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Shipping insurance is a service which may reimburse senders whose parcels are lost, stolen, and/or damaged in transit. In Canada and the US, shipping insurance is offered by postal services, courier companies, and shipping-insurance companies. Not all insurers will insure all goods.
The term marine is of historical origin and the insurance definition has evolved to include a wide range of property and materials that are not marine related but may be in transit or deemed mobile including: property in transit, property in the custody of a bailee, property deemed to be an instrumentality of transportation or communication ...
Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. It is common for marine insurance agencies to compete with the offerings provided by local insurers.
In the Manbre Saccharine case the seller was unable to enforce the c.i.f. contract where the goods had been lost at sea, but McCardie J emphasised that this was because no insurance policy was tendered, only a letter confirming insurance, and also because the goods did not match the contracted description: had these matters been otherwise, the ...
FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway ...
Further, you may wonder if homeowners insurance covers preventative tree removal. Most often, the answer is no. These scenarios are considered maintenance and are part of the cost of having trees ...
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The Carriage of Goods by Sea Act (COGSA) [1] is a United States statute governing the rights and responsibilities between shippers of cargo and ship-owners regarding ocean shipments to and from the United States.