ICC

ICC, in marine cargo insurance, stands for the Institute Cargo Clauses, the three standard cover grades that define what a transit policy insures. ICC(A) is all risks cover (form CL382), insuring all loss or damage except the listed exclusions. ICC(B) and ICC(C) are named-perils forms covering progressively fewer events: ICC(C) is the narrowest, limited to major casualties such as fire, stranding, sinking, and collision, while ICC(B) adds water damage, washing overboard, and entry of seawater. All three were last revised on 1 January 2009 and are issued by the Lloyd’s Market Association and the International Underwriting Association. The grade chosen sets the seller’s cost under the relevant Incoterms.