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International Cargo Insurance - Coggle Diagram
International Cargo Insurance
Consequences for not insuring your goods
Lost money
lost goods
The importance of insuring
Limited liability
LEXMERCATORIA
Responsability of the carriers
Cargo insurance
Provides cover
covering a range of specificied accidents
Elements of the insurance contract
Contigent beneficiary
Coverage insurance
Policyholder
Premium
Insured
Risk
Insurer
Damage/Loss
Insurance policy
Claim
Basic principles of insurance contract
Seeking profit opportunities by reporting false
Invrestigatre any doutable insurance claims
To misuse safe financial cover
Insitrance terms and duties
Contract of indemnity
Duty of utmost good faith
Insurable interest
Duty to act as though uninsured
Risk coverage options
A clauses
Most covergae to the price
B and C clauses
Less coverage , Lower price
General average
Acts of god and acts of war
Terrorism
Excess and franchise
Exoneration of Responsibility
Case of Force Majeure
Cases not recorgnized as force majeure
The Removal of the Liability Ceiling
Obtaining cargo insurance
A freight forwarder
Your bank
A genereal insurance business
Your local Chamber of Commerce
An insurance broker
Documentation of the insurance company
Insurance policy
General conditions
Specific conditions
Need fpr a cargo insurance
Certificate of insurance
Dociment issued by th insurer
Indicate nunmber of policy and coverage or insured risk
Types of policies
Open cover
Temporaryb policy
Open policy
Floating policy
Voyage policy
Covers the transportation
Cover extraoperations such as loading , stowing, unstowing...
Duration of coverage
Warehouse to warehouse
Calculate Value
Premiun = Insurance value + %
All incoterms 100%
CIF/CIP/FOB : 110% administrative cost
CIF/CIP: VA +10%va =110%
FOB : A + 10%
Indemnisations due to lost , breakdown and delays
Pursuing litigation
Prsue claims againts both them and/or the carrier/forwarder
The cost are seen as a direct result of the insurance companys breach of contarct
How to claim on your policy
The damage is visible
Specifc description
Damaged packages
Send a copy to his insurance broker , insurance agent or shipping agent
Stop further handling of the packages
The damage is not visible
Carry out a inspections of all the goods and noste damage or missing items
Surveyor
Minimize the loss
Make a note for the insurer to reimburse
Contact the insurer
Keep the shipping container , packaging materials , damaged merchandise and shipping documents