Analyzing the New Institute Cargo Insurance Clauses of 2009 and its Harmonization with the Arabic Marine Insurance Legislations

Abstract

The aim of this paper is to discuss in details the new changes in the marine cargo insurance in particular and the new editions of the Institute Cargo Clauses of 2009 known as (l.C.C clauses) in comparison with the old editions of the 1982 clauses. The old clauses at that time were a radical change in the world of marine cargo insurance. The paper examines briefly the reasons behind the change that occurred in 1982 to better understand the recent changes of 2009. The paper also investigates the aims behind the 2009 changes carried out by the Institute of London Underwriters. This paper will also discuss whether the new changes came in favor of the insurers or the insureds. The method adopted by the researcher to tackle with the subject is the analytical and comparison study. The paper considers this matter and the effect of the clauses and harmonization of their wordings compression with the provisions of the English marine insurance ACT of 1906 and the Jordanian Maritime Commercial Law of 1972, which is very similar to other Arab concerned legislations. Finally, the paper will evaluate arrived at the following conclusions; 1- the changes in the marine insurance clauses designed to keep up with the new developments in the international trade and politics. 2- The intention of the draftsman was to create self-standing clauses, stating clearly the terms of the marine insurance contract. A new balance between the insurers and the insured has been achieved, and in general the changes was in favor of the assureds. 4- the new versions of the I.C.Clauses may applied in the Arab marine insurance market without any contradiction the Arab marine insurance legislations.