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1、Chapter FourCargo Transportation Insurance,2020/8/3,1,Section 1Brief Introduction of Cargo Transportation Insurance,2020/8/3,2,1. Functions of Cargo Transportation Insurance,(1) Risks Transfer Insurance is a risk transfer mechanisms, whereby the individual or the business enterprises can shift some
2、of the uncertainty of life onto the shoulders of others. (2) Risk Spreading Base on the principle that the fortunate helps the unfortunate, the industry of insurance has been developed to overcome these financial losses. (3) Indemnity This concept is concerned with the value of compensation.,2020/8/
3、3,3,2. The Basic Factors of Cargo Transportation Insurance,(1) Insured (2) Insurer (Underwriter) (3) Subject of Insurance (4) Insurance Policy (5) Conditions (6) Insured Amount (7) Insurance Premium (8) Insurance Claim,2020/8/3,4,Section 2The Content of Cargo Transportation Insurance,2020/8/3,5,1. T
4、he Classification of Risks,Risks,2020/8/3,6,(1) Perils of the Sea Perils of the sea are those caused by natural calamities and fortuitous. i. Natural calamities ii. Fortuitous Accidents (2) Extraneous Risks General extraneous risks include: theft or pilferage, rain, shortage, contamination, leakage,
5、 breakage, taint of odor, dampness, heating, rusting, hooking, etc. Special extraneous risks include: war risks, strikes, non-delivery of cargo, refusal to receive cargo, etc.,2020/8/3,7,2. Losses,Losses,2020/8/3,8,(1) Total Loss Total loss refers to the loss of the entire shipment caused by the occ
6、urrence of one of the perils of the sea, fire, or some other reasons. i. Actual total loss ii. Constructive total loss (2) Partial Loss Partial loss means the total loss of part of the insured cargo. i. General Average ii. Particular Average,2020/8/3,9,3. Expenses,Transportation insurance not only i
7、nsures the losses caused by risks but also the losses of expenses. The main expenses include: i. Sue and labor expenses ii. Salvage charges,2020/8/3,10,Section 3Marine Insurance Coverage and Clauses,2020/8/3,11,1. Basic Coverage,(1) FPA (Free from Particular Average) The FPA policy provides coverage
8、 for total losses and general average emerging from actual “marine perils”. (2) WPA (With Particular Average) This insurance covers wider than FPA. (3) All Risks Besides the risks covered by FPA and WPA, All Risks also provides cover against some extraneous risks of loss or damage.,2020/8/3,12,2. Ad
9、ditional Risks,(1) General Additional Risks i. Theft, pilferage and/or non-delivery clause ii. Fresh water and/or rain damage clause iii. Shortage clause iv. Intermixture and contamination clause v. Leakage clause vi. Clash and breakage clause vii. Taint of odor clause viii. Sweat and heating clause
10、 ix. Hooks damage clause x. Breakage of packing clause xi. Rust clause (2) Special Additional Risks,2020/8/3,13,3. Special Coverage,(1) Ocean Marine Insurance Clause on Frozen Products It is classified into two kinds, that are Frozen Risk and Frozen All Risk. (2) Ocean Marine Insurance Clause on Woo
11、d Oil Bulk It is established especially for the wood oil bulk, so that it could be covered independently.,2020/8/3,14,4. The Duration of Ocean Marine Insurance,(1) The Duration of Basic Coverage (2) The Duration of War Risk (3) The Duration of Strike Risk (4) Marine Cargo Extension Clause (5) The Du
12、ration of Special Coverage,2020/8/3,15,Section 4London Insurance Institute Clause,2020/8/3,16,1. The Classification of Institute Cargo Clause (ICC), Institute Cargo Cause A. Institute Cargo Cause B. Institute Cargo Cause C. Institute War Clause-Cargo. Institute Strike Clause-Cargo. Malicious Damage
13、Clause.,2020/8/3,17,2. Institute Cargo Clause and Exclusions,(1) ICC(A) i. Exclusions ii. Exclusions of Unseaworthiness and unfitness of the carrying vessel or lighter, including the containers iii. Exclusions of War iv. Exclusions of Strike (2) ICC(B) (3) ICC (C),2020/8/3,18,Section 5Insurance of L
14、and, Air and Postal Transportation,2020/8/3,19,1. Insurance of Land,A high volume of business is now conveyed by rail and road. It is essential that adequate cover be obtained for the land carriage. Again, the insurance broker or trade association can give valuable advice. Insurance coverage for lan
15、d transportation can be divided into two categories: Land Transportation Risk, almost equivalent to WPA, and All Risks for land transportation, almost equivalent to Marine All Risks.,2020/8/3,20,2. Insurance of Air,By the nature of air movements, short transit times, lighter packing required, quick
16、clearance at destination points and, in most places, stricter theft-pilferage control, a significant number of export dispatches are sent by air these days. While an air disaster is spectacular and concentrates the public attention exceptionally, it is true that air traffic is one of the safest methods of moving goods. There are also two types of coverage: Air transportation risk and air transportation All Risks.,2020/8/3,21,3. Insurance of Postal Transportation,Parcel post
