To compensate for actual loss sustained. Many insurances policies and all bonds promise to indemnify the insured. Under such a contract, there can be no recovery until the insured had actually suffered a loss, at which time he or she…
Read MoreInstitute Cargo Clauses
Standard international transport insurance clauses, published by the Institute of London Underwriters. The Institute Cargo Clauses are three sets of clauses providing different level of protection: the “A” Clauses correspond to the general notion that is commonly referred to trade…
Read MoreInsurance certificate
A document used so that coverage is provided to cover loss or damage to cargo while in transit when insurance is placed against an open marine cargo policy. In some cases a shipper may issue a document that certifies that…
Read MoreInternational Arrangement on Export Credits
An agreement among the members of OECD (Organization for Economic Cooperation and Development) governments that they will not lower interest rates for export credits below specified levels or offer most tied-aid credits without informing other OECD governments.
Read MoreInternational Group of P & I Clubs
The thirteen principal underwriting member clubs of the International Group of P&I Clubs (“the Group”). Between them provide liability cover (protection and indemnity) for approximately 90% of the world’s ocean-going tonnage. Website.
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