Amim 121 Ocean Marine Insurance Chapter 2

Front 1

Shipper

Back 1

teh person or organization tha contracts with a carrier to transport property

Front 2

Consignee

Back 2

The person or organization that receives property being transported by a carrier

Front 3

Carrier

Back 3

The organization that transports property

Front 4

Sellign terms

Back 4

Provisions in a contract of sale that specify, among other things, when the buyer will take posession of the sold goods and assume responsibility for loss to the goods.

Front 5

Ex Point of Origin

Back 5

Selling terms under which the buyer agrees to take delivery of the goods at the point of origin specified in the contract

Front 6

Free On board (FOB)

Back 6

The seller assumes all costs to place the goods safely aboard the vessel named by the buyer and assumes responsibility for any loss or damage until the goods have been placed on board the vessel, after which the buyer is responsible for loss or damage to the goods.

Front 7

Free Alongside (FAS) Vessel

Back 7

Selling terms under which the seller agrees to place the goods alongside a vessle or on a wharf or pier at the named port of shipment, after which the buyer is responsible for loss or damage to the goods.

Front 8

Cost and Freight (C&F)

Back 8

Selling terms under which the seller quotes a price that includes all transportation charges to the named destination and assumes all responsibility only for loss or damage and only until the goods have been delivered to the ocean carrier or delivered on board the vessel.

Front 9

Cost, Insurance, Freight (CIF)

Back 9

Selling terms under which the sellers price includes the cost of insurance and freight charges until the goods reach the foreign port of imporation and in which the seller's responsibility for loss or damage to the goods is the same as under C&F terms.