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Cargo Insurance Overview

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Questions and Answers

What type of insurance covers physical damage to or loss of goods during transit?

Cargo insurance (correct)

Marine insurance

Transportation insurance

Goods insurance

What is the term for a principle of cargo insurance that relates to ocean and sea voyages?

Cargo Clauses

Institute Cargo Clauses

General Average (correct)

War Clauses

What happens when General Average is declared?

Only the damaged goods are covered

All parties involved must contribute to covering the loss (correct)

The means of transport is not saved

The remaining cargo is not affected

What type of clauses provide the most cover in cargo insurance?

Institute Cargo Clauses A Signup and view all the answers

What is the equivalent of Institute Cargo Clauses A for movement by air?

Institute Cargo Clauses (Air) Signup and view all the answers

Why do premiums for Institute Cargo Clauses B and C tend to be lower?

Because they cover fewer risks Signup and view all the answers

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 Signup and view all the answers

What is the minimum obligation of the seller in an Ex Works sale?

To make the goods available for collection at their premises Signup and view all the answers

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 Signup and view all the answers

What type of cargo insurance policy covers a specific shipment?

Voyage Policy Signup and view all the answers

Why do importers benefit from arranging their own cargo insurance?

Because they can get more comprehensive and price-competitive insurance in their local market Signup and view all the answers

What type of cargo insurance policy is drawn up for an agreed period, allowing any number of shipments during that time?

Open Cover Signup and view all the answers