A cargo insurer expects the possibility: should there be a loss, of exercising subrogation rights against any carrier or other bailee legally responsible for the loss. It follows that any unusual agreement reached by the assured with his carriers, exempting them from liability, or limiting their liability, must be disclosed. "The arrangements must be
General Average A basic understanding of general average (GA) is important to a surveyor and when a GA is declared by a shipowner it can provide a great deal of survey work, often involving several surveyors acting for the different parties. It is recommended that surveyors study the subject from one of the texts listed
SELLER’S INTEREST INSURANCE COVER 1. To include all FOB, C & F, and other sending where insured is not responsible for placing Marine Insurance cover. 2. The goods described in this policy are insured against the risks specified in the contract however, this insurance covers Sellers Interest only. Claims in respect of loss and/or
BUYER'S INTEREST CONTINGENCY RISKS CLAUSE This Policy extends to cover the goods described therein subject to cover conditions and against the risk specified, but this extension covers buyer's interest only in respect of any shipment of goods and merchandise purchased on a CIF and/or F.O.B. and/or F.A.S. or any other similar basis, where the
The investigated methods are substantially limited, in the case of direct securing, to introducing the maximum loading capacity of the securing devices into the balance, while in the case of frictional securing (tie down lashing) the vertical components of the nominal pretension of the lashings are used. Short comings in direct securing are that the
Where assureds have no financial interest in the outcome of the legal proceedings taken in their name they are generally content to let the matter proceeds without their active involvement. However, it may take time to settle the insurance claim and the assured may wish to protect their position in case the insurance claim fails,
Origins and nature of the right of subrogation The insurer's right to take legal proceedings in the name of the assured against a third party who has caused loss of or damage to the goods is of particular importance in marine cargo insurance. The amounts recovered in subrogation actions, known in practice simply as "recoveries",
BILL OF LADING 1. Definitions In this Bill of Lading the word: 'Carrier' means the party named in the Signature Box on the face hereof; 'Merchant' includes any Person who at any time has been or becomes the Shipper, Holder, Consignee, Receiver of the Goods, any Person who owns or is entitled to possession
Jettison When goods or ship's gear are voluntarily sacrificed by casting them overboard in time of peril, with the object of preventing the loss of the vessel and the balance of her cargo, there is said to be a loss by jettison, Such a sacrifice will normally be recoverable in general average, but it must
It is obvious that it is difficult to define insurable interest in words which will apply in all situations. The matter is further obscured by a difference of opinion or, at the least, emphasis, between the cargo practitioners. On one side there are those who take the view that there has to be some, "legal
