进出口实务6.pptx

Chapter Six Cargo Transportation Insurance 2 Learning objectives After learning this chapter you will be able to understand the fundamental principles of cargo insurance be aware of the risks and losses in ocean transportation outline the scope of the Ocean Marine Cargo Clauses of CIC frame the coverage of London Institute Cargo Clauses understand the procedure for lodging claims describe methods of stipulating insurance clauses in Sales Contracts 3 Definitions Definition of insurance “the practice of sharing among many persons, risks of life or property that would otherwise be suffered by only a few.” Definition of marine cargo insurance “the insurant enters with an insurance company and/or an underwriter into a contract of insurance in which the insurant undertakes the payment of an insurance premium and the insurance company will, according to the terms indicated in the insurance contract, indemnify the insurant of any loss that occurs within the scope of coverage”. 4 Parties involved in an insurance practice the insurant / insured/assured The party that procures insurance Can be the exporter or importer depending on the trade term adopted in the transaction the insurer The party undertaking to indemnify the insurant against losses or damages Can be the insurance company / underwriter In China, PICC is usually the insurer the claimant The insurant may not necessarily be the claimant Depending on: who has the insurable interest of the goods when the goods are damaged or lost 5 6.1 Fundamental principles The Insurable Interest Principle The Utmost Good Faith Principle The Indemnity Principle The Proximate Principle The Subrogation Principle The Share Principle 6 6.1.1 The insurable interest principle Definition: The financial interest of a person in the subject matter insured Forms of insurable interest: Ownership of the goods Charge of insurance Freight A policy without insurable interest is invalid Proof of insurable interest is required at the time