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1、Chapter 8 Cargo Transport Insurance1内容展示Key points:Basic concepts: insurer, insured, underwriter, applicant.Risks: Perils of the Sea & Extraneous RisksLoss: Total Loss & Partial LossBasic Risks and Additional Risks of CICCalculation of Insured Amount 2内容展示Some basic conceptsApplicant (投保人) The insur
2、ed （被保险人）Underwriter (承保人) = The insurer（保险人） = insurance companyInsurance Broker：an agent who sells insurance.Claimant: someone who claims a benefit or title. Insured Amount (保险金额)Premium (保险费)Insurance policy (保险凭证/保单)Premium rate (保险费率)3内容展示Some Chinese & foreign insurersPICC (Peoples Insurance C
3、ompany of China)Corporation of LIoyds 劳合社: 水险、航空、汽车、卫星等.ING 荷兰国际集团 (No.13 of World Top 500 )AXA 法国安盛 (No.15 of World Top 500 )Allianz 德国安联 (No.16 of World Top 500 )AIG 美国国际集团 (No.20 of World Top 500 )GENERALI 意大利忠利(No.21 of World Top 500 )AVIVA 英国英杰华 (No.28 of World Top 500 )4内容展示 International Carg
4、o transport InsuranceRisks 1. Perils of the sea a.Natural calamities: Caused by the forces resulting from the changes of nature, e.g. vile weather, thunder, lightning, tsunami, earthquake, flood, etc. b. Fortuitous accidents: The accidents resulting from unexpected causes, e.g. the carrying conveyan
5、ce being grounded, stranded, or in collision with floating ice or other objects, as well as fire or explosion. .5内容展示 2. Extraneous risksThe risks beside the perils of the sea. (Not covered by W.A or F.P.A.)General extraneous risks（一般外来风险）: include the risks of theft, shortage, leakage, dashed by fr
6、esh and rain water, sweating and heating, intermixture and contamination, taint of odor, hook damage, breakage of packing, rusting, etc. (be covered only by All Risks)Special extraneous risks （特殊外来风险）: include the risks on deck, war, strikes, failure of delivery, rejection, pirate ( sea rover), etc.
7、6内容展示3、Ocean losses a. Total loss(1) Actual Total Loss: :The insured subject matter is totally and irretrievably lost. .(2) Constructive Total Loss: : It is estimated that the actual total loss of cargo is inevitable or the cost of salvage or recovery could exceed the value of the cargo. 返回目录返回目录7内容
8、展示b. Partial loss (1) General Average loss: 共同海损 A special sacrifice and extra expense intentionally incurred for the general interests of the ship owner, the insurer, and the owners of the various cargoes aboard the ship.(2) Particular Average loss: 单独海损 A particular cargo is damaged by any cause a
9、nd the damage does not come up to a total loss, i.e., only a partial loss, which shall be borne by the owner of the individual consignment.返回目录返回目录8内容展示 C. Maritime charges (no in the book) (1) Sue and labor charges: 施救费用 The reasonable expenses to save, protect, or reduce the loss by insured and th
10、e policy beneficiary. It also should be covered by the insurer. (2) Salvage charges: 救助费用 The expenses of the third party to successfully save the cargo and the ship. According to the relative laws, the insurer shall pay to the salver (third party). But there is a principle, i.e., “no save-no pay”.9
11、内容展示II.China Insurance Clauses (CIC)The contents (same as Institute Cargo Clause):a. Basic risks (3 conditions) ： F.P.A. Free from Particular Average (平安险) W.P.A. or W.A. With Particular Average, With Average（水渍险） All risks (一切险) 返回目录返回目录10内容展示1. F.P.A. ( (平安险平安险) ) Free from Particular Average8 cir
12、cumstances:(1)Actual total loss or constructive total loss from natural calamity, i.e. vile weather, bore, earthquake, flood The Insured must authorize the insurer if it is the constructive total loss.(2) Total loss or partial loss caused by fortuitous accidents, i.e. stranded, collision with floati
13、ng ice or other objects, fire or explosion(3) Partial loss caused from natural calamity again before and after fortuitous accidents (4) Total loss or partial loss of one or several pieces of cargo dropping into the sea when shipment or during transport.11内容展示Continued:(5) Reasonable expenses to save
