国际贸易实务 5
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1. Sea peril
• Sea peril refers to the risk occurs when the vessel or the cargo is in the course of sea transportation, including natural calamities and accident. • Natural calamities usually include heavy weather, lighting, tsunami, earthquake, flood and volcanic eruption etc. • Accidents or fortuitous accidents usually include the carrying vessel being grounded, stranded, struck a reef, sunk, burnt or in collision with floating ice or other objects as well as fire or explosion.
distinctions between general average & particular average
• Particular average is a kind of cargo loss usually caused directly by sea perils, but general average is a kind of cargo loss caused by intentional measures taken; • Partial loss is often borne by the party whose cargo is damaged, but general average should be contributed by all the benefited parties proportionately.
Key Questions
11. How to calculate the following: ⑴ GA Contribution (state the steps) ⑵ Insurance Amount (formula) ⑶ Insurance Premium (formula), how to calculate it when the quotation is FOB or CFR?
2. Extraneous risks
• Extraneous risks refer to cargo risks which are not embraced by the perils specified in the policy. • It can be divided into two categories: ★General Extraneous Risk: includes clash and breakage, theft, leakage or hook damage, etc. ★Special Extraneous Risk: includes war risk, strike risk, on deck, import duty or rejection, etc.
2. Expenditures
• Expenditures refer to the charges incurred in rescuing the insured cargo, including sue and labour charges and salvage charges. • Sue and labour charges are any reasonable expense incurred by the insured or his agent or his servants in preventing or minimizing a loss when the subject matter insured is endangered. The insurer will reimburse the insured for such expense if the loss so minimized or prevented is proximately caused by an insured peril. • Salvage charges is an award payable to a third party for services rendered to preserve maritime property from perils at sea and is payable only when the property has been saved.
Key Questions
6.Describe the scope of cargo insurance. 7.State the Substance of General Average 8. State distinctions between general average and particular average 9.What are the three basic coverages , state the connections among them. 10.What „s “warehouse to warehouse” clause?
(2) Partial loss
• Partial loss is also called average, i.e. a loss less than total to cargo or ship . • According to the reason of loss, It may be divided into general average and particular average.
Ⅰ The basic principle of insurance • • • • Principle of insurable interest Principle of utmost good faith Principle of indemnity Principle of proximate cause
Ⅱ Scope of Cargo Insurance
• (Ⅰ) Risk: Possibilities of loss or damage to the
insured cargo during transportation , resulting from potential issues such as perils or hazard. Natural calamities • Sea peril ╱ ╲ Fortuitous accidents General Extraneous Risk • Extraneous risks ╱ ╲ Special Extraneous Risk
(Ⅱ) Loss and Expense
1. Marine Loss
According to the degree of loss: • (1)Total Loss: Loss of all the insured property and the cost of damage repair exceeds the value of the property. • (2)Partial loss: A loss that does not completely destroy the insured property and the value of the loss is less than all the values insured.
(1) Total Loss
• Actual total loss refers to that the whole consignment insured is totally lost in the course of transit or is so damaged to the extent that it is without its original shape and validity or it can no longer be in the possession of the insured. • Constructive total loss refers to the loss where an actual total loss appears to be unavoidable or the cost to be incurred in recovering or reconditioning the goods together with the forwarding cost to the named destination would exceed their value on arrival.
• refers to a partial loss of the subject matter insured proximately caused by an insured peril, other than a general average loss, i.e. the loss which should be borne by the party who suffers.
The Substance of General Average
• The peril must be real or unavoidable; • The sacrifice made should be reasonable and voluntary to avoid the peril or to save the common interests from the effects of the peril; • The sacrifice or expenditure must be extraordinary in nature but not a direct result of the peril; • The sacrifice made and the expenditure incurred must be effective i.e. both the ship and/or the whole part or some part of the cargo safely arrive at the final port of destination.
Key Questions
1. What are some parties involved in Cargo Insurance? 2. What are some basic principles of insurance? 3. What‟s the meaning of insurable interest, give an example. 4. What are some standard should be followed when compensating the insured? 5. What‟s the meaning of “subrogation”, and “notice of abandonment”?
Chapter Five: Cargo Transportation Insurance
★ The basic principle of insurance ★ Scope of Cargo Insurance ★ Terms and coverages of Ocean Marine Cargo Insurance in China ★ Marine Cargo Insurance of the Institute of London Underwriters ★ Cargo Insurance Practice in Import and Export Business ★ Insurance Terms in Sales Contract
General Average Contribution
• When such a loss occurs, it is paid on a pro rata basis by the ship owner, all cargo owners and freight owner.
Particular average
General average
• refers to sacrifices voluntarily made and extraordinary expenses incurred to rescue a ship and its cargo from impeding danger or for the common safety under fortuitous circumstance while it is at sea or at anchor in a port.
