Cargo ISM Forwarding Charges Clause (For use only with JCC Cargo ISM Endorsement )

If a vessel is detailed at any port for not complying with the ISM Code, by virtue of this clause, expenses incurred on unloading the cargo, storing and subsequent forwarding to the named final destination or any other destination are reimbursed to the Assured. The maximum limit of reimbursement will be the sum insured for the voyage. This clause is always to be used along with the Cargo ISM Endorsement only. If a vessel which is not ISM Code compliant declares a General Average or claim for Salvage Charges, the inclusion of the Forwarding Charges clause will have no relevance and the claim will not be payable.

Carnet

A customs document permitting the holder to carry or send merchandise temporarily into certain foreign countries (for display, demonstration, or similar purpose) without paying duties or posting bonds.

Carpenter Cover

(01) The working cover subject to a prospective rating plan. (02) A form of excess reinsurance wherein each year’s premium rate is determined by the amount of the ceding insurer’s excess losses for a specified number of preceding years. A form of experience rating. See Also: “Spread Loss Reinsurance.”
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Refer: “Reinsurance, Spread Loss”