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The importance of marine cargo insurance for international t

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영균 신

on 8 December 2014

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Transcript of The importance of marine cargo insurance for international t

The importance of marine cargo insurance for international transportation
Real-world case analysis

Real-world case analysis

The container danger to fishing vessels
The weight of container consider an issue
For this case, who will be responsible for it ?
Is the marine cargo insurance could apply at this case ?






Importance of Marine Cargo Insurance
Insurance Coverage – Institute Marine Cargo
Conclusion
outline
Real-world case analysis

Introduction of marine cargo insurance

Different type of cargo insurance

The importance of marine cargo insurance

Which parties are required to marine cargo insurances

what will be happened if we do not buy a insurance

Parties that require Marine Cargo Insurance
Importer and Exporter

Logistic companies on behalf of their customers

Freight forwarders on behalf of their customers


What will be happened if we do not buy an insurance
.
Types of Cargo Insurance
2 major groups of policies for the Marine Cargo Insurance which are British law insurance and U.S based insurance

U.S. based Insurance– All risks policy, With Average policy and Free of Particular Average policy

British law– Institute Cargo Clause A, B & C (ICC A, ICC B & ICC C)

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.
Importance of Marine Cargo Insurance
Meet the individual needs of exporter or importer in an international transaction

Traders able to proceed with confidence

Real-world case analysis

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Insurance Coverage – U.S Based
Go Suket ,Chen Yiyin,
Chan Yick wen, kim jungsu

Real world cases analysis

Maersk discovered that about 520 containers were unaccounted for
The biggest losses of containers in an single incident
Affected by unexpected weather



Coverage specifically for sea-based transportation

Offer financial protection against loss or damage to the cargo

Different types of marine cargo in the market to cover different perils

What is Marine Cargo Insurance

Most commonly used in the United States

All Risk Policies; all risk covered except specifically excluded

With Average Policies; only those perils listed are covered

Free of Particular Average Policies; minimum coverage



Have become standard of many countries including Singapore

Institute Cargo Clause A (ICC A); similar to “All Risk Policies”

Institute Cargo Clause B (ICC B); similar to “With Average Policies”

Institute Cargo Clause C (ICC C); minimum coverage

Ocean perils

For example Storm, Ship sinking, Fire and Piracy & theft

Who want to pay?



2 major groups of policies for the Marine Cargo Insurance which are British law insurance and U.S based insurance
U.S. based Insurance– All risks policy, With Average policy and Free of Particular Average policy
British law– Institute Cargo Clause A, B & C (ICC A, ICC B & ICC C)

Types of Cargo Insurance

Why do we have to buy insurance?
Unexpected accident

Natural disaster

Fraud

fire

Different type of cargo insurance
Based on the U.S and U.K

Which parties are required to marine cargo insurances
importer and exporter.
Logistic companies and freight forworder

what will be happened if we do not buy a insurance
becoming bankrupt

.
Full transcript