1. Sea peril
• Sea peril refers to the risk occurs when the vessel or the cargo is in the course of sea transportation, including natural calamities and accident. • Natural calamities usually include heavy weather, lighting, tsunami, earthquake, flood and volcanic eruption etc. • Accidents or fortuitous accidents usually include the carrying vessel being grounded, stranded, struck a reef, sunk, burnt or in collision with floating ice or other objects as well as fire or explosion.
distinctions between general average & particular average
• Particular average is a kind of cargo loss usually caused directly by sea perils, but general average is a kind of cargo loss caused by intentional measures taken; • Partial loss is often borne by the party whose cargo is damaged, but general average should be contributed by all the benefited parties proportionately.
Key Questions
11. How to calculate the following: ⑴ GA Contribution (state the steps) ⑵ Insurance Amount (formula) ⑶ Insurance Premium (formula), how to calculate it when the quotation is FOB or CFR?
2. Extraneous risks
• Extraneous risks refer to cargo risks which are not embraced by the perils specified in the policy. • It can be divided into two categories: ★General Extraneous Risk: includes clash and breakage, theft, leakage or hook damage, etc. ★Special Extraneous Risk: includes war risk, strike risk, on deck, import duty or rejection, etc.
2. Expenditures
• Expenditures refer to the charges incurred in rescuing the insured cargo, including sue and labour charges and salvage charges. • Sue and labour charges are any reasonable expense incurred by the insured or his agent or his servants in preventing or minimizing a loss when the subject matter insured is endangered. The insurer will reimburse the insured for such expense if the loss so minimized or prevented is proximately caused by an insured peril. • Salvage charges is an award payable to a third party for services rendered to preserve maritime property from perils at sea and is payable only when the property has been saved.
Key Questions
6.Describe the scope of cargo insurance. 7.State the Substance of General Average 8. State distinctions between general average and particular average 9.What are the three basic coverages , state the connections among them. 10.What „s “warehouse to warehouse” clause?
(2) Partial loss
• Partial loss is also called average, i.e. a loss less than total to cargo or ship . • According to the reason of loss, It may be divided into general average and particular average.
Ⅰ The basic principle of insurance • • • • Principle of insurable interest Principle of utmost good faith Principle of indemnity Principle of proximate cause
Ⅱ Scope of Cargo Insurance
• (Ⅰ) Risk: Possibilities of loss or damage to the
insured cargo during transportation , resulting from potential issues such as perils or hazard. Natural calamities • Sea peril ╱ ╲ Fortuitous accidents General Extraneous Risk • Extraneous risks ╱ ╲ Special Extraneous Risk
(Ⅱ) Loss and Expense
1. Marine Loss
According to the degree of loss: • (1)Total Loss: Loss of all the insured property and the cost of damage repair exceeds the value of the property. • (2)Partial loss: A loss that does not completely destroy the insured property and the value of the loss is less than all the values insured.
(1) Total Loss
• Actual total loss refers to that the whole consignment insured is totally lost in the course of transit or is so damaged to the extent that it is without its original shape and validity or it can no longer be in the possession of the insured. • Constructive total loss refers to the loss where an actual total loss appears to be unavoidable or the cost to be incurred in recovering or reconditioning the goods together with the forwarding cost to the named destination would exceed their value on arrival.
• refers to a partial loss of the subject matter insured proximately caused by an insured peril, other than a general average loss, i.e. the loss which should be borne by the party who suffers.
The Substance of General Average
• The peril must be real or unavoidable; • The sacrifice made should be reasonable and voluntary to avoid the peril or to save the common interests from the effects of the peril; • The sacrifice or expenditure must be extraordinary in nature but not a direct result of the peril; • The sacrifice made and the expenditure incurred must be effective i.e. both the ship and/or the whole part or some part of the cargo safely arrive at the final port of destination.
Key Questions
1. What are some parties involved in Cargo Insurance? 2. What are some basic principles of insurance? 3. What‟s the meaning of insurable interest, give an example. 4. What are some standard should be followed when compensating the insured? 5. What‟s the meaning of “subrogation”, and “notice of abandonment”?
Chapter Five: Cargo Transportation Insurance
★ The basic principle of insurance ★ Scope of Cargo Insurance ★ Terms and coverages of Ocean Marine Cargo Insurance in China ★ Marine Cargo Insurance of the Institute of London Underwriters ★ Cargo Insurance Practice in Import and Export Business ★ Insurance Terms in Sales Contract
General Average Contribution
• When such a loss occurs, it is paid on a pro rata basis by the ship owner, all cargo owners and freight owner.
Particular average
General average
• refers to sacrifices voluntarily made and extraordinary expenses incurred to rescue a ship and its cargo from impeding danger or for the common safety under fortuitous circumstance while it is at sea or at anchor in a port.