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60 Cards in this Set
- Front
- Back
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Tankers |
Upto 10 years |
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Bulk and combination carriers |
15 years |
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Liners |
25 years |
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Containerised vessels as liners |
30 years |
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Flag of convenience |
Costa Rica, Cyprus, Srilanka, Singapur, Panama, Greece, Morocco, Malta etc |
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Coverage in ICC clauses is from |
Warehouse to warehouse |
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Lxbxh of container |
20fx8/8.5ftx8 ft |
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FCL LCL |
Full container load- Less than container load |
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No of incoterms in 2000 and 2011 |
13 and 11 |
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CIF - seller's risk |
Upto FOB |
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DDP |
Reverse of EX Works. Sellers responsibility is upto he door delivers. |
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DAP |
Delivery at designatedplace. However it's not unloaded. |
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No cargo declaration form except for |
Special declaration, annual policy and duty and increased Insurance |
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Cover note legality |
It's not a valid legal document untill it's converted into a policy. |
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Clause paramount |
It can be done away with only by physical deletion |
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Indian stamp act |
1899 |
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ICC C coverages |
1. Fire explosion 2. Vessel grounded, sunk, capsized, stranded. 3. Collision other than water 4. Discharge of cargo at port of distress 5. Jettison 6. General average sacrifice 7. Salvage charges to avoid loss 8. Liability under both to blame clause. |
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additional Coverages of ICC B |
1. AOG - Earthquake, Volcanic Eruption and lightening 2. Washing overboard 3. Entry of sea/lake or river. 4. Total loss of any package lost overboard or dropped whilst loading onto or unloading from vessel. |
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Additional for ICC A |
All risk except exclusions like
1. Will ful misconduct 2. Ordinary leakage loss in weight, wear and tear. 3. Insufficiency of packaging. If it's done by outside agency, no issues. 4. Inherent vice excluded 5. Caused by delay even though delay caused by insured peril. Except GA and salvage charges 6. Insolvency financial default 7. War exclusion - can be covered by add on. 8. Unseaworthiness and unfitness Not knowing unseaworthiness is okay. Claim is payable. 9. Strikes exclusion |
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Transit clause |
Risk starts from leaving the warehouse and during the course of transit and terminates during delivery. |
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Termination of contract of carriage clause |
If contract of carriage is terminated, the Insurance gets cancelled unless requested by Insured. |
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Is war cover given in land ? |
No war cover is not given in land. If goods are not unloaded at port due to war, war cover is limited upto 15 days. |
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War during transhipment is covered or not |
It is covered for upto 15 days if the goods are within port area |
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Termination of terrorism clause |
Deletes terrorism cover during storage places and is covered only during transit. It is clause paramount so it does not clash with strikes clause. |
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icc air coverage for how many day after unloading |
30 days |
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Air cargo war clause restricts coverage at airport for |
15 days |
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Air Cargo Strikes clause days of cover in destination airport is for |
30 days. remember for war it is 15 days only. terrorism cover is not there for storage places. |
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registered mail/post |
for 15 days only after arrival at destination port. |
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Coal Clauses |
Covers fire by spontaneous combustion by inherent vice. |
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Jute clause |
Eq VE and ighting are not covered. destination port time is reduced to 30 days. |
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Bulk Oil clause |
Leakage from connecting pipeline is covered.
Contamination due to negligence is covered.
packing exclusion not there also shortage becomes payable subject to excess |
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Coffee Clause |
Can give upto 120 days storage cover in type one - evn for cardomom. Starting from plucking and continuing upto curing house with 60 dayss storage curing house upto fob point/or delivery anywhere in india with 60 days storage.
annual policies based on estimated turn over |
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cardamom |
upto 120 days 4 kg cardomom raw is equal to 1 kg dry cardamom |
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Rubber |
upto 120 days storage. three types. |
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Tea crop |
gardenwise cover or else factory wise cover. itc a icc a applicable. shortage, manufacturing defect not payable. coverage starts from the green leaf is plucked and given until it is sold to buyers anywhere in india. or upto FOB. |
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itc a clause rail or road |
All risks covered. Except : unsuitable packing, delay, inherent vice, war, conequential loss, strikes, srcc. until delivery at final destination or 7 days at railway station/ town. |
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itc b |
fire lightning breakage of bridges collision,overturning derailment excludes a cover plus malicious damage which may be covered at additional rate. duration as per a |
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itc c |
only fire and lightning is covered
exclusions are as per b duration immediately on reaching destination riskcover stops |
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War Cover - Property on land |
Cannot be covered. |
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warranty |
in all inland transit policies , subject to warranty that insurer liability shall be limited to 75% of assessed loss. |
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withdrawn itc |
itc c has been withdrawn. air transit by courier are included in itc a and b. packing exclusion as per icc. fitness of carrying vehicle must. |
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Annual Policy is given |
for stocks and goods in trust and not sale or purchase. These are not assignable.It does not have declaration. Sum Insured is maximum risk exposure at any time. min prem is 5k. |
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Comprehensive clause |
includes theft pilferage,non delivery, rain water damage, hooks, oil,acid damage etc |
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second hand replacement clause |
New for old is payable under this clause. no depreciation is applied. however under insurance is applicable |
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pair and set |
only lost part cost is paid. |
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label clause |
pays only for labels and not the contents there in which are not damaged in general |
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brand and trade mark and concealed damage |
Brand and trade mark to be removed and the goods to be sold. Concealed damage allows certain no of days for opening the concealed package and identifying the loss. |
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cutting, picking and garbling clause |
pipes can be cut and used, picking where some part of cotton is damaged, that can be removed. garbling in case of coffee beans etc. |
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Institute classification clause is for |
1. Steel Construction classed self propelled vessels only. 2. Member of International Association of Classification Societies. 3. If national flag society, only within coastal trading. Age of vessel should be within limits else additional prem. Bulk-10 Other vessels 15 years Regular pattern general cargo 25 open hatch gantry established regular patter 30 |
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craft clause |
No craft used for loading and unloading will be covered within the port area. |
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National Flag society |
Domiciled in same country and must operate under the flag of that country. |
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Cargo ISM Endorsement |
Its about safety aspect of cargo ships which are carrying 500 Gross Tonnes or more from 1st July 2002. If buyer not aware of non compliance, this exclusion does not apply and claim is payable. |
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Loading and Unloading Clause |
It is to be taken for loading and unloading coverage in marine. It is not covered under any of ICC clauses. From loading, transit and ceases as soon as placed on ground. |
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Duty and Increaed value insurances are |
Not assignable. Claim Payable only if claim is payable under CIF policy.
Duty insurance covers when duty is payable even when cargo is lost. |
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Rate of duty insurance is |
75% of all inclusive prem |
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Shut out cargo |
A cargo that arrives too late for a vessel and are not loaded as vessel becomes full. |
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Sellers contingency insurance covers |
it reattaches itself from FOB point of seller once the buyer rejects it. It covers the perils of the transit on return. However does not cover the return costs associated with it. |
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special storage risk insurance |
Commences after 7 days cover expiry of the itc cover. period of cover is one year corresponding with open policy. |
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Cradle to Grave is which policy |
Stocks throughput insurance policy |
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Sales turnover |
No declaration needs to be given |
