New ICC Clauses making it clearer for cargo clients
Tagged: Cargo, ICC Clauses
At the beginning of the year, the new ICC Clauses became available to the Market after a two year consultation. The overall result has been to create clearer policies that are more favourable to the Assured. In the Opinions section of this website, we have provided a summary of some of the more noteworthy changes taken from the new ICC (A) (all risks) clauses (all of the amendments have been carried through to the ICC (B) and (C) clauses).
It has been over 25 years since the clauses were updated, and in that time the nature of trade has evolved with new realities brought about by modern logistics, the ever-changing threats of terrorism, and maritime fraud. We therefore see these as necessary, common sense changes, many of which we had previously included as a matter of course in our own wordings. We are pleased to see these improvements to the basic Institute Cargo Clauses and hope they will be widely accepted worldwide.
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