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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.
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 .
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.
Commerce Clause, Dormant Commerce Clause Reading Railroad Co. v. Pennsylvania , 82 U.S. (15 Wall.) 232 (1872), often known as the State Freight Tax Case , was a U.S. Supreme Court decision that ruled that the state of Pennsylvania violated the U.S. Constitution by imposing unjust taxes on interstate commerce .
Laws similar to the Jones Act date to the early days of the United States. In the First Congress, on September 1, 1789, Congress enacted Chapter XI, "An Act for Registering and Clearing Vessels, Regulating the Coasting Trade, and for other purposes", which limited domestic trades to American ships meeting certain requirements. [7]
Seaworthiness is a concept that runs through maritime law in at least four contractual relationships. In a marine insurance voyage policy, the assured warrants that the vessel is seaworthy.
A national study discovered that teens in the United States consumed significantly less alcohol and drugs in 2024 compared to past years. Teen alcohol use has steadily decreased from 2000 to 2024 ...
Dockers loading bagged cargo. FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized ...