IMPLIED WARRANTY – A warranty that is not expressed in the policy specifically but which is understood by both parties to be incorporated in the insurance contract.

IMPROVEMENTS AND BETTERMENTS – Additions or changes made by a lessee at his own cost to a building which he is occupying which enhance its value. These become part of the realty and require special insurance consideration.

INADEQUATE PACKING – Packing that is not adequate to withstand the normal hazards to be encountered by cargo in a marine transit.

IN AND/OR OVER – An abbreviation referring to goods being carried on deck or underdeck.

INDEMNIFY – To restore the victim of a loss, in whole or in part, by payment, repair, or replacement.

INDICATE – To indicate a rate, an insurance broker advises his Client that he has obtained a “lead” who is willing to accept a line on the insurance at the rate indicated by him.

INDICATION – The rate which an insurance broker indicates.

INDIRECT LOSS (OR DAMAGE) – Loss resulting from a peril, but not caused directly and immediately thereby. For example: Loss of property due to fire is a direct loss, while the loss of rental income as the result of the fire would be an indirect loss.

IN-FORCE – Insurance on which the premiums are being paid or have been fully paid. In life insurance, usually refers to insurance by face amount. In health, usually refers to premium volume being paid to Insurance Company or insurance companies in aggregate.

INHERENT VICE – A quality in the nature of goods which results in inevitable loss of or damage to the goods in certain circumstances.

INITIALLING – An Insurer initials the broker’s slip when he accepts a line, his initial being conclusive of his acceptance of the risk.

INITIAL PREMIUM – A deposit premium. A premium paid at inception of the insurance with intention of adjustment to correct the premium later.

INLAND MARINE INSURANCE – A branch of the insurance business which developed from the insuring of shipments which did not involve ocean voyages. Also known as ‘Goods in Transit’ insurance.

IN PERSONAM – A legal term referring to legal action against an individual.

IN REM – A legal term referring to an action against an object or thing.

INSPECTION – Independent checking on facts about an applicant or claimant, usually by a commercial inspection agency.

INSTITUTE CARGO CLAUSES ‘A’ – In marine insurance, a set of clauses utilized to provide ‘all risks’ cover on shipments of cargo by sea. Commonly referred to as the ICC ‘A’.

INSTITUTE CARGO CLAUSES ‘B’ – This set of Clauses provides the same form of cover as the ICC ‘A’ except that ‘all risks’ cover is replaced with cover against specified perils only.

INSTITUTE CARGO CLAUSES ‘C’ – Cover under these clauses are on a named perils basis as in the ICC ‘B’ but the list of named [perils is less extensive.

INSTITUTE CARGO CLAUSES ‘AIR’ – In marine insurance, a set of clauses utilized to provide ‘all risks’ cover on shipments of cargo by air. Commonly referred to as the ICC ‘AIR’.

INSTITUTE OF LONDON UNDERWRITERS – An association of Company Underwriters in London representing the Companies, which are members of the Institute. Its purpose is to further the interests of insurance by co-ordinating facilities regarding wordings, clauses and conditions.

INSTITUTE STRIKES CLAUSES (CARGO) – In marine insurance, a set of clauses that provide cover for the perils of strikes, civil disturbances etc. that are excluded by the standard Institute Cargo Clauses (A), (B) and (C).

INSTITUTE WAR CLAUSES (CARGO) – In marine insurance, a set of clauses that provide cover for the peril of war that is excluded by the standard Institute Cargo Clauses (A), (B) and (C).

INSUFFICIENCY OF PACKING – The standard Institute Cargo Clauses incorporate a clause which excludes any loss caused by insufficiency of packing or preparation of insured goods for transit.

INSURABLE INTEREST – This term means that the proposer must stand to lose something if the property at risk is lost or damaged or stands to gain by its continued existence or safety.

INSURABILITY – Acceptability of an applicant for insurance to the Insurance Company.

INSURANCE – A formal social device for reducing risk by transferring the risks of several individual entities to an Insurer. The Insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the Insured.

INSURANCE POLICY – Legal document issued to the Insured setting out the terms of the contract of insurance.

INSURED – The person (or persons) whose risk of financial loss from an Insured peril is protected by the policy. Sometimes called the "policyholder".

INSURED PERIL – A cause of loss which may be specifically expressed in the policy or be embraced in a general description, such as “all risks”. A peril which is not embraced within the policy conditions is termed an ‘uninsured’ peril.

INSURER – The Insurance Company.

IN TORT – A legal action outside a contract; a third party legal liability action is an example.

INVOICE – Documentary evidence of the sale contract and price of goods.