| LOGISTICS DICTIONARY |
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| [I] Inspection Certificate A certificate issued by an independent agent or firm attesting to the quality and/or quantity of the merchandise being shipped. Such a certificate is usually required in a letter of credit for commodity shipments. Installment Shipments Successive shipments are permitted under letters of credit. Usually they must take place within a given period of time. Insulated Container A container insulated on the walls, roof, floor, and doors, to reduce the effect of external temperatures on the cargo. Insulated Container Tank The frame of a container constructed to hold one or more thermally insulated tanks for liquids. Insurance with Average-clause This type of clause covers merchandise if the damage amounts to three percent or more of the insured value of the package or cargo. If the vessel burns, sinks, collides, or sinks, all losses are fully covered. In marine insurance, the word average describes partial damage or partial loss. Insurance, All-risk This type of insurance offers the shipper the broadest coverage available, covering against all losses that may occur in transit. Insurance, General-Average In water transportation, the deliberate sacrifice of cargo to make the vessel safe for the remaining cargo. Those sharing in the spared cargo proportionately cover the loss. Insurance, Particular Average A Marine insurance term to refer to partial loss on an individual shipment from one of the perils insured against, regardless of the balance of the cargo. Particular_average insurance can usually be obtained, but the loss must be in excess of a certain percentage of the insured value of the shipment, usually three to five percent, before a claim will be allowed by the company. Interchange Point A location where one carrier delivers freight to another carrier. Intercoastal Water service between two coasts; in the U.S., this usually refers to water service between the Atlantic and Pacific or Gulf Coasts. Interline Freight Freight moving from origin to destination over the Freight lines of two or more transportation carriers. Intermediate Point A point located en route between two other points. Intermodal Used to denote movements of cargo containers interchangeably between transport modes, i.e., motor, water, and air carriers, and where the equipment is compatible within the multiple systems. Invoice An itemized list of goods shipped to a buyer, stating quantities, prices, shipping charges, etc. Inward Foreign Manifest (IFM) A complete listing of all cargo entering the country of discharge. Required at all world ports and is the primary source of cargo control, against which duty is assessed by the receiving country. IPI Abbreviation for "Inland Point Intermodal." Refers to inland points (non-ports) that can be served by carriers on a through bill of lading. Irrevocable Letter of Credit Letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee and which cannot be revoked without joint agreement of both the buyer and the seller. Issuing Bank Bank that opens a straight or negotiable letter of credit and assumes the obligation to pay the bank or beneficiary if the documents presented are in accordance with the terms of the letter of credit. Issuing Carrier The carrier issuing transportation documents or publishing a tariff. |