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2019/8/111ChapterFourCargoTransportationInsurance2019/8/112Section1BriefIntroductionofCargoTransportationInsurance2019/8/1131.FunctionsofCargoTransportationInsurance•(1)RisksTransfer•Insuranceisarisktransfermechanisms,wherebytheindividualorthebusinessenterprisescanshiftsomeoftheuncertaintyoflifeontotheshouldersofothers.•(2)RiskSpreading•Baseontheprinciplethatthefortunatehelpstheunfortunate,theindustryofinsurancehasbeendevelopedtoovercomethesefinanciallosses.•(3)Indemnity•Thisconceptisconcernedwiththevalueofcompensation.2019/8/1142.TheBasicFactorsofCargoTransportationInsurance•(1)Insured•(2)Insurer(Underwriter)•(3)SubjectofInsurance•(4)InsurancePolicy•(5)Conditions•(6)InsuredAmount•(7)InsurancePremium•(8)InsuranceClaim2019/8/115Section2TheContentofCargoTransportationInsurance2019/8/1161.TheClassificationofRisksRisksNaturalCalanitiesFortuitousAccidentsSpecialExtraneousRisksCommonExtraneousRisksPerilsofSeaExtraneousRisks2019/8/117•(1)PerilsoftheSea•Perilsoftheseaarethosecausedbynaturalcalamitiesandfortuitous.•i.Naturalcalamities•ii.FortuitousAccidents•(2)ExtraneousRisks•—Generalextraneousrisksinclude:theftorpilferage,rain,shortage,contamination,leakage,breakage,taintofodor,dampness,heating,rusting,hooking,etc.•—Specialextraneousrisksinclude:warrisks,strikes,non-deliveryofcargo,refusaltoreceivecargo,etc.2019/8/1182.LossesLossesActualTotallossConstructiveTotalLossGeneralAverageParticularAverageTotalLossPartialLoss2019/8/119•(1)TotalLoss•Totallossreferstothelossoftheentireshipmentcausedbytheoccurrenceofoneoftheperilsofthesea,fire,orsomeotherreasons.•i.Actualtotalloss•ii.Constructivetotalloss•(2)PartialLoss•Partiallossmeansthetotallossofpartoftheinsuredcargo.•i.GeneralAverage•ii.ParticularAverage2019/8/11103.Expenses•Transportationinsurancenotonlyinsuresthelossescausedbyrisksbutalsothelossesofexpenses.Themainexpensesinclude:•i.Sueandlaborexpenses•ii.Salvagecharges2019/8/1111Section3MarineInsuranceCoverageandClauses2019/8/11121.BasicCoverage•(1)FPA(FreefromParticularAverage)•TheFPApolicyprovidescoveragefortotallossesandgeneralaverageemergingfromactual“marineperils”.•(2)WPA(WithParticularAverage)•ThisinsurancecoverswiderthanFPA.•(3)AllRisks•BesidestheriskscoveredbyFPAandWPA,AllRisksalsoprovidescoveragainstsomeextraneousrisksoflossordamage.2019/8/11132.AdditionalRisks•(1)GeneralAdditionalRisks•i.Theft,pilferageand/ornon-deliveryclause•ii.Freshwaterand/orraindamageclause•iii.Shortageclause•iv.Intermixtureandcontaminationclause•v.Leakageclause•vi.Clashandbreakageclause•vii.Taintofodorclause•viii.Sweatandheatingclause•ix.Hooksdamageclause•x.Breakageofpackingclause•xi.Rustclause•(2)SpecialAdditionalRisks2019/8/11143.SpecialCoverage•(1)OceanMarineInsuranceClauseonFrozenProducts•Itisclassifiedintotwokinds,thatareFrozenRiskandFrozenAllRisk.•(2)OceanMarineInsuranceClauseonWoodOilBulk•Itisestablishedespeciallyforthewoodoilbulk,sothatitcouldbecoveredindependently.2019/8/11154.TheDurationofOceanMarineInsurance•(1)TheDurationofBasicCoverage•(2)TheDurationofWarRisk•(3)TheDurationofStrikeRisk•(4)MarineCargoExtensionClause•(5)TheDurationofSpecialCoverage2019/8/1116Section4LondonInsuranceInstituteClause2019/8/11171.TheClassificationofInstituteCargoClause(ICC)•—InstituteCargoCauseA.•—InstituteCargoCauseB.•—InstituteCargoCauseC.•—InstituteWarClause-Cargo.•—InstituteStrikeClause-Cargo.•—MaliciousDamageClause.2019/8/11182.InstituteCargoClauseandExclusions•(1)ICC(A)•i.Exclusions•ii.ExclusionsofUnseaworthinessandunfitnessofthecarryingvesselorlighter,includingthecontainers•iii.ExclusionsofWar•iv.ExclusionsofStrike•(2)ICC(B)•(3)ICC(C)2019/8/1119Section5InsuranceofLand,AirandPostalTransportation2019/8/11201.InsuranceofLand•Ahighvolumeofbusinessisnowconveyedbyrailandroad.Itisessentialthatadequatecoverbeobtainedforthelandcarriage.Again,theinsurancebrokerortradeassociationcangivevaluableadvice.Insurancecoverageforlandtransportationcanbedividedintotwocategories:LandTransportationRisk,almostequivalenttoWPA,andAllRisksforlandtransportation,almostequivalenttoMarineAllRisks.2019/8/11212.InsuranceofAir•Bythenatureofairmovements,shorttransittimes,lighterpackingrequired,quickclearanceatdestinationpointsand,inmostplaces,strictertheft-pilferagecontrol,asignificantnumberofexportdispatchesaresentbyairthesedays.Whileanairdisasterisspectacularandconcentratesthepublicattentionexceptionally,itistruethatairtrafficisoneofthesafestmethodsofmovinggoods.•Therearealsotwotypesofcoverage:AirtransportationriskandairtransportationAllRisks.2019/8/11223.InsuranceofPostalTransportation•Parcelpostinsurancecoversthelossesofordamagetotheparcelscausedbynaturalcalamities,fortuitousaccidentsorexternalrisks.ItincludesParcelPostRiskandparcelpostAllRisks.Onthebasisofthesetwobasiccoverages,someadditionalrisksmaybeaddedifcircumstancesrequire.2019/8/1123Section6InsuranceClausesinSalesContract2019/8/11241.ExamplesofInsuranceClausesinSalesContract•InFOB,CFRorFCA,CPTcontract,theinsuranceclausemaysimplybestipulatedas:“Insurance:Tobecoveredbythebuyer.”•InCIForCIPcontract,theclauseshouldmak