CoverNote

 

Type:                            Marine Cargo Insurance

Assured:                      AFS Advantage, L.L.C and affiliates

Address:                      670 Emberwood Drive, Shreveport, LA 71106 USA

Period:                        This Open Cover and the protection hereunder is effective in respect of all insurances attaching on or after 12 March 2018 to 11 March 2019 local standard time at the address of the assured, both days inclusive unless cancelled as provided for herein.

 

Cancellation Provisions: 

This contract may be cancelled at any time by either the Assured or Insurers by tendering 60 days notice in writing in respect of Marine Risks or 7 days in respect of War, Strikes, Riots and Civil Commotion Risks, except in the case of sendings to and/or from the United States of America which shall be subject to 48 hours Notice of Cancellation at any time.

Such notice, however, shall not apply to any risks which shall have commenced or been declared prior to the termination of the period of notice.

The above notice period is amended to 10 days at the sole option of the Assured in the event of any Insurer hereon ceasing to underwrite new insurance business or otherwise implementing any plans to enter into a run-off position. Such notice is only given in respect of the named Insurer with such Insurer agreeing to return to the Assured any annual premium payable hereunder on a pro-rata basis calculated from the effective date of the cancellation specified in the notice.

Conveyances:

 Any Conveyances – Land (including rail), Water (including barges and lighters) or Air.

 

Voyage/Geographical:

 From any Port or Ports, Place or Places in the World to any Port or Ports, Place or Places in the World including all inland / domestic transits and transhipments, as may be required. 

Shipments to and/or from Afghanistan, Angola, Belarus, Congo/DR Congo, Cote d’Ivoire (Ivory Coast), Cuba, Eritrea, Ethiopia, Guatemala, Iran, Iraq, Liberia, Libya, Mexico, Myanmar, Nicaragua, Nigeria, North Korea, Rwanda, Sierra Leone, Somalia, Sudan, Syria, Uganda, Yemen, Zimbabwe to be referred for Underwriters agreement.

Excluding any shipment to/from/via U.S. prohibited or UN sanctioned countries as per OFAC.

 

Interest:

On Goods and Merchandise of every description consisting principally of but not limited to New General Merchandise and/or any other interest in any form howsoever described for which the Assured facilitates transport in the ordinary course of its business as a logistics professional and for which the Assured receives instruction to include, or is otherwise held liable to include, for coverage under this Open Cover.

Further including Increased Value whether by reason of liability for or payment of freight or duty or other charges on arrival or otherwise.

It is understood and agreed that the words the approved goods and/or merchandise embraces all and every type of manufacture and raw material of a non-hazardous, non-volatile and/or non-fragile and/or non-perishable nature. Shipments of hazardous goods are included, warranted shipped in accordance with IMDG rules and regulations.

However the following items are excluded absolutely unless specifically agreed by Underwriters prior to sending:                                 

EXCLUDED GOODS

  • Documents, monies of every description, securities, negotiable documents or instruments, bonds, bullion, stamps, credit and debit cards including telephone calling cards and digital camera photo sticks
  • Fresh fish, fresh fruit and fresh vegetables
  • Furs, fishmeal, refined sugar and Chinese groundnuts
  • Jewellery, watches, digital cameras and perfumes.
  • Living creatures and life forms of any type
  • Microchips, motherboards and/or memory of any kind which is not part of a complete system
  • Mobile telephones, components, parts and accessories
  • Newsprint, pulp and reels of paper
  • Precious stones or metals
  • Tobacco or tobacco products
  • Alcoholic beverages
  • Containers including ISO tanks (All Risks)
  • Additional exclusions applicable to certain interests are listed under the Conditions Section.

Commodities & Deductibles:

New Approved General Merchandise

Deductible:  Nil, except USD200 each and every loss by loss domestic USA

New Machinery & Equipment

Deductible:  USD200 each and every loss

Limit of Liability:

USD    500,000 any one land conveyance domestic USA
USD 1,000,000 (or its equivalent in any other currency) any one vessel, conveyance (ocean, air, truck, railroad) or aircraft or barge in anyone place at any one time or any one location.

