IATA (International Air Transport Association) International Air Transport Association. The trade and service organization representing international airlines from more than 100 countries.
ICAO International Civil Aviation Organization. A United Nations agency organized to ensure orderly worldwide technical development of civil aviation.
IMO International Maritime Organization. A United Nations affiliated organization representing all maritime countries in matters affecting maritime transportation, including the movement of dangerous goods. The organization also is involved in deliberations on marine environmental pollution.
Import License Many countries have currency exchange controls which serve to limit the amount of currency available for the purchase of foreign merchandise. The import license is used to control orders sent to foreign exporters. It is important for exporters to understand their foreign buyer’s licensing requirements as payment negotiations are made prior to any exportation.
Inspection Certificate To protect themselves, many foreign firms request a Certificate of Inspection. This may be an affidavit by the shipper, or by an independent inspection firm hired by the buyer, certifying the quality, quantity, and conformity of the goods to the purchase order.
Insurance Certificate An Insurance Certificate gives evidence of risk coverage for merchandise shipped. It is sent to the bank with other collection documents, and normally is used only when required by Letter of Credit or Documentary Collection procedures. There are many types of insurance policies available. Coverage requested is usually 110% of the value of the cargo shipped.
Insured Value Dollar amount of which goods are insured by shipper.