MARINE INSURANCE. F.O.R. (Free on Rail) This is same as F.O.B. but it concerns mainly the internal trade transactions.

Size: px
Start display at page:

Download "MARINE INSURANCE. F.O.R. (Free on Rail) This is same as F.O.B. but it concerns mainly the internal trade transactions."

Transcription

1 MARINE INSURANCE Introduction of the subject: Importance of Marine insurance in commerce; Marine insurance plays a very important role in the field of overseas commerce and internal trade of a country. It is closely linked with Banking and Shipping. Banks generally finance the goods which are transported by ships or by other means of transport in the case of internal trade and Marine Insurance protects such goods against loss or damage. Without such protection the entire trade structure is bound to suffer. Marine Insurance can be divided broadly into two groups o o Cargo Insurance Hull Insurance As stated earlier, Marine Insurance is closely linked up with the trade of a country internal as well as international. A sale contract which is an essential feature in the trade involves a seller and a buyer, apart from the other parties like the carrier, the bank, and the clearing agent. Whether the insurance of the goods in transits is to be the responsibility of the seller or the buyer depends on the type of the sale contract in any transaction. There are different types of sales contracts the most important of which, as affecting the Marine Insurance are F.O.B. ( Free on Board) In this case, the seller is responsible for loss of or damage to the goods until they are placed on board the steamer for on carriage. Thereafter the buyer becomes responsible and he has, therefore, the option to insure where he likes. C.I.F. (Cost, Insurance and Freight) In this case the seller assumes responsibility for the insurance and the insurance charges are indicated in the invoice along with the other charges. C & F (Cost and Freight) In this case, normally the buyers responsibility attaches from the time the goods are placed on board the vessel and he has therefore to take care of the insurance. F.O.R. (Free on Rail) This is same as F.O.B. but it concerns mainly the internal trade transactions. Marine Cargo Policy: This policy covers goods, freight and other interests against loss or damage to goods whilst being transported by rail, road, sea and/or air. Highlights This policy covers goods, freight and other interests against loss or damage to goods whilst being transported by rail, road, sea and/or air. Different policies are available depending on the type of coverage required ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover. This policy is freely assignable and is basically an agreed value policy.

2 Scope Transportation of goods can be broadly classified into three categories: i. Inland Transport ii. Import iii. Export The types of policies issued to cover these transits are: For Inland Transit a. Specific Policy - For covering a specific single transit b. Open Policy -For covering transit of regular consignments over the same route. The policy can be taken for an amount equivalent to three months despatches and premium paid in advance. As each consignment is despatched, a declaration giving details of the despatch including GR/RR No. is to be sent to the insurer and the sum insured gets reduced by the amount of the declared despatch. The sum insured can be increased any number of times during the policy period of one year; but care should be taken to ensure that adequate sum insured is available to cover the consignment to be despatched. c. Special Declaration Policy - For covering inland transit of goods wherein the value of goods transported during one year exceeds Rs.2 crores.although the premium for the estimated annual turnover [i.e. the estimated value of goods likely to be transported during the year] has to be paid in advance, attractive discounts in premium are available. d. Multi-transit Policy - For covering multiple transits of the same consignment including intermediate storage and processing. For e.g. covering goods from raw material supplier's warehouse to final distributor s godown of final product. For Import/Export a. Specific Policy - For covering a specific import/export consignment. b. Open cover - This policy which is issued for a policy period of one year indicates the rates, terms and conditions agreed upon by the insured and insurer to cover the consignments to be imported or exported. A declaration is to be made to the insurance company as and when a consignment is to be sent along with the premium at the agreed rate. The insurance co. will then issue a certificate covering the declared consignment. c. Custom duty cover - This policy covers loss of custom duty paid in case goods arrive in damaged condition. This policy can be taken even if the overseas transit has been covered by an insurance company abroad, but it has to be taken before the goods arrive in India. Add on covers Inland transit policies can be extended to cover the following perils on payment of additional premium : i. SRCC - Strike, riot and civil commotion (including terrorist act) ii. FOB - Where the inland transit is required to be extended to cover the goods till

3 they are loaded on board the vessel, this extension can be taken. Export /Import policies can be extended to cover War and /or SRCC perils on payment of an additional premium. Who can take the policy The contract of sale would determine who buys the policy. The most common contracts are: FOB (Free on Board) C & F (Cost & Freight) CIF (Cost, Insurance & Freight) In FOB AND C&F contracts, the buyer is responsible for insurance. Whereas in CIF contracts the seller is responsible for insurance from his own premises to that of the purchaser. How to select the sum insured The sum insured or value of the policy would depend upon the type of contract. Usually, in addition to the contract value 10/15% is added to take care of incidental cost. How to claim The following steps should be taken by the insured in event of a loss or damage to goods insured : i. Take immediate steps to minimise loss. ii. Inform nearest office of the insurance company or claim settling agent mentioned on the policy. iii. iv. In case of damage to goods whilst on ship or port, arrange for joint ship survey or port survey. Lodge monetary claim with carrier within stipulated time period. v. Submit duly assigned insurance policy/certificate along with the original invoice and other documents required to substantiate the claim such as : a. Bill of Lading / AWB/GR b. Packing list c. Copies of correspondence exchanged with carriers. d. Copy of notice served on carriers along with acknowledgment/receipt. e. Shortage/Damage Certificate issued by carriers. vi. vii. Survey fees are to be paid to the surveyor appointed by the insurance company. These fees will be reimbursed along with the claim if the claim is otherwise admissible. Survey report submitted by Surveyor. Key Documents required for settlement of Marine Cargo Insurance Claim.

