Institute Strikes Clauses
From Supply Chain Management Encyclopedia
The insurance under Institute Strikes Clauses (Cargo)/ (Air Cargo) covers specific risks subject to the exclusions as listed in the above clauses. The insured risks are loss or damage to the subject matter insured caused by :
- Strikers, locked-out workmen, or persons taking part in labor disturbances, riots or civil commotions
- Any terrorist or any person acting from a political motive.
The main exclusions mentioned in those clauses relates to loss damage or expense caused by:
- Willful misconduct of the assured
- Ordinary leakage/loss in weight , ordinary wear and tear
- Insufficiency or unsuitability of packing or preparation of the subject matter insured.
- Delay, even if the delay caused by a risk insured against
- Insolvency or financial default of the owners managers charterers or operators of the vessel
- War risks
- ↑ Institute Strikes Clauses (Cargo), 2009 | http://www.coast-uw.com/cargo/clauses/download/Strikes(Cargo).pdf
- ↑ Institute Strikes Clauses (Air Cargo), 2009 | http://www.coast-uw.com/cargo/clauses/download/Strikes(Air).pdf
- ↑ http://www.atlas-insurances.com/STRIKES.htm