An option wherein the value of a settlement is paid in equal portions for a time frame that is specified in the settlement.

Provisional certificates provided by insurers for the use of the ceding insurer in connection with open covers and the like pending the availability of printed certificates.

An Agent appointed by the Institute of London Underwriters and authorized to settle claims payable abroad.

Ocean Transit : Risks covered : 1. Ocean Transit-ICC ‘C’ 2009 : 01. Fire or Explosion 02. Vessel being stranded, sunk, grounded or capsized 03. Overturning or derailment of land conveyance. 04. Collision or contact of vessel/craft/conveyance with any external object other than water. 05. Discharge of cargo at a port of trust. 06. General Average sacrifice 07. Jettison 08. General Average & Salvage Charges 09. Any liability arising out of “both to Blame” collision clause in the contract of carriage. 2. Ocean Transit-ICC ‘B’ : 2009 : Coverage available under ICC ‘C plus 01. Earthquake, volcanic eruption or lightning 02. Washing overboard of insured cargo 03. Entry of sea, lake or river water into the vessel/craft/hold/conveyance/container/lift van or place of storage. 04. Total loss of package in loading/unloading. 3. Ocean Transit-ICC ‘A’ 2009 : Under “Risks” Section, the clause states: This insurance covers all risks of loss or damage to the subject matter insured except those specifically excluded under the Exclusions section. In addition, ICC-A also covers General Average and Salvage charges incurred to avoid or in connection with the avoidance of loss from any cause except those specifically excluded under the Exclusions portion of the clauses plus any liability arising out of “both to Blame” collision clause in the contract of carriage. Exclusions under ICC-A, B & C Clauses 2009 : Exclusions under all three clauses can be broadly classified under four categories and are common to A, B & C Clauses except the War exclusion: General Exclusions : Willful misconduct of the insured Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of cargo. Insufficiency or unsuitability of packing or preparation of cargo Inherent vice of nature of cargo Delay, even if delay is caused by a risk insured against Insolvency or financial default of the owners, manager, charterers or operators of the vessel. Use of any weapon of war employing of war employing atomic or nuclear fission or fusion or other like reaction or radioactive force or matter.Un-seaworthiness and unfitness exclusions Unseaworthiness of the vessel or craft or unfitness of the vessels or craft provided the assured are privy to such Unseaworthiness or unfitness at the time the subject matter is loaded therein. Unfitness of the container or conveyance used for the safe carriage of the subject matter where the loading is carried out prior to attachment of this insurance or by the assured or their employees who are privy to such unfitness at the time of loading.War ExclusionsSpecific Exclusions under ICC-B and C-Clauses only- In no case shall this insurance cover deliberate damage to or deliberate destruction of the subject matter insured or any part thereof by the wrongful act of any person or persons. Duration (Transit) Clause under ICC Clauses 2009 : This insurance attaches from the time the subject-matter insured is first moved in the warehouse or at the place of storage (at the place named in the contract of insurance) for the purpose of the immediate loading into or onto the carrying vehicle or other conveyance for the commencement of transit, continues during the ordinary course of transit and terminates either (1) on completion of unloading from the carrying vehicle or other conveyance in or at the final warehouse or place of storage at the destination named in the contract of insurance, (2) on completion of unloading from the carrying vehicle or other conveyance in or at any other warehouse or place of storage, whether prior to or at the destination named in the contract of insurance, which the Assured or their employees elect to use either for storage other than in the ordinary course of transit or for allocation or distribution, or(3) when the Assured or their employees elect to use any carrying vehicle or other conveyance or any container for storage other than in the ordinary course of transit or (4) on the expiry of 60 days after completion of discharge over side of the subject-matter insured from the oversea vessel at the final port of discharge, whichever shall first occur. Delay Clause under ICC Clauses 2009 : This insurance shall remain in force during delay beyond the control of the Assured, any deviation, forced discharge, reshipment or transshipment and during any variation of the adventure arising from the exercise of a liberty granted to carriers under the contract of carriage.

There is only one standard “All-Risk” cover for Air transits (excluding sending by posts). The insurance covers all risk of loss or damage to the subject matter insured except as excluded. If an insurer would like to restrict the cover he can do so by attaching ICC(Air) clause as well a manuscript wording on the schedule of the policy restricting cover such as TLO which would mean Total Loss only. Exclusions are similar to the ones under ICC- A. Duration clause is also similar to that under ICC – A, B or C except that the cover would terminate on the earliest of the various alternatives spelt out under clause 5, one of which is “on the expiry of 30 days after unloading the subject matter insured from the aircraft at the final place of discharge.”

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.

Cover for Fishing vessels/Trawlers may be granted under limited conditions such as TL/CTL including Salvage charges and Sue and Labor by amending the IFVC suitably. For a comprehensive cover the IFVC dated 20.07.1987 is to be used. (a) Navigation and Removals Ashore Clause: The vessel is allowed to sail and navigate with or without pilots, go on trial trips and assist and tow vessels in distress. It is however warranted that with the exception of the catch (fish caught) the vessel shall not carry other cargo or containers for the carriage of the cargo. The insurance covers the vessel whilst ashore for repair, overhaul or refitting. If the vessels sails with the intention of being broken up or sold for that purpose, any claim for loss/damage to the vessel occurring shall be limited to the market value of the vessel as scrap, unless previous notice is given to underwriters and alternative terms are agreed.