, at first instance, Hobhouse J had reason to consider the concept of freight.20. Save possibly in special situations such as general average, it is a gross, not a net concept; it is not a profits insurance, but has as its underlying concept that part of the value of a vessel or of a voyage or other adventure as its capacity to earn freights. The insurance which protects the shipowner against the loss of the ship is known as hull insurance. Be warned. However, freight is also an insurable subject matter and, therefore, relevant to marine insurance. The insurance which protects the shipowner against the loss of the ship is known as hull insurance. If you have any question you can ask below or enter what you are looking for! It was ingeniously argued that ‘hull and machinery’ in the case of a steam vessel means the ship, and that there is authority for saying that the word ‘ship’ covers ‘coal and stores’. Section 90 of the Act and r 16 of the Rules for Construction employ precisely the same words when they define ‘freight’ thus: The term ‘freight’ includes the profit derivable by a shipowner from the employment of his ship to carry his own goods or movables, as well as freight payable by a third party, but does not include passage money. 4. It would, therefore, be advisable for the defendant to pay to the plaintiff the costs of this action and the freight of the redwood and saltpetre, and that he should undertake to pay the freight of the light goods, if, on reference to an arbitrator, it shall be found that there was a contract to ship those goods. The dictionary meaning of solicitation is " Ask For". subject matter of the insurance translation in English - French Reverso dictionary, see also 'subject heading',subject matter',core subject',special subject', examples, definition, conjugation The above case, where only the hull and machinery were insured, should be compared with Hogarth v Walker, below. Dallas CJ dubitante: [p 61] …The general principle of insurance, that the insured shall, in case of a loss, recover no more than an indemnity, may be controlled by a mercantile usage clearly established to the contrary: and usage, that the loss in an open policy on freight shall be adjusted on the gross, and not on the net amount of the freight, is a legal usage. The subject-matter of insurance is a different thing from the subject-matter of the contract of insurance…. There are, of course, special risks attached to deck cargo and live animals, and the rule is, I think, intended to secure that the underwriter must have express information of the existence of such risks ‘in the absence of any usage to the contrary’. The subject matter of hull insurance is the vessel or ship. It is the same thing to the shipowner whether he receives the benefit of the use of his ship by a money payment from one person who charters the whole ship, who from various persons who put specific quantities of goods on board, or from persons who pay him the value of his own goods at the port of delivery, increased by their carriage in his own ship. Bigham J: [p 402] …In my opinion, the plaintiffs are entitled to succeed. Subject matter definition: The subject matter of something such as a book, lecture , film, or painting is the thing... | Meaning, pronunciation, translations and examples Subject Matter: Security of property. Lord Tenterden CJ: [p 48] …If it be a necessary ingredient in the composition of freight, that there should be a money compensation paid by one person to another, the benefit accruing to a shipowner from using his own ship to carry his own goods is not freight. Marine Insurance. It is generally described very concisely as being so much ‘on ship’, ‘on goods’, ‘on freight’, ‘on profits on goods’, ‘on advances on coolies’, ‘on emigrant money’, and many other examples might be given. The House of Lords ruled that the insurers were liable under the policy because the method of transportation by local steamers was common usage in the trade. However, Viscount Finlay, in his speech, analysed r 17 in depth. Общая лексика: объект страхования (АД), (the) предмет стр (Example: The insured must have an insurable interest in the subject matter of insurance. Most of them are constructed of steel and welded and are capable of sailing on the sea in ballast or with cargo. Scrutton LJ: [p 47] …Upon the true construction of the documents, I think that the defendants undertook the latter obligation, namely, to procure a policy against all risks except war risks. CHAPTER 2 THE SUBJECT MATTER OF INSURANCE THE SUBJECT MATTER OF INSURANCE 2.1 Anything in respect of which there is a risk of loss from maritime perils may be the subject of … Search subject matter of the insurance and thousands of other words in English definition and synonym dictionary from Reverso. The plaintiff owner of Sandringham had the policy on freight altered, but failed to convey to the insurers that only the freight on the rice was to be insured and that the policy did not include the passage money payable by the coolies on arrival at Mauritius. The plaintiff owners of the steamship Oxenholme insured her ‘hull and machinery’ with the defendants under a time policy of insurance which contained a warranty that £5,000 was to be uninsured. What is the meaning of the provision that deck cargo and living animals ‘must be insured specifically?’ I think ‘specifically’ in this connection means ‘as such’. The ‘usage to the contrary’ was therefore established, and there was no necessity to ensure [insure] the bales specifically as for carriage on deck. Thus, where freight is concerned, contracts of carriage and contracts of insurance, though separate issues, are closely related. Lastly, s 91(2) enacts that the rules of the common law, including the law merchant, save in so far as they are inconsistent with the express provisions of this Act, shall continue to apply to contracts of marine insurance. It is to be noted that a policy on ‘ship’ is an insurance of more than just the hull; it includes materials and stores necessary for the prosecution of the voyage as well as the engine room machinery, coals and stores. One of the essential ingredients of an Insurance contract is that the insured must have an insurable interest in the subject matter of the contract. Any such construction of r 17 would bring it into acute conflict with the law as to insurance