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Additional information such as the loading port and the discharging port will assist the underwriter in understanding the route to be taken by the cargo.
Agreed at inception this formula should be used by the insured when calculating the sums insured to be declared to underwriters. In the event of loss prior to declaration the formula will be used by underwriters to determine the sum insured of the cargo.
See the CARGO ENQUIRY FORM.
INFORMATION REQUIRED BY THE CARGO UNDERWRITER
1. The goods to be insured
Machinery, Fruit or Timber etc come in different forms. Use a fuller description such as " new / used / processed / semi processed / fully reconditioned / sawn / logs.2. Type of packing
Full description will help underwriter to give best rates and conditions.3. Method of shipment
Full container loads ( FCL)or full trailer loads (FTL) are looked upon more favourably by Underwriters as is a cargo shipped roll on/ roll off ( RORO) than goods shipped in part container (LCL)/ part trailer loads (LTL) or in the hold of the vessel.4. Main Mode of Transport
By; - Sea, Air, Rail, Road, Post, Courier. (Often a combination is used)5. Sum Insured
This amount should include the invoice cost of the goods, the freight and other transport and handling charges, the insurance premium plus a small percentage increase usually 10%6. Claims Experience
Details of all losses not just claims paid and outstanding for the preceding 5 years is required.7. Voyages
It is important to know from where to where the cargo is being moved.Additional information such as the loading port and the discharging port will assist the underwriter in understanding the route to be taken by the cargo.
THE FOLLOWING INFORMATION IS REQUIRED FOR OPEN AND ANNUAL POLICIES.
8. Limits of Indemnity
Limits any one vessel, conveyance, location or loss are required. A limit per postal package or parcel may also be required.9. Estimated Annual Turnover (Annual or Open Policies)
An accurate estimate of the total insured value of cargo to be moved during the forthcoming 12 month period split between the various voyages should be given.10. Basis of Valuation ( annual and open policies )
If not otherwise agreed c.i.f. plus 10%Agreed at inception this formula should be used by the insured when calculating the sums insured to be declared to underwriters. In the event of loss prior to declaration the formula will be used by underwriters to determine the sum insured of the cargo.
See the CARGO ENQUIRY FORM.