4 A. Claim form containing the following information. a. Date, time, cause and circumstance of the loss. b. Details of damaged property. c. Amount of loss claimed. d. Sound value of the goods at the time of Loss. e. Other insurance, if any. B. Letter lodging monetary claim with carrier within stipulated time period. C. Payment details of premium amount paid D. Insurance policy/certificate along with the original invoice. E. Bill of Lading / AWB/R R/L R. F. Stores Receipt Note G. Packing list. H. Copies of correspondence exchanged with carriers. I. Copy of notice served on carriers along with acknowledgment/receipt. J. Shortage/Damage Certificate issued by carriers. K. Survey Report is very important where claim amount is over Rs.20,000/- as per provisions of the Insurance Act L. Discharge voucher. M. Letter of Undertaking where applicable. N.B. Waiver of requirement of any claim documents can be made on the merit of each claim case by the claim sanctioning authority with the approval of the Head of the Department. Marine Hull Policy What is covered? All types of Ocean-going vessels All type of Coastal/Inland vessels Yard and pleasure Crafts Port Crafts Shipbuilding- construction of vessel Ship Repairers' Liabilities Charterers Liabilities Breaches of warranties / voyage cover Freight- at -Risks insurance for voyages Dredgers Fishing vessels / Trawlers Sailing Vessels Jetties (with or without cranes), fixed pontoons/pontoons Jetties, wharves etc. Ship breaking

5 SCOPE OF INSURANCE COVER : All risks relating to Vessels, Floating Dry Docks, Jetties and Shipowners' Interests including Hull & Machinery (H&M), Freight, Disbursements, Increased Value, Premium Reducing, Excess Liabilities, Protection and Indemnity (P&I) Liabilities, Charterers' Liabilities, Charterers' Freight, Charterers' Hire and/or Disbursments, General Average Disbursments, Ship Repairers' Liabilities, Shipbuilding Risks, Shipbreaking Risks and other allied interests of whatsoever nature required to be insured in India. Perils / Risks (A) The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by : Fire, explosion Stranding, sinking etc. Overturning, derailment ( of land conveyance ) Violent theft by persons outside the vessel. Collision General average sacrifice, sacrifice, salvage charges Jettisons Piracy Breakdown of or accident to nuclear installations or reactors Contact with aircraft or similar objects, or objects falling there from, land conveyance, dock or harbour equipment or installation. Earthquake volcanic eruption or lightning. Crew Negligence. Exclusions The policy does not cover loss/ damage due to : Deliberate damage/destruction of the vessel by wrongful act of any person Use of any weapon of war employing atomic / nuclear fission and or fusion. Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons. Insolvency or financial default of the vessel owner /operators /charterers War / civil war, Strike, Riot or Civil Commotion Any terrorist or person/s acting with political motive CLAIM INTIMATION AND STEPS TO BE TAKEN BY OWNERS: In the event of casualty likely to give rise to a claim - Immediate notice to policy issuing office. - Giving brief details as to name of vessel, place of occurrence, date & time of casualty, circumstances leading to incident. - Seek appointment of surveyor to inspect and assess loss.

6 - In case of theft please notify police. - In case of fire assistance of fire brigade to extinguish fire. - Appointment of adjuster in case of Oceangoing Vessels where necessary. - All steps to minimise loss as prudent uninsured. DOCUMENTS ESSENTIAL : Key Documents required for settlement of Marine Hull Insurance Claim. A. Claim form containing the following information. a. Date, time, cause and circumstance of the loss. b. Details of damaged/loss vessel. c. Amount of loss claimed. d. Other insurance, if any. B. Certified copy of note of protest by master. C. Payment details of premium amount paid. D. Insured's report on occurrence. E. Survey Report is very important where claim amount is over Rs.20,000/- as per provisions of the Insurance Act F. Original Repair Bill, cash memo, Invoices. G. Weather Report by Meteorological Dept if available. H. Affidavits filed by rescue vessels. I. Certificate of survey for inland vessels. J. Registry certificate. K. Notarized statements of master of the vessel. L. Log Book extracts (Engine & Deck ) M. Crew list with details of competency certificates. N. Copy of Claim bill with supporting documents. O. V.R.C. cancellation certificate P. Death certificate of crew for P.A. claim Q. Post mortem report of crew for P.A. claim R. Disability Certificate from Doctor of crew for P.A. claim S. Legal heir Certificate of crew for P.A. claim T. Letter of Undertaking where applicable. N.B. Waiver of requirement of any claim documents can be made on the merit of each claim case by the claim sanctioning authority with the approval of the Head of the Department.

MARINE INSURANCE GUIDELINES

MARINE INSURANCE GUIDELINES MARINE INSURANCE GUIDELINES What is Marine Insurance? Marine Insurance, is a contract whereby for a consideration stipulated to be paid by one interested in a ship or cargo that is subject to the risks

More information

INSTITUTE CARGO CLAUSES (A)

INSTITUTE CARGO CLAUSES (A) Bajaj Allianz General Insurance Company Limited Issuing Office MARINE INSURANCE POLICY INSTITUTE CARGO CLAUSES (A) RISKS COVERED 1. Risks Clause This insurance covers all risks of loss of or damage to

More information

INSTITUTE TIME CLAUSES - HULLS DISBURSEMENTS AND INCREASED VALUE (Total Loss only, including Excess Liabilities)

INSTITUTE TIME CLAUSES - HULLS DISBURSEMENTS AND INCREASED VALUE (Total Loss only, including Excess Liabilities) INSTITUTE TIME CLAUSES - HULLS DISBURSEMENTS AND INCREASED VALUE (Total Loss only, including Excess Liabilities) This insurance is subject to English law and practice 1. NAVIGATION 1.1 The subject-matter

More information

MARINE INSURANCE - ARE WE REALLY COVERED?

MARINE INSURANCE - ARE WE REALLY COVERED? MARINE INSURANCE - ARE WE REALLY COVERED? Extract from the Bi-Monthly Lecture/Discussion Facilitated by Mr. Tanuj Edward Head Underwriting Commercial & Personal Lines, Eagle Insurance PLC on 13 August

More information

What is Marine Insurance?

