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Instructions of insurance policy

1.The insured:

The insured is the one who is entitled to claim for compensation after insurance accident happens; its property interest or life is protected by the insurance contract. The insured can be shipper, consignee or other trade-related parties. It depends on the trade contract. The insured should be subject to the provisions of the Letter of Credit if the settlement form is L/C. If no specific provision, should refer to trade term. Normally, the insured is the shipper if the trade terms is CIF and FOB /CFR is the consignee.


2.Policy No:

Each policy correspondingly has a unique policy number. It is a primary index as the authenticity inquiries and claim.


3.Invoice No. & B/L No:

Usually at least provide one of them when insuring

4.Transportation modes /Per conveyance s.s.:

Commonly used the modes of transport : Air transport, sea transport, land transport or multimodal transport,it needs to indicate name of transport in the policy;such as :if transport by sea,you can indicate the vessel voyage. Transport also need to indicate.

5.Slg.on or abt:

According to the date of shipment in the bill of lading.

6.Port of loading:

Generally in accordance with the bill of lading of shipment.

7.Port of discharge:

Transit or multimodal transport should indicate the route.

8.Port of destination:

Generally in accordance with the bill of loading destination.

9.Description,Marks,Quantity&Packing of Goods: The subject matter refers to the object that is covered by insurance contract.Pls fill in completely and accurately. Pls avoid using general terms, such as textiles,hotel wares,raw materials,etc. Packaging and quantity: refers to the nature of the packaging, such as box, bag, piece and bundle, and Number of packaging.

10.Insured Amount:

The term “insured amount” means the maximum amount of indemnities or insurance. Insurance amount influence the insurer and the insured's core interests, so usually are not allowed to change. Unless the prior written consent of the insurance company, plus ratio generally should not exceed 30%,to control the moral hazard.

11.Claim payable at:

The claim payment place is usually in accordance with the place of delivery.According to the needs of trade both parties to set the exporter or the third.


12.Survey agent:

China's insurance companies are generally entrust an local eligible survey agent to conduct survey and inspection.

1.You should immediately contact the survey agent on the policy to explain about accident circumstances, appointments for the inspection time and place once the accident happens. You can also consult survey agent about notes.

2.If you cannot contact the agent as mentioned on the policy (The main reasons are: company dissolution or removal, phone upgrade, termination of cooperation, etc.), may contact the insurance company to explain the situation and ask for the latest information .

3.If the insurer has no agent in the local, you can contact the local Lloyd's agent.

4.If the local survey agent cooperated with insurance companies is unwilling or unable to go to survey, the insured can contact insurance company to reassigning the survey agent.

5.No matter whether the loss is within the compensation scope or not, the inspection fee is usually borne by the insurer. However the insured should pay the fee in advance.


13.conditions:

Generally include: the main risks,additional risks, exclusions, franchise, or special agreement.

the main risks & additional risks: to determine the range of policy guarantee, namely what circumstance can obtain compensation;

Exclusions: to determine what circumstance does not belong to the scope of compensation;

Franchise: when losses occur, loss amount or proportion is borne by the insured ;

Special conventions: such as "electronics, machinery and equipment failure caused by non-underwriting factors belongs to exclusions" (electronic, mechanical equipment's policy we have to add this special);


14.date of issue:

The date of issue should not later than the date of Sailing.