Institute Strikes Clauses
From Supply Chain Management Encyclopedia
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The insurance under Institute Strikes Clauses 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 [1]:
- 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