What is Marine Insurance? Marine 3 rd May Cargo 2011 Insurance What is Marine Insurance? Marine Insurance is the oldest Insurance in the World Marine Insurance Act 1906 - sets out the Insured, the Brokers and the Insurers Responsibilities

More information

CHAPTER 32 MARINE INSURANCE

CHAPTER 32 MARINE INSURANCE CHAPTER 32 MARINE INSURANCE 1 CHAPTER 32 MARINE INSURANCE INDEX Para No TOPIC Page No 32 Introduction 4 32 1 Insurable Interest 4 32 2 Marine Insurance Policy 4 32 3 Risks not Covered 4 3 1 General Exclusion

More information

KMD. K.M. Dastur Reinsurance Brokers Pvt.Ltd. The only Insurance Brokers in India to be ISO 9001/2000 certified BY TUV Germany

KMD. K.M. Dastur Reinsurance Brokers Pvt.Ltd. The only Insurance Brokers in India to be ISO 9001/2000 certified BY TUV Germany KMD K.M. Dastur Reinsurance Brokers Pvt.Ltd The only Insurance Brokers in India to be ISO 9001/2000 certified BY TUV Germany K.M. Dastur Reinsurance Brokers Pvt.Ltd, Cambata Building, 5 th Floor, 42,Jamsetji

More information

INSTITUTE CARGO CLAUSES (A)

INSTITUTE CARGO CLAUSES (A) 1/1/ 83 (FOR USE ONLY WITH THE NEW MARINE POLICY FORM) INSTITUTE CARGO CLAUSES (A) RISKS COVERED 1. This insurance covers all risks of loss of damage to the subject-mattter insured except as provided in

More information

AIMU FPA and WA CARGO CLAUSES (1/1/2004) COMPARED WITH THE LONDON INSTITUTE CARGO CLAUSES (B) and (C) (1/1/2009)

AIMU FPA and WA CARGO CLAUSES (1/1/2004) COMPARED WITH THE LONDON INSTITUTE CARGO CLAUSES (B) and (C) (1/1/2009) AIMU FPA and WA CARGO CLAUSES (1/1/2004) COMPARED WITH THE LONDON INSTITUTE CARGO CLAUSES (B) and (C) (1/1/2009) AIMU TERMS 1 LONDON INSTITUTE DIFFERING TERMS 2 COMMENTS With Average Coverage for particular

More information

Household Goods & Personal Effects Proposal Form B (iii) Insurance of Personal Effects in Barrels

Household Goods & Personal Effects Proposal Form B (iii) Insurance of Personal Effects in Barrels Household Goods & Personal Effects Proposal Form B (iii) Insurance of Personal Effects in Barrels Restricted Cover This Insurance is restricted and covers only risks of loss and/or damage as a result of

More information

GENERAL CONDITIONS FOR INSURANCE OF GOODS Effective as of and including 1 April 2000 (amended 1 January 2007)

GENERAL CONDITIONS FOR INSURANCE OF GOODS Effective as of and including 1 April 2000 (amended 1 January 2007) GENERAL CONDITIONS FOR INSURANCE OF GOODS Effective as of and including 1 April 2000 (amended 1 January 2007) These conditions are adopted by the Swedish Association of Marine Underwriters and are only

More information

MARINE INSURANCE. MODULE - 4 Practice of General Insurance. Notes 2.0 INTRODUCTION

MARINE INSURANCE. MODULE - 4 Practice of General Insurance. Notes 2.0 INTRODUCTION 2 MARINE INSURANCE 2.0 INTRODUCTION This is the oldest branch of Insurance and is closely linked to the practice of Bottomry which has been referred to in the ancient records of Babylonians and the code

More information

Hull and Associated Risks

Hull and Associated Risks Hull and Machinery Insurance Who buys this insurance? qüçëé=êéëéçåëáääé=ñçê=íüé=éüóëáå~ä=ïéää=äéáåö çñ=~=îéëëéä=äé=íüéó=püáéçïåéêëi _~êéäç~í=`ü~êíéêéêë=çê=qüáêç=m~êíó j~å~öéêë Costs of repairing physical

More information

Eskom. Marine Insurance 2009/2010

Eskom. Marine Insurance 2009/2010 Eskom Marine Insurance 2009/2010 Presented By Lynn Collinson 1 2 Main Features of the Marine Policy What is covered? All goods and/or merchandise and/or interests appertaining to the Assured s business

More information

Unit-2- Marine Insurance

Unit-2- Marine Insurance Unit-2- Marine Insurance Meaning- Procedure of taking marine insurance policy- Difference between fire and marine insurance- clauses of marine insurance policy- marine losses and perils- Types of policy

More information

Transport insurance Guide

Transport insurance Guide Transport insurance Guide Whether you are buying or selling goods from or to the international market, there is always a risk that they may be damaged, lost or delayed in transit. Most people in the supply

More information

CARGO INSURANCE POLICY OF ANTWERP dd (PE100)

CARGO INSURANCE POLICY OF ANTWERP dd (PE100) CARGO INSURANCE POLICY OF ANTWERP dd. 20.04.2004 (PE100) Free and non-committal translation CONTENTS TITLES ARTICLES A SCOPE OF APPLICATION... 1 B TIME AND PLACE OF COVER... 2-3 C INSURANCE CONDITIONS...

More information

MARINE PRODUCTS DIRECTORY

MARINE PRODUCTS DIRECTORY MARINE PRODUCTS DIRECTORY CARGO INSURANCE All risks of physical loss or damage to goods whilst in transit by land, sea and/or air including War, Strikes Riots and Terrorism and Goods in Transit Insurance.

More information

DOCUMENTS USED IN FOREIGN TRADE

DOCUMENTS USED IN FOREIGN TRADE Chapter No. 2 Page No. 30 DOCUMENTS USED IN FOREIGN TRADE COMMERCIAL INVOICE. BILLS OF LADING / AIRWAY BILL. MARINE INSURANCE POLICY AND CERTIFICATE. BILLS OF EXCHANGE. CONSULAR INVOICE. CUSTOMS INVOICE.

