I
/ICC
1. See "Interstate Commerce Commission."
2. International Chamber of Commerce.
IMCO
International Maritime Consultative Organization. A forum in which most major maritime nations participate and through which recommendations for the carriage of dangerous goods, bulk commodities and maritime regulations become internationally acceptable.
IME (Independent Medical Examination)
Implied Warranty - See "Warranty."
Import
To receive goods from a foreign country.
Import License
A document required and issued by some national governments authorizing the importation of goods.
Within the perimeter of the vessel�s hull. See also "Outboard."
A permanently mounted inboard engine connected through the transom of a vessel to an outboard propeller drive assembly that both propels the vessel and is turned from side to side to steer the vessel. This form of engine eliminates the need for a rudder, rudder post, shaft log, stuffing box, stern bearing, coupling, and conventional propeller shaft. Inboard-Outboard is also known as "stern drive."
In Bond
Cargo moving under Customs control where duty has not yet been paid.
Inchmaree Clause (Additional Perils Clause)
First added to hull policies following an English case involving the vessel "Inchmaree." It expands coverage to include consequential damage directly caused by explosion, breakdown of electrical machinery, bursting of boilers, breakage of shafts, latent defect in machinery or hull, accidents in handling cargo, repairer's negligence, crew negligence, et al; as long as the damage does not result from want of due diligence by the vessel owner. The clause was later added to cargo policies.
INCOTerms
The "International Chamber Of Commerce Terms of Sale." These terms were last amended in the year 2000. See "Cargo Terms of Sale" Appendix G.
Increased Value Insurance
Insurance that covers an excess amount over the insured value of the property; hull or cargo. Such insurance is for a separate agreed amount in excess of the agreed value of the property and is written on a separate policy form which is essentially Total Loss Only insurance. Hull policies limit the amount of I.V. insurance that an owner may place in excess of the hull agreed value.
Incurred But Not Reported (IBNR)
An insurance company term for losses that have occurred but have not yet been reported to the company. It is a factor in insurance company accounting that permits the company to take such losses into account for actuarial purposes.
Indemnify
To reimburse a party for loss, damage or expense.
Indemnity
Payment or reimbursement for loss, damage or expense.
Inflammable - See "Flammable."
Inherent Vice
A loss caused by the nature of the thing insured and not the result of a fortuitous external cause; e.g. spontaneous combustion of bulk grain.
In Personam
Suit against a named individual, corporation or other business entity; i.e. "the person." See "In Rem."
A maritime lien against a vessel or containers. This unique feature of Admiralty Law allows a claimant to have a vessel or container arrested or seized to enforce a legal action, rather than arresting its owner (whose identity may not be known). The seized property is held as security until the claim is decided or until acceptable security is substituted. See "Arrest" and "Attachment."
Inspection Certificate
A certificate issued by an independent agent or firm attesting to the quality and/or quantity of the merchandise being shipped. Such a certificate is usually required in a letter of credit for commodity shipments.
Institute Clauses
Clauses agreed in the London insurance market and offered by the Institute of London Underwriters. (Clauses offered by the American market are titled "American Institute of Marine Underwriters Clauses.")
Insurable Interest
A real stake in a specific property to the extent that loss of or damage to the property could cause a financial loss.
Insurance Certificate- See "Certificate of Insurance."
Intermodal - See "Multimodal."
International Safety Management (ISM)Code
The International Management Code for the Safe Operation of Ships and for Pollution Prevention requiring every company and bareboat charterer operating a vessel to design and implement a Safety Management System; effective 7/1/98 on some vessels and 7/1/02 on other types of vessels.
Interstate Commerce Commission (ICC)
The U.S. federal agency charged with enforcing laws applicable to common carriers transporting cargo between states. It was abolished January 1, 1996 and replaced by the Surface Transportation Board.
The Seller�s bill of sale for the goods sold, specifying the type of goods, quantity, price, and terms of sale. See "Commercial Set."
I Q F (Individually Quick Frozen)
Small pieces of food that are frozen individually before being packed and shipped.
Irrespective of Percentage
Loss or damage due to a peril insured against collectible in full, without a franchise having to be reached, or a deductible applied. See "Average Clauses."
Irretrievable Deprivement - See "Total Loss."
Irrevocable Letter of Credit
Letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee and which cannot be revoked without joint agreement of both the buyer and the seller.
ISM Code - See "International Safety Management (ISM) Code."
