bai thuyet trinh tieng anh chuyen nganh 2

8/11/2019 Bai Thuyet Trinh Tieng Anh Chuyen Nganh 2

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RISK TITLE AND

INSURRANCE


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- The issue of ownership is a vital

one in international trade and one

which is barely covered by existing

international conventions.

- An ownership transfer agreement

is done via a contract or other legaldocument.


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Name NamesThe transfer of ownership agreement

must provide the legal names of allparties involved Property DescriptionA description of the property being

conveyed is required in an ownershiptransfer agreement.

Terms and ConditionsAn ownership transfer document alsospells out the terms of the transferagreement.


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The holder of a negotiable bill ofloading is entitled to receive the goodsunless he is in bad faith concerning therights of other persons to the goods.

If a bill of lading is issued in severalcopies, one copy is sufficientidentification to have the goods handed

over somewhere else, all the copiesmust be presented or security must beprovided.


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Where the Seller, because anotherperson is indicated as the consignee inthe bill of lading, is not able todispose of the goods.

Where two persons demand the goodsat the same time, the carrier shallkeep the goods until the matter is

settled (following the Danish MerchantShipping Act)


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Where the Buyer has transferred such a document to his

bank as guarantee, the bank will extinguish the Sellers rightof stoppage in transit unless the Bank knew or ought to

know that the Buyer was insolvent and that therefore the

Seller was likely to stop the goods.

=> Each exporter chooses different way to keep legal

ownership of goods. Accordingly, cause ownership is of little

practical value, many contracts specify that Title to the

goods passes with risks.


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Definition of Marineinsurance

Marine Insurance covers the lossor damage of ships, cargo,terminals, and any transport orproperty by which cargo istransferred, acquired, or heldbetween the points of origin and

final destination.


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Features of marine insurance

It is based on Utmost good faith

It is a contract of indemnity

Insurable interest

Proximate cause


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Who should insure?

The point of delivery as decisive :

+ Before delivery : The exporters

+ After delivery: The buyers Following the C-terms(CIF, CIP)


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Types of marine insurance

Hull insurance:

-A time policy gives cover for a

specified period.-A voyage policy relates to aparticular voyage

Cargo insurance

Freight insurance

Shipowners liability insurance


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Total loss or partial loss

Total loss: theinsurer is entitleto take over what

ever may remain ofthe subject matter

Partial loss:subrogation is to

extent of loss paid,excess recovery ifany, is to bedisbursed to the

insured

A. Totalloss

A1. Actualtotal loss

A2.

Constructivetotal loss

B. Partialloss

B1. Generalaverage loss

B2.

Particularaverage loss


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Parties Involved

Carrier

Charter

Consignee Consignor


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AverageIn marine insurance, in the case of a partialloss, or emergency repairs to the vessel,average may be declared.

General average requires all partiesconcerned in the venture(Hull/Cargo/Freight/Bunkers) to contributeto compensate the losses caused to thosewhose cargo has been lost or damaged.

Particular Average is levied on a group of

cargo owners and not all of the cargoowners.


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Insurance premium

Financial cost of obtaining aninsurance cover, paid as a lump sum

or in installments during the durationof the policy.

A failure to pay premium when due

automatically cancels the insurancepolicy.


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Insurance Policy

- Floating policy

- Open policy

-

Valued policy- Unvalued policy

- Time policy

-Voyage policy

- Time and voyage policy


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MARINE STANDARDPOLICY FORM

THE FORM CONTAINS THE FOLLOWING PARTICULARS:

NAME OF INSURED: -POLICY NO.:

SUM INSURED: -PREMIUM:

STAMP DUTY: -CONVEYANCE/STEAMER:

VOYAGE OR JOURNEY: -B/L; LR/GR, RR, AWBNO.:

TYPE OF COVER: AND DATE:

CLAUSES ATTACHED

INTEREST/PROPERTY :

DESCRIPTION OF THE ITEM WITH PACKING DETAILS : NAME AND ADDRESS OF SURVEYOR AT DESTINATION

CLAIM SETTLING AGENT:

PLACE WHERE CLAIM SHALL BE SETTLED:

POLICY ISSUING OFFICE ADDRESS AND DATE:

SIGNATURE OF AUTHORISED PERSON:


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Comparison

floatingpolicyandopen cover


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Comparison floating policyand open cover

In common:

Both offer the exporterinsurrance cover on all shipmentsover a period of time.


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Comparison floating policyand open cover

OPEN COVER

Open cover: for regular shipments

An agreement of insurrance with the issured

To govern the inssurance coverage of futuretransits or shipments

Coverage like ICC (insurance cargo clause-A or Betc. is agreed,

Rate, term, warranties, clauses, excussion are

agreed Voyage are by sea or air, transhipment if any are

agreed

Basis of valuation of goods is there but nosum

insured specified in the open cover.


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Comparison floading policyand open cover

Limitper bottom and limitper location

The insurer undertakes to insure allshipments declared by the insured.

The assured undertakes to declareeach and every shipment.

Premium and stampduty payable

against each and every shipment. A marine policy or certificate of

insurance shall issued dully stamp dutyaginst each dispatch.


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A deposite premium,equivalent to one to three

months turnover shall beacceptedby insurer

For legal purpose open coveris like a covernote.


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The advantages are:

Automatic and continuous cover inregard to coverage, rate, terms and

conditions. No need for any negotiation on eachshipment.

Any inadvertant ommission is ignored bythe insurer provided there is sufficientdeposit.


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A Certificate of Insurance is issued againstdeclarations for the fortnight or month as the casemay be.

Since policy is a stamped document, certificates

are not stamped. Open policy is issued for inland transit

At the end of the policy period, the policy isadjusted and premium against the balance unutilizedS. I. is refunded

Advantages of Open Policy:

Automatic and continuous insurance protection

Administrative labour is reduced

Saving in stamp duty


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The insurer can check the records ofthe insured in regard to dispatchesmade in terms of the open policy

The policy can be cancelled by eitherparty after giving a notice of 30days

Location limit at any one locationshould not exceed a specified amountmentioned in the open policyconditions


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Cargo insurrance Cargo insurance is underwrittenon the Institute Cargo Clauses,with coverage on an A, B, or C

basis+ A having the widest cover

+ C the most restricted.

Valuable cargo is known as specie


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l


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Marine Insurrance claimProceduce

In case of loss/damage in transit, amonetary claim should be lodged withthe carrier within the time limit.

Appointment of surveyor in agreementwith the insurer to determine thenature, cause and extent of loss/damage

The surveyor informs the insurer of theapproximate value of loss incurred.


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Marine Insurrance claimProceduce

The claim procedure takes from oneto three weeks.

Original Invoice & packing List if

forming part of Invoice- Document of declaration of

consignment

Damage Certificate from the carrier The farmer must furnish area sown

confirmation certificate, if required

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