More information

Medium: Insured certified retailers, distributors, web, online & app channels including all their associates.

Medium: Insured certified retailers, distributors, web, online & app channels including all their associates. Section 1 - DEFINITIONS This document gives information about Insurer, Insured, Beneficiary/User and Insured Equipment etc& other terms & conditions Insurer M/s.IFFCO - TOKIO Insured M/s. RMP Electronics

More information

Protection & Indemnity Insurance 2016/2017 Part 2 final

Protection & Indemnity Insurance 2016/2017 Part 2 final P&I 2608/2016 15 January 2016 Protection & Indemnity Insurance 2016/2017 Part 2 final This is the second circular letter in respect of 2016/2017 policy year including updated information. The information

More information

MOTOR TRADE INSURANCE POLICY

MOTOR TRADE INSURANCE POLICY MOTOR TRADE INSURANCE POLICY WHEREAS the Insured by a proposal and declaration which shall be the basis of this contract and is deemed to be incorporated herein has applied to the Company for the insurance

More information

Marine Cargo Insurance

Marine Cargo Insurance Marine argo The commercial wheel ontract relations Seller s bank uyer s bank Policy Sender arrier Money April 25, 2008 Svante O. Johansson argo Insurer Seller Shipper uyer Receiver oods /L Subcarrier 1

More information

SYLLABUS OF SPECIALISED DIPLOMA ON MARINE BRANCH

SYLLABUS OF SPECIALISED DIPLOMA ON MARINE BRANCH SYLLABUS OF SPECIALISED DIPLOMA ON MARINE BRANCH SUBJECT CODE IC 66 IC 60 IC 70 SUBJECT NAME MARINE INSURANCE CLAIMS (Marine Specialised diploma) MARINE CARGO INSURANCE (Marine Specialised diploma) MARINE

More information

The Regents of the University of California Guidelines for Vessel Charters

The Regents of the University of California Guidelines for Vessel Charters The Regents of the University of California Guidelines for Vessel Charters This document is provided to outline the risk management guidelines when the University charters non-owned vessels. A charter

More information

SERVICE AND COMPETENCE YOU CAN RELY ON P&I AND FD&D AND TRADERS CHARTERERS

SERVICE AND COMPETENCE YOU CAN RELY ON P&I AND FD&D AND TRADERS CHARTERERS SERVICE AND COMPETENCE YOU CAN RELY ON CHARTERERS AND TRADERS P&I AND FD&D CHARTERERS AND TRADERS P&I COVER A charterer is exposed to many of the same risks as a shipowner. As a trader, you may also be

More information

Single Transit Australia Policy Accidental Damage Cover

Single Transit Australia Policy Accidental Damage Cover Single Transit Australia Policy Accidental Damage Cover Single Transit Australia Policy Accidental Damage Cover Section 1 Meanings of special words in this policy In this policy certain words have special

More information

MARINE INSURANCE CONDITIONS COVERING LOSS OF INCOME OF SEA-GOING VESSELS

MARINE INSURANCE CONDITIONS COVERING LOSS OF INCOME OF SEA-GOING VESSELS These clauses are for illustrative purposes only and different terms and conditions may be agreed in particular where any clause excludes losses or makes cover subject to certain conditions. MARINE INSURANCE

More information

Marine Insurance cover for Exports and Imports. Mike Rooke Taylor Patterson Corporate Insurance 11 March 2011

Marine Insurance cover for Exports and Imports. Mike Rooke Taylor Patterson Corporate Insurance 11 March 2011 Marine Insurance cover for Exports and Imports Mike Rooke Taylor Patterson Corporate Insurance 11 March 2011 The MSC Napoli had over 40% of the goods uninsured A riddle, wrapped in a mystery inside an

More information

Single Marine Cargo Insurance. Policy Wording

Single Marine Cargo Insurance. Policy Wording Single Marine Cargo Insurance Policy Wording Schedule EXPERTISE SERVICE SECURITY May 2009 Page 2 of 8 Contents Single Transit Insurance (within Australia) Policy Wording Who is the insurer... 2 Who is

More information

Import/Export Cargo Policy

Import/Export Cargo Policy Import/Export Cargo Policy 1 Import/export cargo policy Section 1 Meanings of special words in this policy In this policy certain words have special meanings. They have the same meanings wherever they

More information

MARINE HULL INSURANCE CONDITIONS COVERING WAR, PIRACY, TERRORISM AND SIMILAR RISKS

MARINE HULL INSURANCE CONDITIONS COVERING WAR, PIRACY, TERRORISM AND SIMILAR RISKS These clauses are for illustrative purposes only and different terms and conditions may be agreed in particular where any clause excludes losses or makes cover subject to certain conditions. MARINE HULL

More information

Multimodal Transport Operator s Liability Insurance Policy

Multimodal Transport Operator s Liability Insurance Policy (Translation) Multimodal Transport Operator s Liability Insurance Policy Definitions The meanings of the terms defined in this Section shall bear the same meanings wherever they shall appear in this Policy,

More information

INSTITUTE YACHT CLAUSES

INSTITUTE YACHT CLAUSES 1/11/85 (FOR USE ONLY WITH THE NEW MARINE POLICY FORM) INSTITUTE YACHT CLAUSES This insurance is subject to English law and practice 1 VESSEL Vessel means the hull, machinery, boat(s), gear and equipment

More information

Choosing the Right Yacht Insurance

Choosing the Right Yacht Insurance Choosing the Right Yacht Insurance Yacht Insurance Superyachts are probably the most advanced and complex assets one can have the privilege of owning. Unquestionably, as a future Owner, you have, probably,

More information

THE BASICS OF CARGO INSURANCE

THE BASICS OF CARGO INSURANCE THE BASICS OF CARGO INSURANCE The current policy is designed for the frequent shipper. It automatically covers approved merchandise that assureds are obliged to insure under terms of sale. This eliminates

