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 damage to the goods shall be payable hereunder only if and to the extent that the buyer fails to pay for such lost and/or damaged goods.
3. Additionally this insurance is extended to cover the Sellers Interest in the goods subject to the above conditions in the event of the buyer and/or consignees failing to take up the goods or the documents of title. Cover at such time to continue for 60 days from the time the insured first becomes aware of the situation (60 days to enable the insured to arrange delivery, disposal, on-shipment, or return of the goods).
4. Periods in excess of 60 days held covered at additional premium to be agreed subject to prompt advice. Subsequent transits, following re-arrangements by insured held covered at rates and conditions to be agreed.
5. Warranted that insured take all responsible steps to hasten final delivery.
6. Warranted that insurers are advised immediately the insured becomes aware of any event which may fall as a claim under this insurance.
7. Warranted by the insured that the existence of this contingency insurance will not be revealed to the customer or any other party interested in the consignment.
8. Underwriters to be subrogated to the Insured’s rights against the buyer as well as other parties.
9. Any assignment of this policy or of any interest of claim hereunder shall discharge Underwriters from all liability whatsoever.
10. Excluding any form of financial guarantee absolutely.
11. Excluding claims hereon by reason of government action and/or regulations governing transfer of currency.
12. Excluding shipments to Nigeria.
This clause only to be used in conjunction with an insurance contract covering C.I.F. sending declared hereunder.
