In the international insurance market, insurance organizations in various countries have developed their own insurance clauses. However, the most commonly used is the “Institute Cargo Clause” (I.C.C.) established by the London Insurance Market in the UK. When our enterprises export under CIF or CIP terms, they generally insure according to the “China Insurance Clauses”. However, if foreign clients request insurance according to the “Institute Cargo Clause”, it is generally accepted.
The current regulations of the “Institute Cargo Clause” were revised and published on January 1, 1982, and there are a total of six types of risks, which are:
1) Institute Cargo Clause (A) [abbreviated as ICC (A)];
2) Institute Cargo Clause (B) [abbreviated as ICC (B)];
3) Institute Cargo Clause (C) [abbreviated as ICC (C)];
4) Institute War Clauses (Cargo) [abbreviated as IWCC];
5) Institute Strikes Clauses (Cargo) [abbreviated as ISCC];
6) Malicious Damage Clause.
Among the above six types of risks, (A) is equivalent to the all-risk coverage in the China Insurance Clauses, with a broader scope of liability. Therefore, it indicates its coverage by adopting the method of covering all risks except for “excluded liabilities”. (B) is generally equivalent to water damage insurance. (C) is equivalent to safe insurance but has a slightly smaller coverage. Both (B) and (C) indicate their coverage by listing the risks. Among the six types of risks, only the Malicious Damage Clause is an additional risk and cannot be insured separately. The other five types of risks have the same structure and a complete system. Therefore, except for (A), (B), and (C) which can be insured separately, if necessary, war and strike risks can also be insured as independent risks with the consent of the insurance company.
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