More information

Combined cargo policy

Combined cargo policy Combined cargo policy Combined cargo policy This policy covers both transits within Australia and import/exports. This policy is made of three (3) parts: Part 1 General conditions and definitions applicable

More information

International Insurance - Part 3. Auto, Employee Benefits & Cargo Coverage

International Insurance - Part 3. Auto, Employee Benefits & Cargo Coverage International Insurance - Part 3 Auto, Employee Benefits & Cargo Coverage INTERNATIONAL INSURANCE Auto, Employee Benefits & Cargo Insurance Part 3 Robin Federici, CPCU, AAI, ARM, AINS, AIS, CPIW PO BOX

More information

War Insurance Conditions for Vessels of 1st January 2006

War Insurance Conditions for Vessels of 1st January 2006 War Insurance Conditions for Vessels of 1st January 2006 These Conditions are approved by the Swedish Transport Insurance Pool and The Swedish Shipowner s Association and are only intended as a guidance.

More information

CIF Cost, Insurance & Freight

CIF Cost, Insurance & Freight CIF Cost, Insurance & Freight Cost, Insurance and Freight means that the seller delivers when the goods pass the ship's rail in the port of shipment. The seller must pay the costs and freight necessary

More information

INDIA MOTOR TARIFF w.e.f 01.07.2002 - Policy wording STANDARD POLICY FORM FOR MOTOR TRADE INTERNAL RISKS

INDIA MOTOR TARIFF w.e.f 01.07.2002 - Policy wording STANDARD POLICY FORM FOR MOTOR TRADE INTERNAL RISKS INDIA MOTOR TARIFF w.e.f 01.07.2002 - Policy wording STANDARD POLICY FORM FOR MOTOR TRADE INTERNAL RISKS Whereas the insured by a proposal and declaration dated as stated in the Schedule which shall be

More information

THE CHARTERED INSURANCE INSTITUTE. Read the instructions on page 3 carefully before answering any questions.

THE CHARTERED INSURANCE INSTITUTE. Read the instructions on page 3 carefully before answering any questions. THE CHARTERED INSURANCE INSTITUTE P90 Diploma in Insurance Unit P90 Cargo and goods in transit insurances October 2015 examination Instructions Three hours are allowed for this paper. Do not begin writing

More information

Guide to U.S. Cargo Insurance

Guide to U.S. Cargo Insurance Guide to U.S. Cargo Insurance This guide has been prepared by the American Institute of Marine Underwriters as a service to international traders, actual and potential, upon whose venturing into the world

More information

Tools of Trade Insurance. Policy. April 2012. cargo EXPERTISE SERVICE SECURITY

Tools of Trade Insurance. Policy. April 2012. cargo EXPERTISE SERVICE SECURITY Tools of Trade Insurance Policy cargo April 2012 EXPERTISE SERVICE SECURITY Page 2 of 5 Schedule Contents Tools of Trade Insurance 1. The cover.... 2 2 Extensions of cover.... 2 3 Optional additional benefit....

More information

B0753PC1412459000 ---------------------------- ---------------------------- Claims Procedure

B0753PC1412459000 ---------------------------- ---------------------------- Claims Procedure B0PC1412459000 Page 36 of 40 Claims Procedure ---------------------------- ---------------------------- For Insurer's information; the Insured and Lloyd & Limited have established the following claims

More information

Personal and Business Property Table of Contents. Chapter One: Property Insurance Terms and Concepts 9-13

Personal and Business Property Table of Contents. Chapter One: Property Insurance Terms and Concepts 9-13 Personal and Business Property Table of Contents Chapter One: Property Insurance Terms and Concepts 9-13 Insurance Insurable Interest Risk Hazard Peril Loss Proximate Cause Deductible Indemnity Actual

More information

INSTITUTE YACHT CLAUSES

INSTITUTE YACHT CLAUSES CL.328 dd. 1/11/85 INSTITUTE YACHT CLAUSES 1 VESSEL Vessel means the hull, machinery, boat(s), gear and equipment such as would normally be sold with her if she changed hands. 2 IN COMMISSION AND LAID

More information

Annual Marine Cargo Insurance. Policy Wording

Annual Marine Cargo Insurance. Policy Wording Annual Marine Cargo Insurance Policy Wording Contents ZU21768 - V1 03/13 - CGEL-007599-2013 Welcome to Zurich About Zurich... 3 Duty of Disclosure... 3 Non-disclosure or Misrepresentation... 3 Our contract

More information

CIP Carriage & Insurance Paid To

CIP Carriage & Insurance Paid To CIP Carriage & Insurance Paid To Carriage and Insurance paid to means that the seller delivers the goods to the carrier nominated by him but the seller must in addition pay the cost of carriage necessary

More information

Single Transit Insurance (within Australia) Product Disclosure Statement

Single Transit Insurance (within Australia) Product Disclosure Statement Single Transit Insurance (within Australia) Product Disclosure Statement Preparation date: 13 July 2015 Effective date: 31 August 2015 Contents ZU12096 - V4 07/15 - PCUS-010332-2015 Welcome to Zurich About

More information

LIABILITY INSURANCE & DOCUMENTS IN GENERAL INSURANCE

LIABILITY INSURANCE & DOCUMENTS IN GENERAL INSURANCE 7 LIABILITY INSURANCE & DOCUMENTS IN GENERAL INSURANCE 7.0 INTRODUCTION In previous chapters we have explained various products of general insurance and they fall under the category of Property Insurance.

More information

Business Income With Extra Expense

Business Income With Extra Expense Business Income With Extra Expense Table of Contents Section Page No. Premises Coverages 3 Additional Coverages 5 Limits Of Insurance 11 Waiting Period 11 Loss Determination 11 Loss Payment Option 12 Loss

More information

You are insured for accidental loss to insured property occurring during transit caused by an external and physical event.

