Institute Marine Cargo Clauses
From Supply Chain Management Encyclopedia
The (UK) Marine Insurance Act of 1906 provides the basis for marine insurance contracts and, within the legal parameters laid down in this Act, the Institute of London Underwriters have approved numerous 'clauses' defining the risks covered, circumstances excluded, etc. to be incorporated into insurance policies. Some of these have broad application and are therefore in everyday use. Others are specific to certain trades and classes of goods. The tenets of the Marine Insurance Act, and the Institute Clauses, have been widely adopted amongst trading nations, including South Africa. The standard policy document represents only the skeleton of a marine insurance contract. It is the clauses, which are incorporated by attachment to the policy, that are the essence of the contract, but the policy may contain, by agreement, specific wordings which extend or restrict the basic cover by imposing, for example, warranties, special conditions, a franchise or an excess.
Institute Cargo Clauses which consist of:
- Institute Cargo Clauses (A)
- Institute Cargo Clauses (B)
- Institute Cargo Clauses (C)
- Institute Cargo Clauses (Air)
- Institute War Clauses
- Institute Strikes Clauses
- Institute Trade Clauses
- Additional Clauses
- Additional Terms
