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Glossary
Business risk

Institute Clauses

Also: Institute Cargo Clauses · ICC A · ICC C

Standardised London market conditions for goods in transit insurance.

In practice

The A offers broad cover and the C only listed risks. The difference between them is what separates a CIP from a CIF and explains why two policies with the same capital do not cover the same.

Where it is addressed

This term is covered in Comercio internacional and applies when taking out Transportes.

Related terms

IncotermInternational trade term that determines who assumes transport, procedures, and at what point the risk is transferred between seller and buyer.Open policyTransport contract that automatically covers all shipments that fit the agreed conditions.General averageProportional distribution between ship and shippers of the sacrifice or extraordinary expense made to save the maritime expedition.First demand guaranteeGuarantee that obliges the insurer to pay upon the simple request of the beneficiary, without discussing the underlying relationship.Machinery breakdownCover that protects against sudden internal damage to equipment due to mechanical, electrical, or operational causes, without an external claim.Bonus-malusSystem that adjusts the renewal premium based on the claims recorded in previous years.
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