 

Basis of Valuation:

Cost, Insurance & Freight plus 10% or as declared and agreed prior to shipment. “Subject to substantiation of loss value in the event of a claim; this is not an agreed value policy.”

 

Conditions:

Institute Cargo Clauses “A” Cls. 382 dated 1st January 2009

Institute War Clauses (Cargo) Cls. 385 dated 1st January 2009

Institute Strikes Clauses (Cargo) Cls. 386 dated 1st January 2009.

Institute Cargo Clauses (Air) (excluding sendings by Post) Cls. 387 dated 1st January 2009.

Institute War Clauses (Air Cargo) (excluding sendings by Post) Cls. 388 dated 1st January, 2009

Institute Strikes Clauses (Air Cargo) Cls. 389 dated 1st January 2009.

Excluding Rust oxidation and discolouration in respect of unpacked, unprotected cargoes unless caused by a peril recoverable under Institute Cargo Clauses (C) CL.384 1.1.09.

Excluding scratching, denting, twisting, bending and distortion of steelwork unless caused by a peril covered under Institute Cargo Clauses (C) CL.384 1.1.09.

Excluding mechanical, electrical or electronic breakdown or derangement unless there is evidence of external damage to the insured item or its packing. Institute Replacement Clause Cls. 372 dated 1st January 2009 or Replacement Clause Second-Hand Goods, as applicable as attached.

Institute Classification Clause Cls. 354 dated 1st January 2001, not to apply in respect of domestic shipments.  Additional premiums, if any, to be calculated as per the scale herein.

Institute Radioactive Contamination, Chemical, Biological, Biochemical and Electromagnetic Weapons Exclusion Clause Cls. 370 dated 10th November 2003. Plus USCAN B endorsement (as attached).

 Institute Cyber Attack Exclusion Clause Cls. 380 dated 10th November 2003

Termination of Transit Clause (Terrorism) as attached

Subject to Sanction Limitation and Exclusion Clause JC2010/014 11 August 2010, as attached.

Notwithstanding the above, all claims which are recoverable under the terms of the Institute Cargo Clauses C unamended, and Strikes, Riots and Civil Commotions Clauses, and War Clauses, General Average, Salvage and Sue and Labour Clauses shall be payable in full. Subject also to additional conditions as below.

 

Choice of Law & Jurisdiction:

LMA Rules Clause: This policy shall be subject to the applicable state law to be determined by the court of competent jurisdiction as determined by the provisions of the Institute Service of Suit Clause (USA) CL355 1.11.92.

Carriage Method:

Containerized, Enclosed Trailers, or Enclosed Straight-trucks

US Terrorism Risk Insurance Act of 2002 (TRIA) as amended by the US Terrorism Risk Insurance Extension Act of 2005 and the US Terrorism Risk Insurance Program Reauthorisation Act of 2007 (TRIPRA)

TRIA 2002 as amended (coverage for acts of terrorism not already included in this insurance contract): Additional Premium USD 100 LMA 9011 dated 21/12/07.

In the event that the Assured elects to purchase TRIA 2002, as amended, cover in accordance with the foregoing, LMA 5091 dated 21/12/07 is deemed incorporated hereunder.

In the event that the Assured declines to purchase TRIA 2002, as amended, cover in accordance with the foregoing, LMA 5092 dated 21/12/07 is deemed incorporated hereunder.

 TRIA 2002, as amended, (coverage for acts of terrorism already included in this insurance contract: Allocation USD 75 (being a portion of the premium already stated in this insurance contract), LMA 9012 dated 21/12/07.

ADDITIONAL CONDITIONS

ACCUMULATION CLAUSE

Should there be an accumulation of interest beyond the limits expressed in this Contract by reason of any interruption of transit and/or occurrence beyond the control of the Assured, or by reason of any casualty and/or at a transhipping point and/or in a connecting vessel or conveyance, then, the Insurers shall be liable for the full amount at risk, but in no event shall they be liable for more than twice the Contract limit.

