Lloyd's Shipping & Trade Law

The Institute Cargo Clauses (ICC) form a basic structure for defining standard coverage levels. Brokers typically augment this with additional non-Institute (or broker) clauses to provide wider and seamless insurance coverage. When the policyholder is the buyer, the requirement for insurance indemnity becomes both critical and complex, owing to the unique risks they face.

Unlike the position in, say, French or Dutch law, "force majeure" has no independent meaning in English law. The effect of a force majeure event (if any) therefore depends upon the existence and wording of a clause making provision for it. In the absence of such a clause, the force majeure event may result in the frustration of the contract (ie, the discharge of both parties from any obligation to continue performance).

Undisclosed principals under letters of indemnity

Buyers' rights to market damages under SALEFORM 2012