Search results for: “marine cargo insurance”
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Marine Cargo Insurance
Marine Cargo Insurance in International Trade Meaning of Marine Cargo Insurance, according to the Dictionary of International Trade (Global Negotiator): Insurance covering loss of, or damage to, goods at sea. Marine insurance typically compensates the owner of merchandise for losses in excess […]
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Open Marine Cargo Insurance Policy
Open Marine Cargo Insurance Policy in International Trade Meaning of Open Marine Cargo Insurance Policy, according to the Dictionary of International Trade (Global Negotiator): A type of insurance policy intended to cover an indefinite number of future individual shipments. The insurance […]
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Special Cargo Policy
A marine cargo policy issued to cover a specific shipment. A special policy may be issued when the shipper infrequently transports goods by water, or when the merchandise is so unusual or so valuable as to warrant a special policy. Frequent shippers customarily obtain an Open Policy (<a […]
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Cargo Insurance Certificate
Cargo Insurance Certificate in International Trade Meaning of Cargo Insurance Certificate, according to the Dictionary of International Trade (Global Negotiator): A document indicating the type and amount of insurance coverage in force on a particular shipment. Used to assure the consignee […]
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Insurance Certificate
Insurance Certificate in International Trade Meaning of Insurance Certificate, according to the Dictionary of International Trade (Global Negotiator): A document used so that coverage is provided to cover loss or damage to cargo while in transit when insurance is placed against an open marine […]
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Benefit Of Insurance Clause
A provision contained in some ocean bills of lading providing that the ocean carrier is not liable for cargo losses where the merchandise is covered by insurance. This provision has been upheld by the courts (Phoenix Insurance Company vs. Erie & Western Transport Company, 117 U.S. 312, 6 S.Ct. 750 1…
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Right or Abandonment in Marine Insurance, Historical
Right or Abandonment in Marine Insurance, Historical Election to Abandon The insured is never obliged to abandon ; he may always elect to retain the property and recover for a partial loss. But if he wishes to claim for a total loss, he must abandon if the loss is merely constructively total. Limitations of the…
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Right or Abandonment in Marine Insurance, Historical
Right or Abandonment in Marine Insurance, Historical Election to Abandon The insured is never obliged to abandon ; he may always elect to retain the property and recover for a partial loss. But if he wishes to claim for a total loss, he must abandon if the loss is merely constructively total. Limitations of the…
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Abandonment and Total Loss in Marine Insurance, Historical
Abandonment and Total Loss in Marine Insurance, Historical Definition Abandonment, in the law of marine insurance, is the act of cession, by which, in cases where the loss or destruction of the property, though not absolute, is highly imminent, or its recovery is too expensive to be worth the attempt, the assured, on condition of…
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Valuation Clause
Valuation Clause in International Trade Meaning of Valuation Clause, according to the Dictionary of International Trade (Global Negotiator): The clause in a marine cargo insurance policy that contains the agreed basis for determining the value of covered goods. This sets the amount due under […]
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Valuation Clause
Valuation Clause in International Trade Meaning of Valuation Clause, according to the Dictionary of International Trade (Global Negotiator): The clause in a marine cargo insurance policy that contains the agreed basis for determining the value of covered goods. This sets the amount due under […]
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International Underwriting Association of London
International Underwriting Association of London (IUA) in International Trade Meaning of International Underwriting Association of London (IUA), according to the Dictionary of International Trade (Global Negotiator): Entity that publishes the most known marine cargo insurance conditions […]
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Free of Particular Average
A clause in a basic marine cargo insurance policy restricting settlements in the case of partial losses attributable to perils of the sea or incidents where the vessel has been sunk, burned, or stranded during the course of the voyage. An F.P.A. policy provides the most limited coverage. The […]
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Sue And Labor
A common provision in ocean marine cargo insurance policies that the owner of the merchandise will "sue, labor, and travel for the benefit of the goods." In essence, the owner of the goods is compelled to take all reasonable steps within his power to prevent or mitigate losses; he may be r…
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Letter Of Credit Clause
A clause in a marine cargo insurance policy designed to protect an exporter until such time as he is paid under a letter of credit. An exporter selling on an F.O.B. or F.A.S. basis, for example, does not provide marine insurance; this obligation is undertaken by the importer. If the purchaser's …