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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Issuing

IPIs 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