 

CARGO ISM ENDORSEMENT

Applicable to all shipments on board Ro-Ro passenger ferries.

Applicable with effect from 1 July 1998 to shipments on board passenger vessels transporting more than 12 passengers; and oil tankers, chemical tankers, gas carriers, bulk carriers and cargo high-speed craft of 500 gt or more.  Applicable with effect from 1 July 2002 to shipments on board all other cargo ships and mobile offshore drilling units of 500gt or more.

In no case shall this insurance cover loss, damage or expense where the subject matter insured is carried by a vessel that is not ISM Code certified or whose owners or operators do not hold an ISM Code Document of Compliance when, at the time of loading of the subject matter insured on board the vessel, the Assured were aware, or in the ordinary course of business should have been aware:-

  1. Either that such vessel was not certified in accordance with the ISM Code; or
  2. That a current Document of Compliance was not held by her owners or operators

as required under the SOLAS Convention 1974 as amended.

This exclusion shall not apply where this insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the subject matter insured in good faith under a binding contract.

 

CARGO ISM FORWARDING CHARGES CLAUSE

This insurance is extended to reimburse the Assured, up to the limit of the sum insured for the voyage, for any extra charges properly and reasonably incurred in unloading, storing and forwarding the subject-matter to the destination to which it is insured hereunder following release of cargo from a vessel arrested or detained at or diverted to any other port or place (other than the intended port of destination) where the voyage is terminated due either:

  1. to such vessel not being certified in accordance with the ISM Code; or
  2. to a current Document of Compliance not being held by her owners or operators;

as required under the SOLAS Convention 1974 as amended.

This clause, which does not apply to General Average or Salvage or Salvage Charges, is subject to all other terms, conditions and exclusions contained in the policy.

 

CARGO ISPS ENDORSEMENT

In no case shall this insurance cover loss, damage or expense where the subject matter insured is carried by a vessel that does not hold a valid International Ship Security Certificate as required under the International Ship and Port Facility Security (ISPS) Code when, at the time of loading of the subject matter insured on board the vessel, the Assured were aware, or in the ordinary course of business should have been aware that such vessel was not certified in accordance with the ISPS Code as required under the SOLAS Convention 1974 as amended.

This exclusion shall not apply where this insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the subject matter insured in good faith under a binding contract.

 

Cargo ISPS Forwarding Charges Clause (Amended)

This insurance is extended to reimburse the Assured, up to the limit of the sum insured for the voyage, for any extra charges properly and reasonably incurred in unloading, storing and forwarding the subject-matter to the destination to which it is insured hereunder following release of cargo from a vessel arrested or detained at or diverted to any other port or place (other than the intended port of destination) where the voyage is terminated due to such vessel not being certified in accordance with the ISPS Code as required under the SOLAS Convention 1974 as amended.

This clause, which does not apply to General Average or Salvage or Salvage Charges, is subject to all other terms conditions and exclusions contained in the policy and to the Cargo ISPS Endorsement.

 

CARGO ISM AND/OR ISPS ENDORSMENT – QUALIFICATIONS

The Cargo ISM Endorsement and/or the Cargo ISPS Endorsement are incorporated hereunder and subject always to the Assured satisfying the requirements of the clauses it is agreed that the full benefit of the policy terms, clauses and conditions remain in full force and effect.

(a)        The aforementioned exclusion clauses shall not apply with respect to any insurance as hereunder provided where the Assured is buying or has agreed to buy the subject-matter insured in good faith under a binding contract on CIF, CFR, Ex-ship and/or similar terms of purchase where they are not directly responsible for the fixing of any vessel on which the subject-matter insured is carried.

(b)        The aforementioned exclusion clauses shall not apply with respect to any insurance as hereunder provided where the Assured is selling or has agreed to sell the subject-matter insured in good faith under a binding contract on EXW, FCA, FAS, FOB and/or similar terms of sale where they are not directly responsible for the fixing of any vessel on which the subject-matter insured is carried.