You are insured for accidental loss to insured property occurring during transit caused by an external and physical event. Marine household goods & personal effects transit INSURANCE POLICY INSURANCE AGREEMENT OUR AGREEMENT You agree to pay us the premium. In exchange, we agree to insure you as set out in this policy document.

More information

Incoterms 2010. The latest update of the Incoterms have entered into force on 01 January 2011, known as Incoterms 2010

Incoterms 2010. The latest update of the Incoterms have entered into force on 01 January 2011, known as Incoterms 2010 The latest update of the Incoterms have entered into force on 01 January 2011, known as Incoterms 2010 The valid Incoterms as from 01 January 2010:- 1. EXW = Ex Works / all modes 2. FCA = Free Carrier

More information

Business Income With Extra Expense And Research And Development Income Coverage

Business Income With Extra Expense And Research And Development Income Coverage Business Income With Extra Expense Table of Contents Section Page No. Premises Coverages 3 Additional Coverages 6 Limits Of Insurance 12 Waiting Period 12 Loss Determination 12 Duration Of Loss Research

More information

Offices 580 Walnut Street Cincinnati, Ohio 45202 Tel: 1-513-369-5000 ABCDAdministrative CM 76 77 (Ed. 07 04) MOTOR TRUCK CARGO COVERAGE FORM (Carriers' Liability) Various provisions in this policy restrict

More information

BUILDING MANAGEMENT (THIRD PARTY RISKS INSURANCE) REGULATION CONTENTS

BUILDING MANAGEMENT (THIRD PARTY RISKS INSURANCE) REGULATION CONTENTS BUILDING MANAGEMENT (THIRD PARTY RISKS INSURANCE) REGULATION CONTENTS Section Page 1. Commencement 1 2. Interpretation 1 3. Requirements in respect of policies: liabilities to be covered 3 4. Requirement

More information

SHIPOWNER'S PROTECTION AND INDEMNITY RULES

SHIPOWNER'S PROTECTION AND INDEMNITY RULES SHIPOWNER'S PROTECTION AND INDEMNITY RULES 1. GENERAL STIPULATIONS. 1.1. Investflot Insurance Company (the Insurer), on the terms of the present Rules, insures shipowner's liability for damage incurred

More information

Marine Annual Cargo. Imports and exports insurance policy

Marine Annual Cargo. Imports and exports insurance policy Marine Annual Cargo Imports and exports insurance policy Contents Marine Annual Cargo Imports and Exports Insurance Policy 1 Your duty of disclosure 1 Our agreement 1 Definitions 1 The Insured Transit

More information

Scandinavian Maritime Law

Scandinavian Maritime Law Thor Falkanger - Hans Jacob Bull Lasse Brautaset Scandinavian Maritime Law The Norwegian Perspective Universitetsforlaget Contents 1 INTRODUCTION 23 1.1 What is maritime law? 23 1.2 The unique characteristics

More information

DTV-Cargo Insurance Conditions 2000/2008 (DTV-Cargo 2000/2008) All Risks

DTV-Cargo Insurance Conditions 2000/2008 (DTV-Cargo 2000/2008) All Risks DTV-Cargo Insurance Conditions 2000/2008 (DTV-Cargo 2000/2008) All Risks 1 Interest / subject matter of the insurance 1.1 Insurable interest 1.1.1 The subject matter of the cargo insurance can be any monetary

More information

Chapter 13 Commercial Property Insurance Coverages

Chapter 13 Commercial Property Insurance Coverages Chapter 13 Commercial Property Insurance Coverages Overview Business enterprises make a large investment in property plant, equipment, vehicles, inventory, furniture, and other property. This property

More information

BUSINESS INTERRUPTION COVERAGE

BUSINESS INTERRUPTION COVERAGE POLICY NUMBER: COMMERCIAL AUTO CA 99 05 02 14 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. BUSINESS INTERRUPTION COVERAGE This endorsement modifies insurance provided under the following:

More information

Outline of Optional Insurance. This guideline describes optional insurance according to the condition of SPECIAL REGULATIONS

Outline of Optional Insurance. This guideline describes optional insurance according to the condition of SPECIAL REGULATIONS Outline of Optional Insurance This guideline describes optional insurance according to the condition of SPECIAL REGULATIONS No. 8 concerning insurance (hereinafter "SPECIAL REGULATIONS"): (1) Major optional

More information

THINKING RELOCATION? THINK INTERDEAN. Lump Sum Insurance Documentation. We make it easy.

THINKING RELOCATION? THINK INTERDEAN. Lump Sum Insurance Documentation. We make it easy. THINKING RELOCATION? THINK INTERDEAN. Lump Sum Insurance Documentation We make it easy. INSURANCE GUIDANCE NOTES Here at Interdean, you can be assured that every care is taken by us to protect your goods

More information

Marine Single Transit Cargo. Local Transit Insurance Policy

Marine Single Transit Cargo. Local Transit Insurance Policy Marine Single Transit Cargo Local Transit Insurance Policy Contents Marine Single Transit Cargo Local Transit insurance policy 1 Your duty of disclosure 1 Non-disclosure 1 Our service commitment 1 Our

More information

Take It Easy Sports Personal Accident Insurance

Take It Easy Sports Personal Accident Insurance SPORTS Snap cover from Take It Easy Sports Personal Accident Insurance Product Disclosure Sheet (Read this Product Disclosure Sheet before you decide to take out the Take It Easy Sports Personal Accident

More information

AMICA N.V. - CHARTERERS LIABILITY POLICY WORDING (09/2009)

AMICA N.V. - CHARTERERS LIABILITY POLICY WORDING (09/2009) AMICA N.V. - CHARTERERS LIABILITY POLICY WORDING (09/2009) COVER NOTE CHARTERERS LIABILITY FREIGHT, DEMURRAGE AND DEFENCE BUNKERS CARGO OWNERS LEGAL LIABILITY CLAUSE PARAMOUNT This insurance, as per the

More information

5. Transporting your Product to the EU

5. Transporting your Product to the EU 5. Transporting your Product to the EU 5.1 Logistics and Shipping General requirements It is extremely important to choose the right shipping method. Exporters have a number of options to transport goods

More information

FREIGHT FORWARDERS INSURANCE (FFL) Schenker Expeditie Verzekering SEV Indemnity Insurance for the party interested in the goods

FREIGHT FORWARDERS INSURANCE (FFL) Schenker Expeditie Verzekering SEV Indemnity Insurance for the party interested in the goods FREIGHT FORWARDERS INSURANCE (FFL) Schenker Expeditie Verzekering SEV Indemnity Insurance for the party interested in the goods Policy Holder: Schenker Nederland B.V. Holding Co-insured: Schenker B.V.

