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January 9, 2002
NOTICE TO THE TRADE
This policy is effective immediately. CCC will no longer be liable for any increase in war risk insurance premiums, nor will CCC deduct any decrease in premiums from the freight. The following clause, or any clause with the same intention, should not be included in Food For Progress, Section 416(b), or Title I bulk freight tenders.
"War Risk premium for the vessel and/or crew shall be paid by the owners. Any increase or decrease in the premium after the date of the submission of bids shall be adjusted in the payment of freight. In any case the increase shall not be any more or the decrease any less than that reflected in premiums obtainable at the relevant time on the London market or from the U.S. Department of Transportation, whichever premium is less. Owners to submit supporting documents from their underwriter showing said increase or decrease in the War Risk premium along with the freight documents or as soon thereafter as is available. Any decrease in premiums will be deducted from the freight."
For packaged cargo shipments, please continue using the following clause:
"Carriers shall include all actual and anticipated war risk insurance premiums in their offered rates. Owner bears the risk of any increase in war risk insurance premiums."
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