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ICC release Technical Advisory Briefing No. 10 - Amendments

14/08/2024

This briefing, focussing on the acceptance and rejection of amendments, describes the necessary process for the proper handling of tamendments and the best practices associated with determining their acceptance or rejection.

The briefing can be downloaded from the following 

https://library.iccwbo.org//content//tfb//BRIEFINGS//20240805_TA_Briefing_No_10_Amendments.pdf 

Details of all previous briefings can be found here:

https://library.iccwbo.org/tfb/tfb-briefings.htm 


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Latest Question

LC incorporates following condition under field 47A. "Institute War clause (Cargo) covered under Insurance policy/certificate shall not be subject to any exclusions clauses other than wilful misconduct of the assured, ordinary leakage, ordinary loss in weight/volume, insufficient or unsuitable packing/preparation, inherent vice or nature of the goods, delay (even if caused by insured risks), insolvency or financial default of shipowners/managers/operators, nuclear weapons or radioactive contamination, loss due to unseaworthiness of vessel or unfitness of conveyance (if the assured was aware of such condition at the time of loading)." Presented Insurance certificate shows .. covering Institute war clause (cargo).. subject to following exclusions and subject to cancellation clause. 1. Five powers war exclusion(marine) 2. Political risks exclusion 3. Russia, Ukraine and Israel-USA, Iran war exclusion clause (cargo). Questions 1. Whether presented Insurance certificate is acceptable? 2. If acceptable, insurance has excluded potential risks that may arise due to current geopolitical stress and conflicts. How to cover this risk? 3. Can issuing bank incorporate above clauses despite the UCP article explicitly stating that Insurance may contain any reference to exclusions? 4. Can a buyer cover 100% risks associated with CIF through insurance contract passing across red sea due to current Iran-Israel war situation? NOTE - Exclusion of UCP 600 sub-article 28 (i) is not practical and cannot be incorporated in the LC from a marine insurance point of view.