What is Institute Cargo Clauses? How to apply?

X your business has a shipment of sea transport and need to find out what Institute Cargo Clauses is?
x You are the owner, exporter, importer who has just participated in the field of shipping, so it is concerned about the incidents of goods and want to know what papers and documents need to be prepared for Institute Cargo Clauses?
X You need to know which conditions Institute Cargo Clauses include?

What Institute Cargo Clauses and related knowledge will be Proship.vn through the following content. At the same time, Proship Logistics also lists some notes and conditions when participating in goods insurance in sea transport for shippers and businesses to understand.

What is Institute Cargo Clauses? What types of goods insurance contracts are there?

The content below discusses Institute Cargo Clause and the common types of goods insurance contracts:

Institute Cargo Clauses concept

What is Institute Cargo Clauses? Institute Cargo Clause (abbreviated as ICC) is an insurance condition or insurance rule is the basis for resolving compensation for damage if any loss occurs for the insurance shipment.

The insurer only compensation for damage if the loss occurs due to the risks stated in that insurance condition. If the loss is not due to the risks that have been purchased insurance will not be compensated.

ICC 1982 and ICC 1990 were dominated by the law and custom. Vietnam also has the same law as the 2004 QTCB and dominated by the Vietnamese law. The choice of any law depends on the parties and later if there is a dispute will be treated according to the dominant law.

Classification of insurance contracts

Commodity insurance contracts include:

• Principle contract:

The type of contract in which the NDBH and NBH agreed to some basic points such as the name of the insured goods, the insurance conditions, the rate of fees and some other related points.

• Baggage:

Is an insurance contract for a volume of goods shipped in many successive trips for a certain period of time (1 year) or receiving insurance for a certain amount of insurance (excluding time).

• Trip insurance contract:

Is an insurance contract for a shipment from one location to another in the contract. The insurance company is only responsible for the goods that look a trip.

What is the Cargo Clauses Institute Cargo Clauses' insurance for compensation?

What are the documents for Institute Cargo Clauses compensation? Include:

• Originals of insurance certificates or insurance policies or insurance contracts;
• The original bill of lading. If the estimated loss is in the responsibility of a third person over 2,000 USD, the bill of lading "orders" should be signed a valid poster;
• The original of the complaint claim of the NDBH;
• The original or copy has a confirmation of the resistance/loss notice;
• The original or a copy of the purchase contract confirmed;

• The original or copy has a confirmation of commercial invoice/shipment invoice, with a detailed sheet of goods and/or weight record;
• Originals of the inspection report;
• The original or copy has confirmed the delivery documents of the port or the authorities;
• The original or a copy has confirmed the letter from the exchange of the People's Committee with the carrier and other parties about their responsibilities to losses;
• The original or copy has confirmed the invoice/receipt of other expenses.

Conditions in Institute Cargo Clauses

The Institute Cargo Clauses insurance conditions that Proship recorded include:

Institute Cargo Clauses (C)

Conditions for commodity insurance (C) of the British Association:

• Loss or damage is reasonably prescribed: Fire or explosion - ships or means of transportation, overturned or immersed - the means of transportation on the overthrown or railing - crashing other ships or foreign objects except for water - unloading goods at the port in distress;
• Loss or damage of insurance objects caused by sacrifices of common losses - throwing goods into the sea;
• The cost of general losses and rescue is calculated and determined in accordance with the ship lease contract and the adjustment law;
• Expand compensation for the insured part of the liability part according to the term "two ships touching the same error" of the ship lease.

Institute Cargo Clauses (B)

Conditions for commodity insurance (B) of the British Association:

• Loss or damage is reasonably prescribed: Fire or effort - ships or vehicles are stranded, overturned or immersed - railing rail, cars that are overturned - collised with other ships or foreign objects except for water - unloading goods at the port of accident - earthquake, volcanic spray or lightning;
• Loss or damage of insurance subjects due to sacrifices of general losses - throw (rows) into the sea or sea -rolling sea water - invasion of seawater, river water into cargo tunnels or storage places;
• The whole loss of the original package lost when loading or unloading;
• The cost of general losses and rescue is calculated and determined in accordance with the ship lease contract and/or the adjustment law. 5. Expand the compensation for the person who is insured the liability part according to the term "two ships touching the same error" of the ship lease.

Institute Cargo Clauses (A)

Conditions for commodity insurance (A) of the British Association:

• All risks of loss or damage of the subjects are insured except for cases of exemption;
• The cost of general losses and rescue is calculated and conformed to the ship lease contract and/or the adjustment law;
• Expanding the compensation for the person who is insured the liability part according to the term "Two ships touching the same error" of the ship lease.

* Note: (*) is insured (-) without insurance

What is Institute Cargo Clauses with the same conditions, claim documents from ICC, ... are important knowledge that all shippers, businesses, exporters, importers should be saved to apply when needed. Any questions related to goods insurance in shipping, immediately contact 0909 344 247 for answers and advice on safe multimodal transport services.