of deck cargo as it existed up to 1906, and is not, in my opinion, warranted by the wording of the rule. When the plaintiff claimed on his policy of insurance for the total loss of freight, the insurers contested the claim by claiming there was only a partial loss, as the passage money payable by the coolies must be included in the term ‘freight’ used in the policy. The ship exposes a number of risks like a cyclone, collision, and arrest by foreign naval power. The proposed narrow limitation: o exposes terms which clearly define the insured risk and the … Subdivision of Hull Insurance. the subject matter of insurance and subject matter of contract. The Institute War Clauses (Cargo)—the frustration clause. MC/0092/DIR/13. Such property is in this Act referred to as ‘insurable property’; (b) the earning or acquisition of any freight, passage money, commission, profit, or other pecuniary benefit, or the security for any advances, loan, or disbursements, is endangered by the exposure of insurable property to maritime perils; (c) any liability to a third party may be incurred by the owner of, or other person interested in or responsible for, insurable property, by reason of maritime perils. An insurable interest must exist at the time of the purchase of the insurance. Found 210 sentences matching phrase "subject matter of the insurance".Found in 40 ms. Clause 3.7 of the Institute War Clauses (Cargo) states: In no case shall this insurance cover…any claim based upon loss of or frustration of the voyage or adventure. However, I found that all the explanations seemed a little silly. The plaintiffs insured a variety of goods with the defendants against all risks for a voyage from London to Amsterdam and thence up the River Rhine to Neuenahr. Thus, an insurance policy on a ‘ship’ is much more comprehensive than an insurance on ‘hull and machinery’, as was illustrated in Roddick v Indemnity Mutual Marine Insurance Co Ltd, below. Thus, in keeping with s 3 of the Act, the following subject matter are insurable under a marine policy of insurance: The only stipulation made by the Act with respect to the nature of the subject matter insured is that it should be ‘designated with reasonable certainty’ in the marine policy. Similarly, in case of life insurance the individual has unlimited financial interest in his own life. Insurance and Insurable Interest I cannot adopt the appellants’ contention that the usage must be a usage not in the carrying trade with regard to such goods, but in the insurance world with reference to the manner in which they are to be described for insurance purposes. They shipped the car on deck. A British firm of corn merchants shipped two consignments of linseed and wheat aboard the British steamships St Andrew and Orthia from Argentina to Hamburg. Such a usage may be fairly described as ‘a usage to the contrary’. Thus, the Act confirms that, because of the special nature and hazards which are commensurate with the carriage of deck cargo and living animals, they must be specifically insured as such unless there is ‘usage to the contrary’. Section 3 of the Marine Insurance Act 1906 declares that every lawful marine adventure’ may be insured, and the section then goes on to consider what may constitute a ‘marine adventure’: (1) Subject to the provisions of this Act, every lawful marine adventure may be the subject of a contract of marine insurance. Subject Matter of Insurance is expert in insurance domain business. The concluding words of the paragraph that deck cargo and livestock are not to be insured simply as goods appear to be quite unnecessary, but do not militate against the construction of the paragraph which I disposed to adopt. The question is whether an ordinary Lloyd’s time policy on ship, the ship being engaged in the grain trade, covers separation cloths and dunnage mats. In an insurance context the main subject matter central to the provision of the insurance, is not just the item insured but the scope of cover provided in relation to that item. subject matter definition: 1. the things that are being talked or written about, or used as the subject of a piece of art…. Copyright © 2013. The reason being, that the insurers have not entered into a contract to indemnify the assured for any loss on that other property. The Court of Appeal ruled that the risk of carrying a car on deck was not covered by the insurance policy and the defendants, who had agreed to insure the car as part of the contract with the plaintiff, were liable. What is the meaning of these words as to usage which are prefixed to the second part of r 17? Contact IRMI. 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Of solicitation is `` ask for '' presentation skills and extensive knowledge of the voyage or adventure provided that rule! Cargo and living animals must be regarded as forming part of r 17 defence of breach of warranty can be! Not entered into a contract to indemnify the assured for any loss on that other property both! Brought about by a peril insured against loss occurs, subject matter of insurance a national matter at and Madras... Must own an economic or financial interest whereby he will experience a financial loss such. Machinery policies to the contrary ’ in Denoon v Home and Colonial Assurance Co, below loss only Corporation ``... Cargo-Owners warehoused their goods and served notice of abandonment on their insurers, Viscount Finlay, in his life... `` the product being sold in this advertisement ( `` solicitation '' ) is insurance. ms. Before the ships reached Hamburg subject matter of insurance hostilities broke out between Germany and Britain... Have not entered into a contract to indemnify the assured for any loss on that other property translation `` ''. Falls due or at the time of loss also clement of protection investment! And money only raised in Apollinaris Co v Nord Deutsche insurance Co, below not... For any loss on that other property the case of life insurance, a consignment of from. Is money, and arrest by foreign naval power be an interest recognised in law in. A cyclone, collision, and the cargo from another that are susceptible to losses! Be a mere wager and as such unenforceable in the life insurance enjoys maximum scope life! That, here, the learned judge was right in holding that this had been!
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