Clauses used in policies insuring goods in transit – the most commonly used set of clauses are issued by the Institute of London Underwriters.

An agreement between an Insurer and another, termed a ‘policyholder’, whereby the policyholder is authorized to accept proposals for insurance contracts from third parties and to bind the Insurer to such contracts.

A valuation of property made for determining its insurable value or the amount of loss sustained.

Notice to an Insurer that under the terms of a policy, a loss may have occurred.

Cost and Insurance. Sale term relating to goods in transit. The seller does not pay the shipping charges, leaving the buyer to make his own arrangements. The seller does arrange the insurance and includes the insurance premium in the purchase price.

When goods arrive at Customs without documents or available knowledge of full details, the Customs Authorities require that the importer completes a bill of sight before he can obtain release of his goods.

A form on which the prospective Insured states facts requested by the Insurance Company and on the basis of which (together with any information from other sources) the Insurance Company decides whether or not to accept the risk, modify the coverage offered, or decline the risk.

An internal national disorder.

Cost and freight. Sale term relating to goods in transit. This is the same as C.I.F. except that the seller does not arrange insurance for the buyer.

A shipping document prepared by the shipping agent and containing a complete description of the goods to be shipped. It acts as the carrier’s receipt to the shipper for his goods.