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stages of shipment for effecting shipment from ports in india the exporter generally through his clearing and forwarding agent has to comply with
introduction you have learnt in unit 11 the process procedures and documentation formalities in preparing goods for exports as well as movement of
objectivesafter studying this unit you should be able to1 explain stages involved in export cargo shipment2 discuss the policy for central
document for claimsthe claims on the insurers should be submitted duly supported by the following documentsi original insurance policy or certificate
filing claims the insured will file claim with the insurance company after meeting the aforementioned requirements the insurance company is
responsibilities of the insured it is the duty of the insured or his agents in all cases to take such measures as may be reasonable to avert or
insurance claims when there is a loss the insured is to proceed to claim the loss recovery from the insurer the cardinal principle about insurance
open policy also known as floating policy it has much in a common with the open cover this policy benefits clients with substantial turnover and a
open cover open cover is an insurance arrangement designed specifically to the need of those firms which have substantial importexport turnover and
specific voyage policy a voyage policy covers the risks that may arise during a journey from specific place to another the terms and conditions of
recoverable expenses an insurance company will pay expenses incurred by the insured for recovering loss for preventing it to the cargo this is
exclusion clauses notwithstanding the vast range of perils covered under the contract of cargo insurance insurance cover is not provided against a
coverage and institute cargo clause generally these perils are grouped in categories depending on the types of cargo policies which exclude war and
particular loss there are two types of partial losses as explained belowgeneral average sometimes a ship owner either sacrifices some cargo the ship
constructive total loss ctl unlike the actual total loss ctl is not a physical loss and is not absolute ctl may be defined as a total loss when the
actual total loss atl an actual total loss may occur in three ways firstly when the insured cargo is physically destroyed when fire in the hold of
strike perils in marine insurance strike perils mean events which lead to loss or damage to cargo caused byi strikes lock-out workmen or persons
war perils war perils covered by the institute war clauses refer to following eventsi war civil war revolution rebellion insurrection or civil strike
extraneous perils these are the incidental perils to which the cargo is exposed these are caused mainly on account of the faults in loading keeping
kinds of perils the cargo insurance policy can be as wide as to cover all possible kinds of risk and losses to which cargo could be exposed in
indemnity and insurable value the insurance contract is in the nature of indemnity the literal meaning of indemnity is protection against loss or
marine insurance contract article 3 of the indian marine insurance act 1963 defines marine insurance contract as it is an agreement whereby the
nature of cargo insurance policya marine or cargo insurance policy has an international character and therefore a policy taken in one country is
commercial dimension from the point of view of an exporter a transaction is complete as soon as the importer either pays for the bill of exchange on
legal dimension when the goods are in transit from the exporter to the importer they are at different stages in the custody of different agencies