insurance

dua · Post by **dua** » Thu Aug 13, 2009 9:57 am

Hi all
I have one more question about insurance

with condition CIP in air waybill
The carrier must buy insurance for goods which be carriaged by air
But under L/C stipulated that, the exporter must present insurance certificate that means goods are assured
So, goods are assured two times and exporter will claim two times for only goods
Pls help me to solve this confusion
Thanks so much

picant · Post by **picant** » Thu Aug 13, 2009 12:23 pm

Hi Pal,

Normally a carrier has its own insurance that cover the goods not "ad Valorem" but for a certain amount specified by Transport Rules(IATA, CMR, The Hague and Visby, etc).
A good buyer is insuring the goods, directly or indirectly, in order to obtain a refund that covers the goods value and sometime a so called "anticipated profit"(100 + 10% of invoice gross value). Normally refund is less than goods value, in your case I think that the Insurance Company will refiund the buyer and sue the carrier for the goods damage, the carrier will be protected by their own insurance, if responsable.
Hoping to have been clear.
Ciao

PS Other comments appreciated