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Classification Societies, International Association of (IACS)

The International Association of Classification Societies (IACS) is a technical NGO consisting of thirteen Marine Classification Societies, headquartered in London. IACS was founded on September 11, 1968 in Hamburg, Germany. As of September 2011 its members are the thirteen largest marine classification societies in the world. More than 90% of the world’s cargo carrying ships tonnage is covered by the classification standards set by the thirteen member societies of IACS. Any Classification Society that meets the condition of membership may apply for membership within IACS. For promoting maritime safety and clear seas, IACS and its members carry out research and development on marine-related topics, providing technical support and verifying compliance with published standards.

Classification Societies, Ship

Classification is like quality certification i.e. certification about the ship-owner having followed a particular standard of construction and maintenance. When ship is ‘classed” with a particular classification society it has to follow their rules for construction and maintenance for the ship. The classification certificate is the document confirming that a sip has been built according to the rules and standards of the relevant classification society and that it has structural and mechanical fitness for its intend service. Such certification is vital for the design, construction and operation of ships, and affects shipbuilding, shipping and marine insurance and banking.

Classification system

Method that provides the basis for payment that identifies medical services that will be charged fees separately (e.g., diagnosis-related groups [DRGs] patient classification system used for inpatient hospital prospective payment system, Healthcare Common Procedure Coding System [HCPCS] used in the Medicare fee schedule for physicians).

Clause

A portion of a contract that speaks to a specific issue.
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A provision or condition affecting the terms of a contract. Coinsurance, cancellation, and subrogation clauses are typical insurance contract clauses.
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A section of a Policy contract of sides attached to it, dealing with a particular subject in the contract as the insuring clause or the co-Insurance clause. A particular part of a Policy or endorsement to that Policy.
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MEDICAL,USA,REFERENCE: See: provision .

Clause A for A-side coverage

Refers to the coverage afforded under D&ampO insurance policies for loss that is not indemnified by the insured company. This coverage is typically contained in Insuring Clause A or Insuring Agreement A of the policy. If loss is indemnified by the insured company, the D&ampO insurance policy typically affords coverage for that indemnified loss through Insuring Clause B or Insuring Agreement B. Clear space clause – A clause requiring that insured property, such as stacks of lumber, be stored at some particular distance from each other or from other property.