(c)        Notwithstanding anything to the contrary contained in the above, where the BIMCO Standard ISM and ISPS Clauses for Voyage and Time Charterparties are included under any charterparty entered into by the Assured such action alone negates the test of awareness as provided for in the aforementioned exclusion.

(d)        For clarification purposes the aforementioned exclusion is not applicable to shipments between countries whose legal and/or regulatory regimes have not ratified the SOLAS Convention 1974 as amended.

 

CERTIFICATES OF INSURANCE (including Lloyd’s Certificates)

Insurers agree to issue certificates (including Lloyd’s Marine Insurance Electronic Certificates) via the Catalyst website and further agree to be bound, subject to policy terms and conditions, for their respective shares by such certificates.  Insurers also agree to pay their respective shares of the costs incurred by the use of the Catalyst website (including the costs of producing Lloyd’s Electronic Cargo Certificates) in relation to this policy.  The Assured hereunder acknowledges that such Certificates (including the Lloyd’s Marine Insurance Electronic Cargo Certificates) represent declarations as validly made against this policy and agrees to pay premiums due under this policy resulting from such declarations.

 

CONTAINER CLAUSE

Where Cargo, insured hereunder, is carried in Containers, it is agreed, as between the Assured and Insurers, that the fitness of the Container is hereby admitted unless the Assured or their servants are Privy to such unfitness.

 

CONTROL OF DAMAGED GOODS

Notwithstanding anything to the contrary contained elsewhere herein, it is understood and agreed that in case of damage to goods insured under this Policy, the Assured is to retain control of all damaged goods.

The Assured, however, agrees wherever practicable to recondition and sell such goods after removal of all brands and trademarks or other identifying characteristics at Insurers expense.  The assured shall be the sole judge as to whether the goods involved are fit for sale as salvage or otherwise or are to be destroyed and may in any event stamp “Salvage” on the merchandise or its containers, Insurers to be the sole beneficiaries of the salvage proceeds, if any.

 

CUSTOMS AND/OR IMMIGRATION AUTHORITY INSPECTION(S)

This insurance is also specially to cover (notwithstanding the War Exclusion Clause contained herein) physical loss of or damage to the subject-matter insured arising out of the performance of inspection duties by the relevant Customs and/or Immigration Authorities or another duly constituted governmental agency of any State or Territory who are performing inspection duties in accordance with any governmental law, statute, mandate, rule or regulation covering the import or export of said subject-matter into or from the applicable State or Territory, or covering whilst said subject-matter is passing through such State or Territory prior to coming within the jurisdiction of the State or Territory of destination.

 

DEBRIS REMOVAL CLAUSE

This insurance is extended to cover, in addition to any other amount recoverable under this insurance, extra expenses reasonably incurred by the Assured for the removal and disposal of debris of the subject-matter insured, or part thereof, by reason of damage thereto caused by an insured risk, but excluding absolutely:

  • any expenses incurred in consequence of or to prevent or mitigate pollution or contamination, or any threat or liability therefore.
  • the cost of removal of cargo from any vessel or craft.

In no case shall the insurers be liable under this Clause for more than 10% of the insured value proportionate to the damaged value of the cargo covered hereunder.

 

DEDUCTIBLE CLAUSE

In the event of a deductible or deductibles being incorporated under this policy, notwithstanding said deductible or deductibles, claims recoverable under the Institute Cargo Clauses (C) CL384 dated 01/01/09, the Institute War Clauses (Cargo) CL385 dated 01/01/09 and Institute Strikes Clauses (Cargo) CL386 dated 01/01/09, coverage provided for hereunder, and General Average, Salvage and Sue and Labour Charges shall be payable in full.

Notwithstanding the foregoing, all claims for loss, damage or expense resulting from any one occurrence or series of occurrences arising out of one event, shall be adjusted as one claim, and from the amount of such adjusted claim there shall be one deductible and if there are different deductibles, the highest deductible only.

