An extension of a property insurance policy to cover customers goods in the insured’s custody often subject to the proviso that the insured is responsible for them.

An individual or firm licensed to enter and clear goods through Customs.

Coverage tailored to the individual’s specific needs, comprised of different policy types.

A warehouse where imported goods may be stored for a total of three years without the payment of duty or taxes.

The customs bonds are executed in favor of the controller of Imports and Exports guaranteeing proper an honest discharge of duties and responsibilities by the person guaranteed.

Clearance of any imported goods means their physical removal from customs areas either for home consumption or for warehousing. Customs Clearance for Warehousing : It is said that the imported goods are cleared for warehousing when they are not required immediately for use or consumption after landing. Such goods are permitted to be deposited in a warehouse, with payment of 50% duty, as deposit for subsequent clearance on payment of balance 50% duty. In such cases the goods may be deposited in customs bonded warehouse, public bonded warehouse or bonded warehouse within the importers premises at final destination. Ex-bonded Goods : When the bonded goods are cleared on payment of balance duty, they are said to be ex-bonded. Goods out of Customs Charge : Goods released for delivery by customs after completion of customs clearance formalities are said to be out of customs charge.Customs Detention Certificate : Customs may issue a detention certificate stating the period and the cause for which the goods were detained by them, before release (out of charge) but such certificate is issued by them only when the goods are sent by customs for analytical test or they are detained for no fault of the importer or in the event the documents are lost by customs due to which the goods cannot be released.

A Court to which importers might appeal or protest decisions made by Customs Officers.

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.