12 Questions
What type of insurance covers physical damage to or loss of goods during transit?
Cargo insurance
What is the term for a principle of cargo insurance that relates to ocean and sea voyages?
General Average
What happens when General Average is declared?
All parties involved must contribute to covering the loss
What type of clauses provide the most cover in cargo insurance?
Institute Cargo Clauses A
What is the equivalent of Institute Cargo Clauses A for movement by air?
Institute Cargo Clauses (Air)
Why do premiums for Institute Cargo Clauses B and C tend to be lower?
Because they cover fewer risks
What is the benefit of exporters arranging their own marine cargo insurance?
To gain more control over the insurance and pass the cost to the customer
What is the minimum obligation of the seller in an Ex Works sale?
To make the goods available for collection at their premises
Why do importers often assume that suppliers include marine cargo insurance for free?
Because they are unaware of the cost being included in the purchase price
What type of cargo insurance policy covers a specific shipment?
Voyage Policy
Why do importers benefit from arranging their own cargo insurance?
Because they can get more comprehensive and price-competitive insurance in their local market
What type of cargo insurance policy is drawn up for an agreed period, allowing any number of shipments during that time?
Open Cover
Learn about cargo insurance, also known as marine cargo insurance, which protects your goods from physical damage or loss during transit by land, sea, or air. Explore the concept of General Average in ocean and sea voyages.
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