Standard Cargo Insurance, Institute Clauses, Shipping, Logistics Management

SHIPPING DEPARTMENT
Logistics Management
Cargo Insurance
Institute insurance clauses, marine insurance, cargo insurance, import-export insurance, insurance coverage, insurance documents, insurance terms, insurance claims, insurance agency, insurance agents, insurance agencies, insurance policy, insurance certificates, insurance policies, insurance endorsements, insurance premiums. Insurance forms, Institute Cargo Clauses, Institute War Clauses, Institute Strikes Clauses, insurance application-instructions, insurance clauses, contingency insurance, all risks, A.R., with average, W.A., with particular average, particular average, F.P.A., Transit Clause, Craft Clause, Change of Voyage Clause, General Average Clause, G.A. Clause, Seaworthiness Admitted Clause, Bailee Clause, Termination of Adventure Clause, Constructive Total Loss Clause, Not to Inure Clause, bailee, Both to Blame Collision Clause, F.C.&S. Clause, F.S.R.&C.C. Clause. Free Strikes Riots Civil Commotions Clause, Reasonable Despatch Clause, Sue and Labour Clause, T.P.&N.D. Clause, Theft Pilferage Non-Delivery Clause, franchise, Marine surveyors, adjusters, insurance adjusters, survey certificates, loss certificates, subrogation form, subrogation, particular average claims, general average claims, warehouse clause, BL, B/L, bill of lading, customs declaration, shipping instructions, ocean bill of lading, marine bill of lading, shipping booking, transport documents, shipping marks, Container services, FCL, LCL, CY, CFS, full container load, full carload, less than container load, loose container load, less than carload, loose carload, container yard, container freight station, carload, house-to-house container services, door-to-door services, door-to-port container services, port-to-door container services, port-to-port container services, pier-to-pier container services. TEU, twenty-foot equivalent unit, knots, cellular container ships, multimodal transport, combined transport bill of lading, through bill of lading, CBM, cubic measurements, container services, standard containers, hicube, high cube containers, cargo cubes, global shipping, import-export shipping, logistics, logistics management, logistics supports, shipping space, shipping order, S/O. Shipping permits, shipping notes, dock receipts, master ships, mother ships, feeder vessels, transhipment, transshipment, transit shipment, dead freight, seaports, ports, freight forwarders, consolidators, freight consolidators, customs brokers, customs forwarders, brokers, customhouse brokers, customs house brokers, voyage, flight, groupage operators, shipping operators, shipping firms, shipping company, air shipping, ocean shipping, carriers, freight company, transport company, ETA, ETD, ETS. Transportation, transports, ocean shipping company, freight containers, couriers, airlines, tariffs, custom tariffs, shipping dangerous goods, shipping schedules, air containers, ocean containers, shipping containers, container load, LCL, full container load, FCL, marine insurance, cargo insurance, import-export insurance, NVOCC, nonvessel operating common carriers, NVO, nonvessel owner carriers, nonvessel owning carriers, ocean freight consolidator, and steamship.

Other Institute Clauses

Transit Clause

It names the points of voyage (i.e., the commencement of the transit, continues during the ordinary course of transit and terminates on delivery) between which the insurance is in effect. It may incorporate the Warehouse to Warehouse Clause (see Duration of Insurance Coverage).

Termination of Adventure Clause

It provides for the insurance to remain in effect in the event that the contract of affreightment or the adventure is terminated at a port or place other than the named destination (i.e., before the named destination is reached), subject to prompt notice being given to insurer and to payment of an additional premium, if required.

Craft Clause

It provides for coverage including transit by craft, raft or lighter to or from the vessel.

Change of Voyage Clause

It provides for continuous coverage in case of change of voyage or of any omission or error in the description of the interest vessel or voyage, subject to payment of an additional premium.

Constructive Total Loss Clause

It gives the insurer the right to pay the assured for the total loss when the goods are so damaged that the cost of recovering and reconditioning would exceed their original value.

G.A. Clause (General Average Clause)

It gives the rules to be followed to settle the general average claims and the salvage charges.

Seaworthiness Admitted Clause

It provides that in the event of loss the assured's right to recovery shall not be prejudiced by the fact that the loss may have been attributable to the wrongful act or misconduct of the shipowners or their crews, committed without the privity of the assured.

Bailee Clause

It requires the assured and their agents, in all cases, to take such measures as may be reasonable for the purpose of averting or minimizing a loss and to ensure that all rights against carriers, bailees or other third parties are properly preserved and exercised---it obligates the assured to file a claim against third parties who may be liable for the loss or damage.

Not to Inure Clause

It prohibits the assured from assigning any right of recovery in the policy to the carrier or other bailee (warehouse owner, truck owner, etc.). Therefore, it prevents the carrier or other bailee from becoming the assured from such assignment of the right of recovery, otherwise the insurer could not bring action against them in case of loss or damage.

Both to Blame Collision Clause

It protects the assured against any claim that he/she may have as a result of collision.

F.C.&S. Clause (Free of Capture and Seizure Clause)

It excludes coverage of risks against

the capture, seizure, arrest, restraint or detainment, and the consequences thereof or of any attempt thereat;
the consequences of hostilities or warlike operations, whether there be a declaration of war or not;
the collision or contact with a mine or torpedo; and
the consequences of civil war, revolution, rebellion, insurrection or civil strife arising therefrom, or piracy.

F.S.R.&C.C. Clause (Free of Strikes, Riots and Civil Commotions Clause)

It excludes the loss or damage

caused by strikers, locked-out workmen, or persons taking part in labor disturbances, riots or civil commotions;
resulting from strikes, lock-outs, disturbances, riots or civil commotions.

Reasonable Despatch Clause

It requires the assured to act with 'reasonable despatch'---how the owner would act in case the goods are not insured---in all circumstances within his/her control.

Sue and Labour Clause

It provides for reimbursing the assured for the expenses to protect the interest insured from further loss or damage.

T.P.&N.D. Clause (Theft, Pilferage and Non-Delivery Clause)

It covers theft, pilferage and non-delivery of goods, includes theft and pilferage by the crew.

Institute Malicious Damage Clause

It covers deliberate damage to or deliberate destruction of the property insured or any part thereof by the wrongful act of any person(s).

Institute Dangerous Drugs Clause

It provides that no claim will be paid in respect of drugs to which the various International Conventions relating to opium and other dangerous drugs apply unless: the drugs are expressly declared as much in the policy, the exporting and importing countries are specifically stated, the route by which the drugs were conveyed was usual and customary, and the proof of loss is accompanied by a license, certificate or authorization issued by the government of the exporting or the importing country, as the case may be.

Standard Cargo Insurance ---
Three Basic Policies (in the Old Cargo Clauses)

New Institute Cargo Clauses:
Comparison of Institute Cargo Clauses (A), (B) and (C)

Go to Top | Table of Contents - Shipping Department | Home