Page 11 - Marine Insurance IC67 EBOOK

The Insurance Times
INSTITUTE CARGO CLAUSES (A), (B) and (C)
Short Title
1. Institute Cargo (C) ICC (C)
2. Institute Cargo Clauses (B) ICC(B)
3. Institute Cargo Clauses (A) ICC (A)
ICC(C) and ICC(B) are named perils clauses,
whereas ICC(A) is an unnamed perils clause.
Subject to the risks included and excluded
by the clauses, the following types of losses
are recoverable under all three sets of
clauses.
(a) Particular Average i.e., partial loss of the
subject matter insured proximately caused by
an insured peril.
(b) General Average Sacrifice.
(c) Actual Total Loss
(d) Construcitve Total Loss
(e) Expenses incurred by the assured.
(i) Extra charges or particular charges which
may include survey fees and
reconditioning costs in respect of a partial 3. Major commodities tariff shall be rated strictly
loss claim.
(ii) Sue and Labour charges.
(f) General Average and salvage contributions
(g) Collision Liability
The cargo clauses are available in two standard
categories :-
1. (a) Institute Cargo Clauses (A), (B) and (C)
(b) Institute War Clauses (Cargo)
(c) Institute Strikes Clauses (Cargo)
These clauses are suitable for insurance of
goods shipped by an ocean going (classed)
vessel.
2. (a) Institute Cargo (Air) (Excluding sendings
by post)
(b) Institute War Clauses (Air Cargo)
(c) Institute Strikes Clauses (Air Cargo)
These clause are suitable for insurance of
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goods shipped by an aircraft and should not
be used to insure postal shipment by air.
The only institute Clause available for postal
shipments is the Institute War Clauses
(sendings by post).
Goods shipped by a classed vessel can be
insured, depending upon the nature of cover
required under any of the following three sets
of clauses.
NOTE :
1. Rate provided in the schedule are for cover
from warehouse to warehouse as per ICC,
however if covers desired to be terminated on
discharged & delivery at destination port,
town, a discount of 25% on the rates in
schedule can be allowed.
2. When despatches are by Air, the rate will be
75% of the rererence rate prescribed in the
schedule.
as provided those in, however it is clarified
that rate for all others commodities listed in
this section could be taken as a reference
rate and office incharge of RO/DO/Branch or
office nominated by the incharge would have
discretion to their acceptance limit depending
on merit of each case to suitably reduce or
increase this rates taking in to account the
nature of commodity, packing, mode of
transport, claim experience,competitive
market etc.
4. Vessels extra above 15 years age as per GIC/
HO guideline.
5. Extra premium for non classification and
under tonnage if any
6. Vessels should be GIC approved, if not extra
premium @ 1%.
7. 25% discount may be given from above rates
if sent by Air.
8. War & Strike rate charged additionally for
export-import.