Glossary

A complete glossary of terms for international trade on Exporting and Importing.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Marine Insurance Policy

A Marine Insurance Policy normally covers all shipments from the Policy holding company and will clearly show any restrictions etc. For occasional shipments or one off shipments contact ACORN who will give you a quote and provide an Insurance Certificate if required or the freight forwarder will also provide a quote. Widest insurance cover is provided under 'Institute Cargo Clause A', a more restrictive cover under 'Institute Cargo Clause B', and the most restrictive cover under 'Institute Cargo Clause C.' These clauses have replaced the older 'All Risks,' 'With Average,' and 'Free Of Particular Average' clauses. 

MFN (Most Favoured Nation)

A level of status given to one country by another and enforced by the World Trade Organization. A country grants this clause to another nation if it is interested in increasing trade with that country. Countries achieving most favoured nation status are given specific trade advantages such as reduced tariffs on imported goods.