Joint Cargo Committee
The LMA and IUA committee that maintains London market cargo clauses, including the Institute Cargo Clauses and a basis of valuation clause.
The Joint Cargo Committee is the committee of the Lloyd’s Market Association and the International Underwriting Association of London that maintains the London market’s cargo clauses, including the Institute Cargo Clauses. It has made a basis of valuation clause available on the London Wordings Repository to address the gap between production and sales cost where goods can be replaced.
The full article will cover the committee’s remit, its clause library and circulars, and how its wordings are published and incorporated into cargo policies. The cargo insured value article covers how this topic affects the sum insured on a cargo policy.