 

DEFERRED UNPACKING

It is understood and agreed that in respect of shipments insured hereunder the Assured shall be allowed a period of up to 90 days after arrival of the insured interests at the final destination, to open packaging, examine contents and arrange for survey in the event of the discovery of loss or damage provided that packaging showing signs of external damage, wetting or staining upon arrival must be opened immediately and all possible steps taken to minimise damage.

In the absence of proof to the contrary, such losses are to be considered as having occurred during the voyage covered under this Policy.  Periods in excess of the above held covered at rates to be agreed.

 

DELIBERATE DAMAGE – POLLUTION HAZARD

This policy covers, but only while the property insured is on board a waterborne conveyance, loss of or damage to said property directly caused by governmental or civil authorities acting for the public welfare to prevent or mitigate a pollution hazard or other civil disaster or threat thereof, provided that the accident or occurrence creating the situation which required such governmental action would have resulted in a recoverable claim under the Policy (subject to all of its terms, conditions and warranties) if the property insured would have sustained physical loss or damage as a direct result of such accident or occurrence.

The coverage afforded here shall not increase the Limits of Liability provided for hereunder.

 

DEVIATION CLAUSE

In case of voluntary change of destination &/or deviation &/or delay within the Assured’s control, the insured goods are held covered hereunder at a rate to be agreed by Insurers subject to the Assured reporting, as soon as possible, all such events to Insurers.

In case of short shipment in whole or part by the vessel reported for insurance hereunder, Insurers agree to hold the Assured covered against the risks insured hereunder until arrival at the final destination to which the goods are insured or until the goods are no longer at the risk of the Assured, whichever may first occur.


DURATION OF COVER:
This insurance attaches at the commencement of the transport facilitated by the Assured, to specifically include the risks of loading.  Thereafter the insurance continues while the goods insured are in transit and/or awaiting transit (to include periods of transshipment) until the goods are delivered to the point of delivery pursuant to the terms of transport facilitated by the Assured, to specifically include the risks of unloading at point of delivery.


LOSS PAYEE:
Payable to order, subject to proof of interest / risk of loss in goods insured, provided that in no event shall any loss payee have any greater rights under this policy than the named Assured and Policyholder and always subject to the Carrier Clause. 


CARRIER CLAUSE:
Excepting the Assured and Policyholder, as may be applicable, this insurance shall not inure, directly or indirectly, to the benefit of any carrier or bailee or any subcontractor or agent of the same.  The Insurer waives any and all subrogation rights against the Assured and Policyholder, whether or not acting as carrier or bailee.

 

DUTY CLAUSE

This Insurance is also to cover Increased Value of Cargo by reason of payment of duty or other charges on arrival at port of discharge as may be required by the Assured subject to the same terms and conditions as Cargo and to pay as may be paid thereon.

 

GENERAL AVERAGE CLAUSE

This insurance covers general average and salvage charges, adjusted or determined according to the contract of affreightment and/or the governing law and practice (or, if there is no contract of affreightment, according to Foreign Statement or to York-Antwerp Rules) incurred to avoid or in connection with the avoidance of loss from any cause except those specifically excluded herefrom.

For the purpose of claims for general average contributions and salvage charges recoverable hereunder, the subject-matter insured shall be deemed to be insured for its full contributory value.

General average deposits shall be payable on production of general average deposit receipts.  Insurers also agree to provide a general average Bond upon the request of the Assured.

 

HI-JACKING CLAUSE

The cover under this insurance is extended to include physical loss of or physical damage to the goods directly or indirectly arising out of unlawful seizure or wrongful exercise or control of the carrying conveyance, vessel or aircraft (including any attempt at such seizure or control) made by any person or persons. Including the costs of reforwarding the goods should they be landed at a place other than their scheduled destination.