14、, protect, or reduce the loss by insured, but no more than the insured value. (6) Special expenses of unloading, storage and shipping in harborage after ship getting perils of the sea.(7) The sacrifice, sharing and the charges of general average. (8) If the term of “collision with ships” is involved
15、 in transport contract, the owners of the cargoes should compensate the loss of the ship owner.12内容展示2. W.P.A. or W.A. (水渍险)It covers partial loss due to natural calamity (vile weather, lightning, tsunami, earthquake and/or flood) as well as the risks covered under F.P.A. condition as mentioned abov
16、e.3. All risks (一切险) Aside from the risks covered under the F.P.A. and W.A. conditions, it also covers all risks of losses or damage to the insured goods whether partial or total, arising from external causes in the course of transit (general extraneous risks).返回目录返回目录13内容展示Relations between three k
17、inds of basic insurance coverage F.P.A.= W.P.A. Particular AverageW.P.A.(W.A.) = F.P.A. + Particular Average caused by natural calamityAll Risks = F.P.A.+ Particular Average + General Additional Risks = W.P.A. + General Additional Risks14内容展示W / W Clause:Warehouse to warehouse clause:1. From the war
18、ehouse in departure to the final warehouse in destination; 2. or 60 days after unloading.返回目录返回目录15内容展示b. Additional risks (attached risks) These kinds of risks cant be covered independently; they shall be underwritten depending on one of the basic risks.1). General additional risks (11 conditions)
19、2). Special additional risks (8 conditions) 16内容展示1) General additional risks 11 general conditions to be covered by All Risks1. Clash & breakage / 碰损破碎险2. Taint of odor / 串味险3. Fresh water &/or rain damage / 淡水雨林险4. T.P.N.D. Theft, pilferage and non-delivery / 偷窃、提货不着险5. Shortage / 短量险6. Leakage /
20、滲漏险7. Intermixture & contamination / 混杂玷污险8. Hook damage / 钩损险9. Sweat and heating / 受潮受热险10. Rust / 锈损险11. Breakage of packing / 包装破碎险17内容展示2) Special additional risks 9 special conditionsBesides All risks, the following risks should be bought in addition:1. War risks / 战争险 direct loss & general av
21、erage of it; only on board of ship or lighter, but not for loss of atom bomb.2. Strike risks / 罢工险 direct loss & general average of it3. Aflatoxin / 黄曲霉素险4. Failure to deliver / 交货不到险 no delivery after 6 months5. On deck risks / 舱面险6. Import duty risk/ 进口关税险 total duty for damaged goods.7. Rejection
22、 risk/ 拒收险 rejected by importing government8.F.R.E.C.(Fire Risk Extension Clause at hong Kong) / 港澳存仓险火险扩展条款9. Pirate risks / 海盗险18内容展示Calculation of insured amountRate of Insured Addition: CIF or CIP x 10%Insured amount = CIF (or CIP) x (1+10%) If it is an import consignment under FOB term:Insured
23、amount = FOB (or FCA) x (1+ transport rate + insured rate) If consignment price and freight is given (CFR or CPT):CIF(CIP) = CFR (or CPT) / 1 -【Insured rate x (1+10%)】Premium = CIF (or CIP) x (1+10%) x Premium rate19内容展示Exercises Shanghai-VW Auto Joint venture will export cars to Aden Yemen under CI
24、F term. The sales contract says as following: Insurance: To be covered by the seller for 110% of total invoice value against All Risks, War risks and pirate risks. The invoice value is EUR1,500,000 CIF Aden the rate of All Risks is 0.8%, the rate of War risks is 0.13%, and the pirate rate is 0.5%. P
25、ls calculate the insured amount and the premium.If the pirate rate is increased to 5%, how much is the premium?20内容展示Insured amount = CIF (CIP) x (1+10%) Premium = CIF (CIP) x 110% x Premium rateInsured amount = EUR1,500,000 x (1+10%) = EUR1,650,000Premium = Insured amount x Premium rate =1,650,000
26、x (0.8% + 0.13% + 0.5%) =1,650,000 x 1.43% = EUR23,595If pirate rate is changed to 5%: New premium =1,650,000 x (0.8%+0.13%+5%) =1,650,000 x 5.93% = EUR97,84521内容展示Ways to make the insurance clause保险由卖方按发票金额的0.4%投保平安险（水渍险/一切险）, 以中国人民保险公司2008年11月的有关海洋运输货物保险条款为准。 Insurance: To be covered by the seller
27、 for 0.4% of total invoice value against F.P.A.(W.P.A. / All Risks), as per and subject to the relevant ocean marine cargo clauses of Peoples Insurance Company of China, dated Nov. 2011.Additional risks 附加险条款举例： 加保战争险，费率0.03%；短量险，费率0.02%, 短量免赔率0.5%. Including War Risks for 0.03% and shortage of weig
