The so-called insurance interest refers to the policyholder's interest in the insurance subject that can be measured by economic value recognized by law. It is legal and can be measured in currency. Confirm that the purpose of the insurance benefit principle is to prevent moral hazard
The so-called insurance interest refers to the policyholder's interest in the insurance subject that can be measured by economic value recognized by law. It is legal and can be measured in currency. The purpose of confirming the principle of insurance benefits is to prevent moral hazard.
The principle of insurance interest is the basic principle of insurance, and its essential content is that the insured must have an insurance interest in the subject of the insurance. If the insurant insures with a subject that does not have an insurance interest, the insurer may unilaterally declare the insurance contract invalid; if an insurance liability accident occurs on the subject of the insurance, the insured may not obtain additional benefits not covered by the insurance benefit due to insurance.
The subject insured by the insurer in marine insurance is the object of insurance. But the insured (insured) does not insure the subject of insurance, but the interest of the insured in the subject of insurance. This interest is called insurance interest. If the policyholder does not have an insurance interest in the insurance subject, the insurance contract is invalid.
International freight insurance is the same as other insurances. The insured must have an insurance interest in the subject matter of the insurance. This insurance benefit is reflected in the ownership of the subject-matter insured and the risk responsibility it bears in international freight. For transactions concluded in the form of FOB, FCA, CFR and CPT, the buyer bears the risk after the cargo crosses the ship's rail. Once the goods are lost, the buyer's interests are lost, so the buyer has an insurance interest.
Therefore, the buyer as the insured should insure the insurance company, and the insurance contract will only take effect after the cargo crosses the ship's rail. Before the cargo crosses the ship's rail, the buyer has no insurance interest, so it is not covered by the insurer's insurance against the buyer. For transactions concluded by CIF and CIP, insurance is a contractual obligation of the seller. The seller has the ownership of the goods and of course has insurance benefits. The seller insures the insurance company, and the insurance contract takes effect immediately after the goods are shipped from the place of departure.
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