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International Maritime Insurance Types-China International

by:VIPUTRANS     2020-06-05
There are three types of insurance for marine cargo insurance clauses: Ping An Insurance (Free From Paricular Average-F.P.A), Water Risk Insurance (With Average Or With Particular), and All Risk (AllRisk-A.R.). When the insured goods suffer losses, this insurance shall be liable for compensation in accordance with the provisions of the insurance policy stipulating other insurance provisions. There are three types of insurance for marine cargo insurance clauses: Ping An Insurance (Free From Paricular Average-F.P.A), Water Risk Insurance (With Average Or With Particular), and All Risk (AllRisk-A.R.). When the insured goods suffer losses, this insurance shall be liable for compensation in accordance with the provisions of the insurance policy stipulating other insurance provisions. (1) The scope of liability of Ping An Insurance: 1. During the transportation of the insured goods, due to natural disasters, the entire loss of the whole batch of goods or the estimated total loss is caused. If the insured cargo is transported to or away from the sea vessel by barge, the cargo carried by each barge may be regarded as a whole batch. 2. All or part of the loss of goods due to accidents caused by transportation means. 3. In the event of an accident that has occurred in the means of transportation, the cargo suffered a natural disaster at sea before and after the entire loss caused by falling into the sea. 4. When loading or unloading or transshipping, all or part of the losses caused by one or several cargoes falling into the sea. 5. The insured shall pay a reasonable fee for the rescue, prevention or reduction of damage to the goods under the coverage, but not to exceed the insurance amount of the rescued goods. 6. After the transportation is in trouble, the loss caused by the unloading at the refuge port and the special expenses incurred by the unloading, storage and transportation of the goods at the midway port and the refuge port. 7. Common seafarers' sacrifices, apportionment and rescue costs. 8. The transportation contract has a 'ship collision liability clause', according to which the cargo party should reimburse the ship's loss. (2) Water damage insurance In addition to the responsibilities of the Ping An Insurance listed above, this insurance is also responsible for part of the losses of the insured due to severe weather, lightning, tsunami, earthquake, flood and natural disasters. (3) All risks In addition to the liabilities listed above for Ping An Insurance and Water Pollution Insurance, this insurance is also responsible for all or part of the loss of the insured goods due to external reasons during transportation.
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