28、ht for 0.02% in excess of 0.5%. 22内容展示Summary :Concepts about insurancePerils of the sea & Extraneous risks Total loss: Actual Total Loss & Constructive Total Loss Partial loss: : General Average & Particular Average3 Basic Risks of CIC: F.P.A., W.P.A., All risks11 General additional risks & 9 Speci
29、al additional risks of CIC Calculation of insured amount and premium How to make the insurance clause 23内容展示I. Single choice questions.1. The person who enters into an insurance contract with insurer is called ( ) A. the insured B. underwriter C. broker D. agent2. Usually the minimum amount insured
30、should be the CIF value of the goods plus ( ) A. 40% B. 30% C. 20% D.10%3. Which of the following risks is not covered in FPA coverage? ( ) A. general average B. fire C. salvage charges D. war4. Which of the following risks is not covered in All Risks coverage? ( ) A. natural calamities B. strike C.
31、 fire D. collision24内容展示5. Which of the following coverage does not cover partial loss or damage resulting from natural calamities? ( ) A. W.P.A. B. F.P.A. C. All risks D. Institute Cargo Clause 6. Damage to cargoes unavoidably incurred in the course of fire-fighting operations can be regarded as (
32、). A. particular average B. general average C. partial loss D. total loss7. The term cargo insurance applies to ( ) transportation. A. marine B. air C. land D. all of the three25内容展示8. The ( ) refers to the person who pays the premium. A. insurer B. insured C. freight forwarder D. insurance broker9.
33、 “Particular Average” is described in the policy as “fortuitous ( ) loss”. A. partial B. total C. intentional D. accidental10. FPA provides a more limited cover than WPA since it does not include ( ) losses and damages from natural calamities. A. partial B. total C. general D. accidental26内容展示11. FP
34、A is not suitable for ( ) cargo, which can suffer losses or damage by pilferage or breakage of contents. A. bulk B. unpacked C. general D. common12. WA means with “( )” both from “General Average” and “Particular Average”. A. partial loss B. total loss C. average loss D. average13. War risks differ
35、from strikes, riots or civil commotion in that it excludes the goods in transit ( ). A. by sea B. by air C. on the land D. by inland waterway27内容展示14. War Risks are added to the ( ) insurance cover. A. general B. particular C. average D. main15. FPA ( ) contribution to General Average. A. is exclude
36、d B. is included C. excludes D. includes16. Which of the following risks are covered by the All Risks coverage of PICC Ocean Marine Cargo Clauses. ( ) A. War and Fire B. Strike and delay C. Aflatoxin and on deck D Heavy weather and fire28内容展示17. Which of the following coverage does not cover partial
37、 loss of damage resulting from natural calamities. ( ) A. WPA B. FPA C. ICC(B) D. ICC(A)18. ( ) defined as loss arising in the consequence of extraordinary and intentional sacrifice made, or expense incurred, for the common safety to the ship and cargo. A. Particular average B. General average C. Wi
38、thout average D. With average19. Which of the following risks is not covered by the All Risks coverage of marine cargo transportation insurance ( ). A. delay B. flood C. lighting D. heavy weather29内容展示20. The general guiding rate of the insurance premium is ( ) of the amount insured. A. 0.5% B. 1% C
39、. 2% D. 10%21. In international trade, the insured amount is often the ( ) value of the consignment plus 10%. A. FOB B. CFR C. CIF D. DDU22. W/W clause is the liabilities commencement and termination period of ( ) A. carrier B. shipper C. consignee D. insurance30内容展示II. Multiple choice question (cho
40、ose at least two answers which are correct in the followings). 1.Which of the following principles are applicable to marine cargo insurance? A. insurance interest B. utmost good faith C. indemnity D. all risks2. Which of the following risks are covered in All Risk coverage? A. war risks B. strike ri
41、sks C. rust risks D. shortage risks31内容展示3. The premium rates may vary depending on factors such as ( ) A. type of goods B. value of the goods C. mode of transportation D. type of risks covered4. Which of the following risks belong to the general additional risks.( ) A. FPA B. WPA C. leakage risks D
