Revisions to the cargo clauses used by the American Institute of Marine Underwriters (AIMU) – the first changes since 1966 – won’t impact on Australian marine insurance.

AIMU chairman David French said in New York the revisions will make the forms more consistent with modern usage and establish a standard form of reference when dealing with different types of basic cargo coverage.

Phil Grieve, GM of cargo at Associated Marine Insurers in Melbourne, says the changes will have little impact on the Australian market because Australian underwriting takes its lead from the UK market.

“Most insurers would use cargo clauses published by the International Underwriting Association in London,” he said. “These were last revised in 1982 and are quite acceptable today.”