Why is marine insurance 110%?
Most insurers offer insurance at 110 percent of the CIF value (the additional 10 percent being included as compensation for loss of profit). The purpose of insurance is to compensate the insured for loss or damage, not to provide profit to the insured for the accident or event that led to the loss or damage.
What does CIF 10% mean?
Q: What does “CIF+10%” mean? A: CIF+10% stands for: C = Cost/invoice value (purchase cost if your client is the buyer, or selling price if they are the seller) I = Insurance premium. F = Freight and associated charges (e.g. customs clearance charges)
Which risks are not insured against in any of the marine cargo policies?
Marine cargo policies always contain a FC&S (Free of Capture & Seizure) clause, which excludes war risks, strikes, riots and civil commotions and similar risks. A specific agreement must be made for an additional premium to be paid if these perils are to be insured.
Why buy cargo insurance?
Cargo insurance usually covers damage caused by bad weather, loading and unloading, piracy, and other related risks. This is why we often recommend additional cargo insurance for our clients. It typically covers external causes of loss and damage to your shipment.
What is insurance for freight forwarders?
The FFL insurance is specifically aimed to protect the freight forwarders. Against accidental damages or losses to the cargo until the time it is delivered. This insurance is crucial. It provides financial cover to the companies from the claims made by third parties for the lost shipment.
What is customs duty insurance policy?
Custom Duty Cover It can be taken as a standalone policy if the overseas transit has been covered by an insurance company abroad, but it has to be taken before the goods arrive in India. The Duty Policy excludes claims in respect of : Total loss of whole or part of cargo prior to duty becoming payable.
Why do ship owners get marine insurance?
Marine Insurance, the oldest form of insurance, protects shipping companies and cargo owners against the loss of a ship and/or cargo. Marine insurance helps to manage risks in the event of an unfortunate incident like accidents, damage to the property and environment or loss of life.
What are the two types of marine insurance?
Types of Marine Insurance
- Freight Insurance.
- Liability Insurance.
- Hull Insurance.
- Marine Cargo Insurance.
What are the excluded losses under the marine insurance?
Again the Act prefaces the exclusion with: ‘Unless the policy provides,’ then goes on to state that ‘… the insurer is not liable for any loss caused by ordinary wear and tear ordinary leakage and breakage, inherent vice or nature of the subject matter insured, or for any loss caused proximately by vermin or rats, or …
Which losses are not covered by marine insurance policy?
Marine Insurance doesn’t offer any coverage in the following cases: Loss or damage due to willful act of negligence and misconduct. Any loss or damage due to delay. Loss or damage due to improper packing.
What does Vectura do?
About Vectura We are a specialist inhalation CDMO that provides innovative inhaled drug development solutions to help customers bring their medicines to patients.
What is a Vectura Crane?
Vectura is a reliable, proven and cost-effective technology. Additionally, continual enhancements make Vectura a top-quality ASRS crane, capable of accommodating a broad range of requirements. Vectura is designed to minimize distances between stored goods and the warehouse end walls in order to maximize total storage capacity.
What are the specifications for Vectura unit load?
Specifications for Vectura Unit Load AS/RS. Maximum Height 164 ft (50 m) Minimum Height 33 ft (10 m) Maximum Load weight 3 tons (6600 lbs) Speed of operation: up to 13 ft/s (4 m/s)
Why am I receiving offers to buy Vectura shares?
These are generally from overseas organisations who do not represent Vectura Group and are offering to buy or transact Vectura shares for considerably more than the current market price, or sell other investment products which could be worthless or very high-risk investments.