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Responsibility for Insurance
International trade is potentially subject to a wide
range of hazards during transport, & so cargo
insurance plays an important role
The party responsible for the risk or damage to the
goods has a ‘primary insurable interest’
Incoterms are used to define responsibility for risk,
and only CIF and CIP place explicit obligations on
sellers to arrange cargo insurance
Conflicts may arise
ITC
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1-2
STRUCTURE OF CARRIAGE CONTRACTS AND
INSURANCE POLICIES BASED ON CIF INCOTERM
Sales contract
Shipping conditions
INCOTERM: CIF
CONTRACT FOR CARRIAGE 1
SUPPLIER to EXPORT PORT
Waybill
Insurance policy 1a
PAID BY SUPPLIER
ITC
CONTRACT FOR CARRIAGE 2
EXPORT PORT to IMPORT PORT
Possible Charter party
Bill of lading
CONTRACT FOR CARRIAGE 3
IMPORT PORT to BUYER
Waybill
Minimum insurance policy 1b
Additional insurance policy 2a
Insurance policy 2b
PAID BY BUYER
M10:A:7
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2-1
Free of Particular
Average (F
...
A
...
A
...
P
...
)
All Risks
Coverage
ITC
M10:A:7
...
P
...
(SAICC - 1949) insures against:
Total loss of goods due to a named peril in the policy
Partial loss or damage resulting from fire, collision with
another vessel or substance (such as ice) other than water
or by discharge
Partial loss or damage due to perils of the sea to goods on
vessels, which strand, sink or burn
ITC
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4-1
War risks
Strikes, riots and civil commotion
Marine extension clauses
Insured value: freight plus clauses covering duty
Temporary storage of goods in approved warehouses
Customs
Douane
ITC
M10:A:7
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5-1
Action Point
A
...
5-2