Institute Strikes Clauses

From Supply Chain Management Encyclopedia

The insurance under Institute Strikes Clauses (Cargo^[1])/ (Air Cargo^[2]) 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 ^[3]:

• 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

References

1. ↑ Institute Strikes Clauses (Cargo), 2009 | http://www.coast-uw.com/cargo/clauses/download/Strikes(Cargo).pdf
2. ↑ Institute Strikes Clauses (Air Cargo), 2009 | http://www.coast-uw.com/cargo/clauses/download/Strikes(Air).pdf
3. ↑ http://www.atlas-insurances.com/STRIKES.htm