A Court to which importers might appeal or protest decisions made by Customs Officers.
Insurance Encyclopedia
Customs of Lloyd’s
Before the passing of the Marine Insurance Act, 1906, in U.K., marine Insurance was entirely governed by common law. When any practical difficulties arose which could not be resolved by reference to precedents, the Committee of Lloyd’s were consulted by the interested parties for a ruling and these rulings eventually were issued in the form of “Customs of Lloyd’s. These customs so issued covered only features on which the existing case law was silent or obscure. However, when the particular feature was subsequently decided upon the Court the particular custom became superfluous and was no longer applicable.
Customs regulations
Infringements of the regulations are excluded under the Institute of War and Strikes Clauses (4.1.5) and other versions. In Sunsport Shipping Ltd and Others v. Atkins and Others (2003) the term ‘customs regulations’ was held wide enough to include provisions having the force of law in the country concerned as to: (a) import or export duties or licences and (b) import or export of controlled drugs and other prohibited goods, substances or materials. The words cover any law in the realm of customs and so include smuggling of prohibited goods as well as smuggling of goods subject to duty. The law extends beyond duties on imports to include criminal law. The insured’s ship, upon which cocaine was discovered, was detained long enough (in excess of six months) for it to be deemed a constructive total loss within the policy. The Court of Appeal held that the exclusion applied and the insured’s claim therefore failed.
Customs Tariff
Schedule of charges assessed by the Government of the Country on imported goods.
Customs Union
An agreement between two or more countries in which they arrange to abolish tariffs and other import restrictions on each other’s goods and establish a common tariff for the imports of all other countries.
Customs X-Bond Bill of Entry
When the importer desires to clear the warehoused goods he is required to file in customs an ex-bond bill of entry. After its processing and after payment of duty and warehousing charges the importer will be allowed to clear the goods.
Cut Off
The termination provision of a reinsurance contract stating that the reinsurer shall not be liable for loss as a result of occurrences taking place after the date of termination.
Cut off (Reinsurance)
A stipulation in a reinsurance contract, which states that the reinsurer will not be held liable for losses caused by events that occur after the termination date.
Cut Rate
This term generally applies to insurance companies who charge premium below a normal or average rate.
Cut through endorsement
An endorsement to a reinsurance agreement that requires that, in the event of the cedant’s insolvency, any loss covered under the reinsurance agreement be paid by the reinsurer directly to the insured (or a third party beneficiary). Also called assumption endorsement or assumption of liability endorsement (ALE).