货运保险与保险凭证

What cargo insurance does

Goods can be damaged, lost or stolen between the seller's yard and the buyer's site. Carriers' liability is usually limited and often does not cover the full value, so cargo owners buy marine cargo insurance. It is a contract between the insured and an insurer under which the insurer pays for covered losses.

Who insures under which Incoterm

The Incoterm decides who must buy insurance, if anyone. Under CIF the seller buys insurance for the buyer's benefit, with at least the minimum level of cover. Under CIP the seller buys a broader level of cover. Under FOB, CFR and most other terms, there is no obligation to insure, though the party who carries risk will usually want cover.

• Risk is the guide: whoever bears the risk of loss during a stage has a reason to insure that stage.
• Under CFR, risk passes at loading, so the buyer should arrange its own cover for the voyage.
• Under FOB, the buyer carries the voyage risk and should insure too.

Levels of cover

Standard clauses used worldwide for marine cargo come in three levels, widely known as A, B and C. Level A is the broadest, covering all risks other than specific exclusions. Level B and C name the events they cover, with C the narrowest. For bulk commodities, buyers often agree to a level suited to the product, the voyage and the value. War, strikes and other extensions may be added as separate clauses.

Policy and certificate

A policy is the full contract. A certificate of insurance is a shorter document issued under an open or master policy to prove that a particular shipment is covered. Banks accept either if the credit allows. The certificate must be issued by or for the insurer, and many credits require it to be dated no later than the shipment date.

What to check on the certificate

• Insured party and beneficiary: who may claim, and whether the right is assignable to the buyer or bank.
• Insured amount and currency, usually the invoice value plus a margin, often 110 percent, as the usual convention, unless the contract differs.
• Description of goods, quantity, packing and marks, consistent with the invoice and bill of lading.
• Voyage: from where to where, vessel or means of transport, and the dates covered.
• Conditions: which clauses apply, deductibles, and any exclusions or warranties.
• Claims details: who to notify, in how many days, and the claims agent at destination.
• Insurer's name, signature and date of issue.

Exclusions and conditions that surprise people

• Delay is usually not covered, nor is loss of market.
• Inherent vice, natural moisture changes or the normal loss in weight of some commodities are typically excluded.
• Insufficient or unsuitable packing may reduce cover.
• Voyages through areas with war or strike risk may need an extension.
• A deductible, also called an excess, means small losses are borne by the insured.

If something goes wrong

Notify the insurer or its agent immediately, and within the time stated in the policy. Preserve the evidence: bring in a surveyor before the cargo is moved, take photographs, and keep the bill of lading, invoice, packing list and any notice to the carrier. Claims are paid against documents, so good records are the whole story.

Practical advice

Ask for a copy of the policy or a sample certificate before you agree to a CIF or CIP price, so you know the clauses are acceptable. If you are the buyer under CIF, consider adding cover rather than relying on the minimum. Insurance is a small cost relative to the cargo value, and its price is one of the lines in the landed cost calculator.

常见问题

Why is 110 percent often used for the insured value?

It is a common convention that adds a margin for costs and expected profit on top of the invoice value. The contract or the credit can ask for a different percentage.

Does cargo insurance cover delay?

Usually not. Standard cargo clauses exclude loss caused by delay, even if the delay results from an insured event.

Who can claim under the policy?

The insured party named in the policy or certificate, and anyone to whom the right has been assigned, such as the buyer or a bank. Check the assignment wording.

Is insurance needed if the carrier is liable?

Carrier liability is limited by conventions and contract terms and may be well below the cargo value. Many parties insure to cover the difference and to claim faster.