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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.
In the 19th century, Lloyd's and the Institute of London Underwriters (a grouping of London company insurers) developed between them standardized clauses for the use of marine insurance, and these have been maintained since. These are known as the Institute Clauses because the Institute covered the cost of their publication.
A contract of carriage is a contract between a carrier of cargo or passengers and the consignor, consignee or passenger. [1] Contracts of carriage typically define the rights, duties and liabilities of parties to the contract, addressing topics such as acts of God and including clauses such as force majeure (removing liability for extraordinary occurrences beyond control of the parties). [2]
Global freight volumes according to mode of transport in trillions of tonne-kilometres in 2010. In 2015, 108 trillion tonne-kilometers were transported worldwide (anticipated to grow by 3.4% per year until 2050 (128 Trillion in 2020)): 70% by sea, 18% by road, 9% by rail, 2% by inland waterways and less than 0.25% by air.
The Electronic Cargo Tracking Note (ECTN) is a maritime certificate or waiver that is essential for exports to the majority of African countries. [1] It acts as a vital document for both importers and exporters within Africa , necessitating its presentation to customs officials .
More and more people are talking about polyphasic sleep patterns. But a sleep doctor explains why polyphasic sleep is so unhealthy for humans.
As 2025 approaches, Bitcoin (CRYPTO: BTC) finds itself navigating a shifting macroeconomic landscape, with fading tailwinds raising concerns about sustained momentum, according to a report. What ...
Professional designation programs include formal education leading to CIP and FCIP designations in the classroom, distance learning and web-based learning. The Institute normally has about 20,000 students studying in programs at community colleges and universities in Canada, The Institute uses the CIP program to educate full-time students of property and casualty insurance.