Clause B

(insurance) One of three standardized marine insurance contract clauses established by the Institute of London Underwriters (ILU) in 1982 and revised in 2009 that define: the risks covered, exclusions, duration, claims, benefit of insurance, minimizing losses, avoidance of delay, and law and practice. Institute clauses are widely accepted worldwide.
Clause B coverage essentially replaces the historic “With Average” clause and includes Clause C coverage as well as loss due to earthquake, volcanic eruptions, lightning, cargo washed overboard, entry of sea, lake or river water into the transport vehicle or the storage facility, and damage caused during loading and unloading.
For the full text of Institute Cargo Clause B, go to: www.lmalloyds.com/AM/AMTemplate.cfm?template=/CM/ContentDisplay.cfm&ContentID=14814. See also the Guide to Cargo Insurance appendix to this book.

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