More information

Business Income Without Extra Expense

Business Income Without Extra Expense Business Income Without Extra Expense Table of Contents Section Page No. Premises Coverages 3 Additional Coverages 5 Limits Of Insurance 10 Waiting Period 10 Loss Determination 10 Loss Payment Option 11

More information

INTERNATIONAL TRADE FINANCE SERVICES

INTERNATIONAL TRADE FINANCE SERVICES INTERNATIONAL TRADE FINANCE SERVICES DOCUMENTARY LETTERS OF CREDIT A PRACTICAL GUIDE CONTENTS LETTERS OF CREDIT SIMPLY DEFINED.............................................2 BENEFITS OF A LETTER OF CREDIT...............................................3

More information

Marine Insurance. Course Contents

Marine Insurance. Course Contents Marine Insurance Course Contents Introduction The importance of the shipping industry to the global economy is rarely fully appreciated, particularly by those who often take for granted the availability

More information

You have the same duty to disclose those matters to the insurer before you renew, extend, vary or reinstate a contract of general insurance.

You have the same duty to disclose those matters to the insurer before you renew, extend, vary or reinstate a contract of general insurance. Disclaimer The information provided in your invoice & schedule is a summary only (errors and omissions excepted) and does not purport to be a copy of the insurance underwriters policy or other documents.

More information

AIG Taiwan Insurance Hull Deductible Policy

AIG Taiwan Insurance Hull Deductible Policy 查 詢 本 公 司 資 訊 公 開 說 明 文 件, 請 上 本 公 司 網 站, 網 址 :www.aig.com.tw, 或 至 本 公 司 索 取 免 費 申 訴 電 話 :0800-866588 AIG Taiwan Insurance Hull Deductible Policy 96.06.29(96) 邦 保 商 企 字 第 020 號 函 備 查 96.08.31 依 行 政 院 金

More information

Property Insurance. Is your insurance company listening to you? Handbook on

Property Insurance. Is your insurance company listening to you? Handbook on Is your insurance company listening to you? If your complaints have not been addressed by your insurance company, please contact to register your complaints and track their status or you may email us at

More information

APPENDIX / ANHANG (as per 01.04.2014)

APPENDIX / ANHANG (as per 01.04.2014) APPENDIX / ANHANG (as per 01.04.2014) to the General Insurance Conditions of Hanseatic P&I - Shipowner s Liability (as per 15.01.2010), Charterer s Liability (as per 01.05.2005) and Inland Craft Liability

More information

Goods & Services Tax Guide on E-Commerce

Goods & Services Tax Guide on E-Commerce INLAND REVENUE AUTHORITY OF SINGAPORE Goods & Services Tax Guide on E-Commerce This guide is meant to assist businesses in understanding the GST treatment on E- Commerce. Published 2 nd Edition 31 August

More information

Description Contract or Yard No. Provisionally valued at To be built at / by

Description Contract or Yard No. Provisionally valued at To be built at / by 1/6/88 INSTITUTE CLAUSES FOR BUILDERS RISKS (This insurance is subject to English law and practice) VESSEL.........Contract or Yard No....... BUILDERS.................. BUILDERS YARDS.................

More information

GUIDE TO HULL CLAIMS. (July 2003 edition)

GUIDE TO HULL CLAIMS. (July 2003 edition) GUIDE TO HULL CLAIMS (July 2003 edition) Contents PAGE Introduction... 1 Chapter 1: Claims in General... 2/11 1 Included and excluded losses under English statutory law... 2 2 Proximate cause... 2/3 3

More information

"Insurance Services Office, Inc. Copyright"

Insurance Services Office, Inc. Copyright POLICY NUMBER: COMMERCIAL AUTO CA 23 23 11 02 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. "Insurance Services Office, Inc. Copyright" This form has been promulgated by the Virginia State

More information

MARINE LIABILITY PRODUCTS

MARINE LIABILITY PRODUCTS MARINE LIABILITY PRODUCTS www.prosightspecialty.com/marine Tim McAndrew tmcandrew@prosightspecialty.com 212-551-0618 Tom Zdrojeski tzdrojeski@prosightspecialty.com 212-551-0623 Robert Palmer rpalmer@prosightspecialty.com

More information

LAWS RELATED TO MARINE INSURANCE AND INCOME TAX PROVISIONS RELATED TO INSURANCE

LAWS RELATED TO MARINE INSURANCE AND INCOME TAX PROVISIONS RELATED TO INSURANCE 6 LAWS RELATED TO MARINE INSURANCE AND INCOME TAX PROVISIONS RELATED TO INSURANCE 6.0 INTRODUCTION The Marine Insurance Act, 1963 codifies the law relating to Marine Insurance. With a few exceptions this

More information

Busniess Package - Retail & Trading Insurance

Busniess Package - Retail & Trading Insurance Busniess Package - Retail & Trading Insurance www.tawuniya.com.sa 03 04 04 05 05 05 10 10 10 Why Tawuniya? Business Package Retail & Trading Insurance Package Benefits & Advantages Beneficiaries Products

