Clauses approved by a Committee of Company and Lloyd’s underwriters as standard clauses for use in the Marine Insurance Market and published by the Institute of London Underwriters. At the end of 1998 the ILU merged with LIRMA (the London Insurance and Reinsurance Market Association) which was the trade association acting for non-marine insurance companies. This move was driven by companies who wrote both marine and non-marine business and saw the value in having one trade association to represent them and to act as an administrative and policy signing and accounting bureau. Thus the IUA (the International Underwriting Association of London) was set up on 1 January 1999 and all the ILU’s then members ceased their membership of the Institute and became members of the IUA.
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UK: Institute Freight Clauses Apply a 3 per cent franchise to all partial loss claims, other than those for general average.
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UK: Standard sets of clauses drafted by the Technical and Underwriting Committee chaired by the International Underwriters Association of London. They are used in the main forms of marine insurance and air cargo insurance written in London and beyond. The clauses often override the provisions of the Marine Insurance Act 1906 and, when added to the MAR 91 form, they govern the extent of the insurer’s risk. The current Institute Cargo Clauses were introduced on 1 January 1982. The most recent International Hull Clauses date from 1 November 2002.