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Bài thuyết trình Insurance - NSURANCE IN INTERNATIONAL TRADE
INSURANCE IN INTERNATIONAL TRADE GROUP 3 CONTENT I. DEFINITION II. SELLERS’ OBLIGATIONS III. DIFFERENCES BETWEEN INSURANCE POLICY AND INSURANCE CERTIFICATE CIF (Cost, Insurance, Freight) - The sellers delivers when the goods pass the ship’s rail at the port of shipment - Bearing the costs and freight necessary - But the risk of loss or damage to the goods as well as the costs due to events occurring after delivery are transferred from the seller to the buyer. Linh Thùy DEFINITION Linh Thùy DEFINITION Insurance - A form of risk management primarily used to hedge against the risk of uncertain loss. - The equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. Linh Thùy Insurer Insured/ policyhoder Premium Linh Thùy DEFINITION Linh Thùy DEFINITION CIF Incoterm 2000 Insurance Seller’s obligation My Ngan The seller must obtain at his own expense cargo insurance as agreed in the contract, such that the buyer, or any other person having an insurable interest in the goods, shall be entitled to claim directly from the insurer and provide the buyer with the insurance policy or other evidence of insurance cover. My Ngan The minimum insurance shall cover the price provided in the contract plus ten per cent (i.e. 110%) and shall be provided in the currency of the contract. My Ngan [...]... commotion risk insurances if procurable Quynh Nhu Insurance Policy vs Insurance Certificate 1/ NATURE Quynh Nhu Insurance Policy (IP) Insurance Certificate (IC) IP is a contract between the insurer and the IC certifies insured bought Determines the claims which the insurer is legally required to pay In marine insurance, IC serves to assure the insurance is in effect for the goods in transit that an insurance. .. insurance documents: A Insurance policy and insurance certificate B Insurance contract and insurance certificate C Both of them D None of the above 3 Which cargo insurance basis has the widest coverage? A A basis B B basis C C basis D None of them are correct 4 Which is not included in an insurance certificate: A the document lists the effective date of the policy B the type of insurance coverage purchased... An insurance certificate does not contain all of the terms of the policy but some core and general terms like: parties, validity, name of the insurance Discount Endorsement etc as agreed by both sides => An abstract of the most important provisions of the insurance contract Issuing Viet Trinh IP Is issued once by the insurer IC Each IC for each shipment under open policy Legal biding IP Viet Trinh...Hoang Uyen The insurance shall be contracted with underwriters or an insurance company of good repute and, failing express agreement to the contrary, be in accordance with minimum cover of the Institute Cargo Clauses (Institute of London Underwriters) or any similar set of clauses The duration of insurance cover shall be in accordance with B5 and B4 Hoang Uyen When required... Unactionable in many jurisdictions Nomarly non-negotiable actionable Can not be assigned to a third paty Unacceptable under the terms of L/C Substitutability IP Viet Trinh IC Nguyen Thong Nguyen Thong Q&A 1 .In CIF, the critical point must be: A.Seller’s ware house B.When the consignees have been put on board C.At the delivery port D.It can be negotiated by the two parties 2 Two common marine insurance. .. Policy Blanket policy/ floating policy Issued once Voyage policy by the insurer under contract to shipments Specific Policy cover all made by the exporter over a period of time to particular Issued by the insurer cover a shipment shipment only or one 2/ NEGOTIABILITY Quynh Nhu IP Negotiable IC Un-negotiable Endorsements 3/ STRUCTURE IP Includes all the Terms and conditions of insurance Validity period... not included in an insurance certificate: A the document lists the effective date of the policy B the type of insurance coverage purchased C the types and amount of applicable liability D the detailed insurance terms of the policy THANK YOU FOR YOUR ATTENTION ND EE TH . INSURANCE IN INTERNATIONAL TRADE GROUP 3 CONTENT I. DEFINITION II. SELLERS’ OBLIGATIONS III. DIFFERENCES BETWEEN INSURANCE POLICY AND INSURANCE CERTIFICATE CIF (Cost, Insurance, . strikes, riots and civil commotion risk insurances if procurable. Hoang Uyen Insurance Policy vs. Insurance Certificate Quynh Nhu 1/ NATURE Quynh Nhu Insurance Policy (IP) IP is a contract. insurer is legally required to pay Insurance Certificate (IC) IC certifies that an insurance policy has been bought In marine insurance, IC serves to assure the insurance is in effect for the