More information

Marine Single Transit Cargo

Marine Single Transit Cargo Marine Single Transit Cargo Imports and exports insurance policy *See inside front cover *This policy is available through shareholders of Steadfast Group Limited. Steadfast Group Limited is an unlisted

More information

Tools of Trade Insurance. Policy Wording

Tools of Trade Insurance. Policy Wording Tools of Trade Insurance Policy Wording Contents Welcome to Zurich About Zurich... 2 Duty of Disclosure... 2 Non-disclosure or Misrepresentation... 2 Our contract with you... 2 Tools of Trade Insurance

More information

PERSONAL EFFECTS AND HOUSEHOLD GOODS POLICY

PERSONAL EFFECTS AND HOUSEHOLD GOODS POLICY PERSONAL EFFECTS AND HOUSEHOLD GOODS POLICY INTEREST INSURED ---------------------------------- HOUSEHOLD GOODS AND PERSONAL EFFECTS OR PRIVATE PASSENGER AUTOMOBILE AND MOTOR CYCLE, AS PER INVENTORY/DECLARATION

More information

SITPRO. International Trade Guides. Management. Cargo Insurance

SITPRO. International Trade Guides. Management. Cargo Insurance SITPRO International Trade Guides Management Cargo Insurance Cargo Insurance This guide provides general information about cargo insurance and why you need it. You should read it if you are involved in

More information

INCOTERMS 2010. International Commercial Terms by the ICC (International chamber of commerce)

INCOTERMS 2010. International Commercial Terms by the ICC (International chamber of commerce) INCOTERMS 2010 International Commercial Terms by the ICC (International chamber of commerce) Who is responsible and has to pay the damage/loss?? PURPOSE OF INCOTERMS To provide a set of international

More information

QUEST - QBE COMPREHENSIVE MOTOR INSURANCE MASTER POLICY

QUEST - QBE COMPREHENSIVE MOTOR INSURANCE MASTER POLICY QUEST - QBE COMPREHENSIVE MOTOR INSURANCE MASTER POLICY CONTENTS PAGE SECTION 1: LOSS OR DAMAGE TO VEHICLE 1 INSURING CLAUSE 1 AUTOMATIC EXTENSION 1 LIMIT OF INDEMNITY 1 EXCLUSIONS 1 EXCESS FOR SECTION

More information

Terms and Conditions of Sale

Terms and Conditions of Sale Broadberry Data Systems Limited ("The Company") Terms and Conditions of Sale 1. General a) Unless otherwise expressly agreed in writing by a Director (or authorised executive) of the Company all goods

More information

GENERAL CONDITIONS FOR INSURANCE OF A TRANSPORT COMPANY S LIABILITY AS CARRIER IN CONNECTION WITH CARRIAGE OF GOODS BY ROAD

GENERAL CONDITIONS FOR INSURANCE OF A TRANSPORT COMPANY S LIABILITY AS CARRIER IN CONNECTION WITH CARRIAGE OF GOODS BY ROAD GENERAL CONDITIONS FOR INSURANCE OF A TRANSPORT COMPANY S LIABILITY AS CARRIER IN CONNECTION WITH CARRIAGE OF GOODS BY ROAD These general conditions are approved by the Swedish Insurance Federation and

More information

Marine CARGO OPEN POLICY WORDING

Marine CARGO OPEN POLICY WORDING Marine CARGO OPEN POLICY WORDING CONTENTS PART A POLICY STATEMENT 2 PART B RISKS COVERED ADDITIONAL CLAUSES 3 PART C EXCLUSIONS 12 PART D CLAIMS 12 PART E GENERAL CONDITIONS 14 DEFINITIONS 16 PAGE 1 Marine

More information

Advance Loss of Profit / Delay in Start up Insurance (ALOP / DSU)

Advance Loss of Profit / Delay in Start up Insurance (ALOP / DSU) Advance Loss of Profit / Delay in Start up Insurance (ALOP / DSU) Principals and contractors alike are being confronted with escalating financial risk exposure in the wake of the increasing industrialisation.

More information

Carriers Cargo Liability Insurance. Policy Wording

Carriers Cargo Liability Insurance. Policy Wording Carriers Cargo Liability Insurance Policy Wording Effective date: 1 December 2011 Page 2 of 6 Schedule Contents About our Carriers Cargo Liability Insurance About Zurich... 2 How to apply for this insurance...

More information

CLAIMS GUIDE HANDBOOK NON-MOTOR

CLAIMS GUIDE HANDBOOK NON-MOTOR CLAIMS GUIDE HANDBOOK NON-MOTOR TAKAFUL CLAIMS PROCEDURES Upon the occurrence of any event giving rise or likely to give rise under the Certificates, the Participant shall Give immediate notice in writing

More information

POLICY INDEX. PART TITle reference/description page

POLICY INDEX. PART TITle reference/description page Marine Cargo Insurance Open Policy POLICY INDEX PART TITle reference/description page A. POLICY STATEMENT B. RISKS COVERED C. EXCLUSIONS D. DURATION OF COVER E. CLAIMS F. GENERAL INCOTERMS A1. Preamble...

More information

Marine Insurance Law in Korea

Marine Insurance Law in Korea Marine Insurance Law in Korea Sung Won Park ** ABSTRACT This article is on the marine insurance law in Korea, however, not being an in-depth study but seeking to briefly introduce the marine insurance

More information

General Average and Salvage Charges

General Average and Salvage Charges Allianz Global Corporate & Specialty General Average and Salvage Charges Marine Insurance Considerations: A technical report. 1 2 3 4 5 6 Foreword by Ron Johnson Introduction a history of General Average

More information

INCOTERMS 2000 FOREWORD

INCOTERMS 2000 FOREWORD INCOTERMS 2000 UCP 600 INCOTERMS 2000 FOREWORD By Maria Livanos Cattaui, Secretary General of ICC The global economy has given businesses broader access than ever before to markets all over the world.

More information