 

INNOCENT ASSURED CLAUSE

It is hereby agreed that the Assured’s right to recover losses under this contract of insurance will not be prejudiced by any fraudulent or dishonest acts of the ship owners, ship managers, ship operators, contractual carriers or actual carriers, subject to the Assured notifying Insurers as soon as possible after he becomes aware of the fraudulent or dishonest act.

 

LETTER OF CREDIT CLAUSE

Notwithstanding the Conditions of this Contract it is agreed, subject to the prior approval of Insurers, that Certificates and/or Policies may be issued hereunder to enable the Assured to comply with the insurance requirements of any Letter of Credit and/or Sales Contract concerned, such agreement being conditional on the payment of any additional premium which may be required in the event that the cover required is wider than that provided by the current Contract Wording.

It is also agreed that regardless of the conditions on which any Certificates and/or Policies may be issued pursuant to the foregoing, the Assured named herein shall continue to enjoy the full protection of this Contract.

 

LOCAL INSURANCE
It is noted and agreed that where the Assured or any of their Associated, Subsidiary or Affiliated Companies and/or Sellers and/or a third party with or without the Assured’s instructions are obliged by legislation or otherwise to insure the goods and/or merchandise locally, the full benefit of the protection afforded by this Policy shall continue to apply.

At the sole option of the Assured, the Assured may deem this Policy to be the primary insurance.

In no case shall this insurance contribute to double insurance.

 

POLICY INTERPRETATION

Insurers hereon agree that the language of this policy is the language of Insurers.

Insurers hereon agree that the titles to the clauses contained in this policy are inserted solely for convenience of reference and shall in no way be taken by Insurers as limiting the provisions to which they relate.

 

REPLACEMENT CLAUSE SECOND-HAND GOODS

In the event of loss of or damage to any part or parts of the goods insured in consequence of a risk covered by the policy, the amount recoverable hereunder shall not exceed such proportion of the cost of replacement of the part lost or damaged as the insured value bears to the value of new goods, plus additional charges for forwarding and re-fitting the new part or parts if incurred.

 

RETURNED SHIPMENTS CLAUSE

Shipments upon which delivery to the consignee cannot be accomplished because of refusal of acceptance and which are returned for this or any other reason are covered while at the risk of the Assured until sold or otherwise disposed of, subject to cover terms and conditions.

 

SANCTION LIMITATION AND EXCLUSION CLAUSE JC2010/014 (11/08/10)

No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.

 

SHIPMENTS CLAUSE

Shipments are covered hereunder whether containerised or otherwise and whether on deck or under deck irrespective of Bill of Lading instructions.

 

SORTING CHARGES

It is agreed that, in the event of the Assured and/or consignee complying with the surveyor’s instructions to separate shipping packages showing signs of external damage from the sound packages to ascertain possible loss arising from a peril insured against, such expenses as approved by the surveyor shall be for the account of Insurers even though a claim may not subsequently result hereunder.

 

TERMINATION OF TRANSIT CLAUSE (TERRORISM) 2009 JC2009/056 (01/01/09)

This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith.

 1     Notwithstanding any provision to the contrary contained in the contract of insurance or the Clauses referred to therein, it is agreed that in so far as the contract of insurance covers loss of or damage to the subject-matter insured caused by

any act of terrorism being an act of any person acting on behalf of, or in connection with, any organisation which carries out activities directed towards the overthrowing or influencing, by force or violence, of any government whether or not legally constituted or

any person acting from a political, ideological or religious motive, 

such cover is conditional upon the subject-matter insured being in the ordinary course of transit and, in any event, SHALL TERMINATE:

        either

1.1    as per the transit clauses contained within the contract of insurance,

        or 

1.2    on completion of unloading from the carrying vehicle or other conveyance in or at the final warehouse or place of storage at the destination named in the contract of insurance,

1.3     on completion of unloading from the carrying vehicle or other conveyance in or at any other warehouse or place of storage, whether prior to or at the destination named in the contract of insurance, which the Assured or their employees elect to use either for storage other than in the ordinary course of transit or for allocation or distribution, or

1.4     when the Assured or their employees elect to use any carrying vehicle or other conveyance or any container for storage other than in the ordinary course of transit,

        or

1.5     in respect of marine transits, on the expiry of 60 days after completion of discharge overside of the subject-matter insured from the oversea vessel at the final port of discharge,

1.6     in respect of air transits, on the expiry of 30 days after unloading the subject-matter insured from the aircraft at the final place of discharge,

whichever shall first occur.

