Emergency Contact IG Circular: Inter-Club New York Produce Exchange Agreement 2011 (as amended July 2025) Home Latest updates News IG Circular: Inter-Club New York Produce Exchange Agreement 2011 (as amended July 2025) 2 Jul 2025 Download Circular PDF Sign up for alerts This circular informs that the IG Claims Co-operation Committee has approved the amended wording of the ICA. ICA 2011 (as amended July 2025) (track changes) ICA 2011 (as amended July 2025) The Inter-Club New York Produce Exchange Agreement (the ICA), which was originally formulated and entered into force in 1970, provides a simple mechanism for apportioning cargo claims as between Owners and Charterers arising under the New York Produce Exchange Form (NYPE) and Asbatime form charterparties.  The purpose is to avoid lengthy and costly litigation on matters of liability and apportionment. Since its inception, the ICA has been amended on three occasions.  The first in 1984 to address a specific shortcoming relating to the time limit for making claims.  The second in 1996 was more wide-ranging and was introduced in particular to meet the needs of the container industry.  The third and most recent amendment took place in 2011, in which a new provision was incorporated to create an entitlement to security on the basis of reciprocity. The ICA continues to work well, achieving its intended purpose, and remains widely adopted by the maritime industry.  However, the International Group of P&I Clubs (the Group) is aware of a specific issue concerning the interpretation of clause 4 (c), which provides: “ (4) Apportionment under this Agreement shall only be applied to Cargo Claims where: ….. (c) the claim has been properly settled or compromised and paid .” The intention of the Group Clubs has always been that the term “settled” encompasses a court judgment or arbitration award.  However, arguments have surfaced to the contrary and to provide contractual certainty and avoid dispu