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Cargo insurance: Cargo insurance is underwritten on the Institute Cargo Clauses, with coverage on an A, B, or C basis, A having the widest cover and C the most restricted. Valuable cargo is known as specie .
CIP requires the seller to insure the goods for 110% of the contract value under Institute Cargo Clauses (A) of the Institute of London Underwriters (which is a change from Incoterms 2010 where the minimum was Institute Cargo Clauses (C)), or any similar set of clauses, unless specifically agreed by both parties.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
The act applies both to "ship & cargo" marine insurance, and to P&I cover. The act was drafted by Sir Mackenzie Dalzell Chalmers , who had earlier drafted the Sale of Goods Act 1893 . The act is a codifying act, that is to say, it attempts to collate existing common law and present it in a statutory (i.e. “codified”) form.
The law of carriage of goods by sea is a body of law that governs the rights and duties of shippers, carriers and consignees of marine cargo. [1]Primarily concerned with cargo claims, this body of law combines the international commercial law, the law of the sea and admiralty laws.
Under the Hague Rules the shipper bears the cost of lost/damaged goods if they cannot prove that the vessel was unseaworthy, improperly manned or unable to safely transport and preserve the cargo, i.e. the carrier can avoid liability for risks resulting from human errors provided they exercise due diligence and their vessel is properly manned ...
For instance, although Article I(c) of the Rules exempts live animals and deck cargo, section 1(7) restores those items into the category of "goods". Also, although Article III(4) declares a bill of lading to be a mere "prima facie evidence of the receipt by the carrier of the goods", the Carriage of Goods by Sea Act 1992 section 4 upgrades a ...
At the time of the passage of COGSA, most cargo was shipped in boxes, crates, and bags. Shortly after its passage, cargo owners determined that cargo could be handled more efficiently if placed on pallets, a process that results in numerous boxes or bags of cargo being consolidated on a single pallet. Shipowners, seeing an opportunity to reduce ...