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BACKGROUND EXPLANATION

For a number of years a sub-committee of the Cargo Committee at AIMU has worked to amend the cargo clauses to update wordings and make the forms more consistent with modern usage.  The last time AIMU published revised Cargo Clauses was in 1966. 

            After some deliberation a decision was made to create four forms: All Risk; Free from Particular Average - American Conditions; Free from Particular Average - English Conditions; and With Average.  These forms are each identical to the other with the exception of the terms of average that begin each form. 

            With the proliferation of individual company forms over the years, it is hoped that these clauses can help establish a standard form of reference when referring to different types of basic cargo coverage.  The clauses may prove helpful in defining terms in regard to coverage based on the consensus of leading underwriters in the industry. 

            This can be of use for all sectors of the marine industry, not only underwriters, but insureds, financial institutions and the brokerage community as well.

 

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