2      If the contract of insurance or the Clauses referred to therein specifically provide cover for inland or other further transits following on from storage, or termination as provided for above, cover will re-attach, and continues during the ordinary course of that transit terminating again in accordance with clause 1.

 

THIRD PARTY ASSURED CLAUSE
Notwithstanding that the insurances provided by this policy may be effected on behalf of third parties, and irrespective of the premium(s) payable by such third parties, in no event shall the Assured as defined herein be deemed to be an insurer or co-insurer under this policy.

 

LIMITED DEFENSE AND INDEMNITY CLAUSE
In the event of any claim against the named Assured and Policyholder by a party bearing risk of loss of goods insured hereunder arising from a determination of coverage under this policy or an adjustment of loss under this policy, the Insurer shall defend and indemnify the named Assured and Policyholder from the same.  In no event shall this clause increase the aggregate obligations of the Insurer beyond the limit of the Insurer’s liability under this policy.

 

UNEXPLAINED SHORTAGES
It is agreed that this insurance is extended to cover unexplained shortages from consignments shipped by sealed container.

 

WAIVER AND/OR RELEASE CLAUSE

Privilege is hereby given to the Insured, Subsidiary, Associated and/or Affiliated Companies to accept released or limited liability inland bills of lading, charters, receipts, or contracts of carriage or similar documents including contracts containing waivers of liability, without prejudice to this insurance.

It is also understood and agreed that the Insurer will not hold the aforementioned Insured, whilst acting as principal or agent, as a co-insurer in the event of any claims.

WILFUL MISCONDUCT CLAUSE

Notwithstanding anything to the contrary contained elsewhere herein or in the law and practice to which this policy is subject, this insurance shall not exclude loss damage or expense attributable to wilful misconduct of any person or persons committed without the privity of the directors and/or officers of the Assured.

U.S.A. & CANADA ENDORSEMENT FOR THE INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIO-CHEMICAL AND ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE (10/11/03)

This policy is subject to the Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical and Electromagnetic Weapons Exclusion Clause (10.11.03 RACCBE).  The inclusion of RACCBE in this policy is material to underwriters’ willingness to provide coverage at the quoted terms, conditions and rates.

It is the intent of the parties to give maximum effect to RACCBE as permitted by law.

In the event that any portion of RACCBE may be found to be unenforceable in whole or in part under the law of any state, territory, district, commonwealth or possession of the U.S.A., or any province or territory of Canada, the remainder shall remain in full force and effect under the laws of that state, territory, district, commonwealth or possession, province or territory.  Further, any such finding shall not alter the enforceability of RACCBE under the laws of any other state, territory, district, commonwealth or possession of the U.S.A., or any province or territory of Canada, to the fullest extent permitted by applicable law.

USCAN B         Dated: 29 January 2004

WAR AND/OR STRIKES PREMIUM CLAUSE (JC 2004/039 06/09/04)

Notwithstanding anything to the contrary stated in the rates/premium applicable to the Policy into which this Clause is incorporated (the Policy), it is agreed that in the event of a transit to or from or within the geographical areas as listed as Elevated, High or Severe in the Global Cargo Watch List (GCWL), war and/or strikes risks in respect of such transits are held covered in accordance with the applicable war and/or strikes clauses contained in the Policy at rate(s) to be agreed.

Where storage and/or other static exposures are also covered by the Policy, this clause shall also apply to strikes risks from the time the relevant geographical area changes in the GCWL.

The applicable GCWL designated category for any particular transit/risk shall be that which is in force at the time transit/risk commences.