This insurance policy indemnifies the Assured for any sum or sums which the Assured shall become legally liable to pay and shall pay, by reason of interest in the insured vessel and arising out of accidents occurring during the currency of this insurance, in respect of:

1. loss of or damage to any other vessel or property whatsoever
2. loss of life, personal injury or illness, including payments made for life salvage, caused on or near the vessel or any other vessel
3. any attempted or actual raising, removal or destruction of the wreck of the insured vessel or the cargo thereof or any neglect or failure to raise, remove or destroy the same