Cargo: each risk is unique
The Joint Cargo Committee has recently reviewed the Institute Cargo Clauses and will be recommending...
The Joint Cargo Committee has recently reviewed the Institute Cargo Clauses and will be recommending the introduction of the Institute Cargo Clauses 2009. The last major review was in 1982, which is 27 years ago. It seems that cargo insurance is not reinvented very often.
Why? The product works. It must, or else by now we would have had a radical new form of cover to revolutionise the way in which cargo business is underwritten. It has not happened and I do not hear of anything on the horizon
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