42、. intermixture and contamination risks 5. Institute Cargo Clause (B) covers loss or damage to cargo caused by ( ). A. earthquake B. volcanic eruption C. lighting D. fire or explosions32内容展示6. Principles of marine cargo insurance include ( ) A. premium B. insurable interest C. indemnity D. utmost goo
43、d faith7. The premium rates may vary depending on factors such as A. mode of transportation B. type of goods C. value of the goods D. container or bulk shipment8. All Risks provide insurance against all risks of loss or damage to the cargo insured except for those damages or losses which are due to
44、( ). A. earthquake B. delay C. stranding D. inherent vice33内容展示9. Insurance is essentially a contract between two parties, namely ( ) A. the insurer and the insured B. the importer and the exporter C. the insurance company and the owner of cargo D. the insurance broker and the representative acting
45、on behalf of the owner10. Partial losses incurred as a result of specific casualties such as ( ) are covered in FPA. A. burning of the vessel B. lighting C. stranding D. sinking11. The basic types of insurance coverage include ( ). A. FPA B. WPA C. AR D. War Risks34内容展示12. ICC(B) covers loss of or d
46、amage to cargo caused by ( ). A. earthquake B. grounding C. lighting D. fire or explosions13. All Risks of marine cargo transportation insurance covers risks of ( ) A. war and strike B. general average C. inherent vice of goods D. stranding of ship14. Under CIF, if the B/L is issued on July 20th, th
47、e insurance policy can be issued on ( ). A July 10th B July 15th C July 20th D July 21st35内容展示15. ( ) are the parties of insurance contract. A. Insurer B. Insurance broker C. Insured D. Insurance agent16. ( ) can be solely covered. A. FPA B. WPA C. TPND D. All risks36内容展示17. ( ) are covered in All r
48、isks coverage. A. war risks B. strike risks C. rust risks D. shortage risks18. W/ W Clause is suitable to ( ). A. FPA B. TPND C. War Risks D. Strike Risks19. When chose insurance coverage, the insured should consider ( ). A. the characteristics of the cargo B. the packing of the cargo C. the transpo
49、rtation mode and route D. the port of call37内容展示III. True or false.1. Cargo insurance is a contract of indemnity. ( )2. Insurance policy is an evidence of insurance contract issued by the insurer to the underwriters. ( )3. Insurance policy or certificate and endorsement are the main ones used in dai
50、ly marine cargo insurance business. ( )4. General average and salvage charges are not covered in FPA coverage.( )38内容展示5. All Risk covers risks of war, strike and other special additional risks.( )6. There is no difference between ICC and PICC clauses. ( )7. It is unnecessary for a freight forwarder
51、 to advise his clients to insure their cargo or to check with them if he is not instructed. ( )39内容展示8. Under no circumstance is partial loss or damage recoverable in FPA. ( )9. War Risks do not cover the goods in transit on the land, neither does the coverage-strikes, riots and civil commotions. (
52、)10. All Risks are the most comprehensive type of cover because it covers all kinds of risks. ( )40内容展示11. The CIF/CIP value of the goods should be taken as the minimum amount insured.( )12. R policy is most widely used in the transport of general cargo. ( )13. FPA is more suitable for bulk cargo, l
53、ike logs, steel bars, pipes. ( )41内容展示15. Partial loss in transshipment operations is included in FPA. ( )16. Cargo insurance contract is not a contract of indemnity.( )17. General average and salvage charges are covered both in FPA and WA coverage.( )18. ICC(C) does not cover risks of war, strike,
54、but covers loss of or damage to cargo caused by earthquake. ( )42内容展示19. A contract of marine insurance is a contract based upon the utmost good faith, if the utmost good faith be not observed by either party, the contract may be avoided by the other party. ( )20. The insured should cover All Risks and general additional risks. ( )43内容展示
