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Questions and Answers
What type of insurance covers physical damage to or loss of goods during transit?
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?
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?
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?
What type of clauses provide the most cover in cargo insurance?
What is the equivalent of Institute Cargo Clauses A for movement by air?
What is the equivalent of Institute Cargo Clauses A for movement by air?
Why do premiums for Institute Cargo Clauses B and C tend to be lower?
Why do premiums for Institute Cargo Clauses B and C tend to be lower?
What is the benefit of exporters arranging their own marine cargo insurance?
What is the benefit of exporters arranging their own marine cargo insurance?
What is the minimum obligation of the seller in an Ex Works sale?
What is the minimum obligation of the seller in an Ex Works sale?
Why do importers often assume that suppliers include marine cargo insurance for free?
Why do importers often assume that suppliers include marine cargo insurance for free?
What type of cargo insurance policy covers a specific shipment?
What type of cargo insurance policy covers a specific shipment?
Why do importers benefit from arranging their own cargo insurance?
Why do importers benefit from arranging their own cargo insurance?
What type of cargo insurance policy is drawn up for an agreed period, allowing any number of shipments during that time?
What type of cargo insurance policy is drawn up for an agreed period, allowing any number of shipments during that time?
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