Bài thuyết trình Insurance - NSURANCE IN INTERNATIONAL TRADE

Bài thuyết trình Insurance - NSURANCE IN INTERNATIONAL TRADE

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INSURANCE IN

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CONTENT

I DEFINITION

II SELLERS’ OBLIGATIONS

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CIF (Cost, Insurance, Freight)

- The sellers delivers when the goods pass the ship’s rail at the port of shipment

-Bearing the costs and freight necessary

-But the risk of loss or damage to the goods as well as the costs due to events occurring after delivery are transferred from the seller to the buyer.

Linh Thùy

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Linh Thùy

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Insurance

-A form of risk management primarily used

to hedge against the risk of uncertain loss

-The equitable transfer of the risk of a loss, from one entity to another, in

exchange for payment

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Insurer policyhoder policyhoder Insured/ Insured/

Premium

Linh Thùy

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Linh Thùy

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CIF Incoterm 2000

Insurance

Seller’s obligation

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The seller must obtain at his own expense cargo insurance as agreed in the contract, such that the buyer, or any other person

having an insurable interest in the goods,

shall be entitled to claimdirectly from the

insurer and provide the buyer with the

insurance policy or other evidence of

insurance cover

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The minimum insurance shall cover the

price provided in the contract plus ten per cent (i.e 110%) and shall be provided in the

currency of the contract.

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The insurance shall be contracted with underwriters or an

insurance company of good repute and, failing express agreement to the contrary, be in accordance with minimum cover of the

Institute Cargo Clauses (Institute of London Underwriters) or any similar set of clauses The duration of insurance cover shall be in accordance with B5 and B4

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When required by the buyer, the seller shall

provide at the buyer's expense war, strikes, riots and civil commotion risk

insurances if procurable

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Insurance Policy vs

InsuranceCertificate

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1/ NATURE Quynh Nhu

Insurance Policy (IP)

IP is a contract

between the insurer

and the insured

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Quynh Nhu

Open Policy

Blanket policy/ floating policy

Issued once by the insurer under contract to

cover all shipments

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Quynh Nhu

IP

Includes all the

Terms and conditions of insuranceValidity periodPremiumDiscountEndorsementetc as agreed by both sidesIC

An insurance certificate does

not contain all of the terms of the policy but some core and general terms like: parties, validity, name of the insurance…

=> An abstract of the most important provisions of the insurance contract

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IssuingIPIs issued once by the insurerIC

Each IC for each shipment under open policy

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Substitutability

IPIC

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Q&A

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1.In CIF, the critical point must be:A.Seller’s ware house.

B.When the consignees have been put on board.

C.At the delivery port.

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2 Two common marine insurance documents:A Insurance policy and insurance certificateB Insurance contract and insurance

certificate

C Both of them

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4 Which is not included in an insurance certificate:A the document lists the effective date of the

policy

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THE END

THE END