unit 6.Cargo Transportation Insurance(xin) 国际贸易与实务(周

Case 1: a Chinese foreign trade exporter contracted with a

Canadian importer to export 1000 pairs of sneakers in CIF terms, time of shipment is between July to August in the contract and letters of credit, 5000 pairs of sneakers each month, and transshipment is allowed. Our exporter loaded 5000 pairs of sneakers on board the ship “Wuyi” on 31st, July and got bill of lading for July, and loaded the rest of sneakers on board the ship “Triumph” on 10th, August and got bill of lading for August. Both ships transshipped in Hong Kong and both lots of goods are transported to the final destination by “Noble” of Maersk INC.SEIB OF GDUFS 1

Case 1: Questions: Was it transshipment? Why? Could the seller safely get financed? Why?

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Case 1:(1) it is transshipment. According to UCP600:”transshipment means unloading form one means of conveyance and reloading to another means of conveyance (whether or not in different modes of transport) during the carriage from the place of dispatch, taking in charge or shipment to the place of final destination stated in the credit.” While in this case, the goods were shipped by “Wuyi” on 31st, July and shipped by “Triumph” on 15th, August. Both ships were totally different, so it was transshipment.SEIB OF GDUFS 3

Case 1:(2) The seller could safely get payment for goods as a result of conformity with the letter of credit clauses.

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Case 2: a Chinese foreign trade exporter exported 30000

boxes of goods, contracting to ship the goods in each lot during March to August, 5000 boxes each month, payment by confirmed irrevocable letter of credit. The customer duly sent letter of credit on which the total amount are in conformity with the contract, but the shipping clauses indicated “the latest date of shipment is 31st, August, by partial shipment.” Our exporter dispatched 5000boxes in March, 6000 boxes in April, 10000 boxes in May and 9000 boxes in June. The customer raised an objection to this. Are we right to do this? Why?SEIB OF GDUFS 5

Case 2:

in order to get payment in due time, we were supposed to do this. As credit is independent of the contract and once the credit and the relating documents are in conformity, the exporter can get payment. The Letter of credit generally indicate that” the latest date of shipment is 31st, August, in partial shipments.” So our exporter was right, but in case of trouble in the following days, we shall adopt partial shipment in equal lots, which is corresponding to the contact and letter of credit.SEIB OF GDUFS 6

Case 3: A Chinese exporter exported 1000 tons of tungsten ore. The letter of credit stipulated “partial shipment is not allowed”. Later, the exporter loaded 500 tons each on the same ship on the same voyage number in Fuzhou and Xiamen. And the bill of lading also indicated different port of loading and date of shipment. Does this act break the

rule?SEIB OF GDUFS 7

Case 3: according to UCP600 section B,” shipment commencing on the same means of conveyance and for the same journey, provided they indicate the same destination, will not be regarded as covering a partial shipment, even if they indicate different dates of shipment or different ports of loading, places of taking in charge of dispatch.” Thus, it didn’t break the clauses and the bank shall not refuse to pay.SEIB OF GDUFS 8

Case 4: our exporter exported a batch of timber handicraft to Spain in CIF prices. The contract and letter of credit stipulated that shipment during may/June. However, we had difficulty chartering a vessel, and adopted partial shipment in two to three lots. In this case did we break the stipulations of letter of credit?SEIB OF GDUFS 9

Analysis so long as we ship all the goods during May to June, the letter of credit has not to be amended. According to UCP600 Section 31A,”unless there are other stipulations, transshipment and partial shipment is allowed”.SEIB OF GDUFS 10

Chapter SixCargo Transportation Insurance

Learning objectives After learning this chapter you will be able to understand the fundamental principles of cargo insurance be aware of the risks and losses in ocean transportation outline the scope of the Ocean Marine Cargo Clauses of CIC frame the coverage of London Institute Cargo Clauses understand the procedure for lodging claims describe methods of stipulating insurance clauses in Sales ContractsSEIB OF GDUFS 12

Definitions Definition of insurance “the practice of sharing among many persons, risks of life or property that would otherwise be suffered by only a few.” Definition of marine cargo insurance “the insurant enters with an insurance company and/or an underwriter into a contract of insurance in which the insurance company of an insurance premium and the insurance company will, according to the terms indicated in the insurance contract, indemnify the insurant of any loss that occurs within the scope of coverage”.SEIB OF GDUFS 13

Parties involved in an insurance practice the insurant / insured/assured The party that procures insurance Can be the exporter or importer depending on the Incoterms adopted in the transaction

the insurer The party undertaking to indemnify the insurant against losses or damages Can be the insurance company / underwriter In China, PICC is usually the insurer

the claimant The insurant may not necessarily be the claimant Depending on: who has the insurable interest of the goods when the goods are damaged or lostSEIB OF GDUFS 14

6.1 Fundamental principles The Insurable Interest Principle The Utmost Good Faith Principle The Indemnity Principle The Proximate Principle The Subrogation Principle The Share Principle

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6.1.1 The insurable interest principle Definition: The financial intere

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